IOTA, or Internet Of Things Applications, is one of these blockchain inspired platforms, although with their own network called “The Tangle”, that many are trying to avoid for various reasons that actually don’t make any possible sense. We’re taking a deeper look into what IOTA achieved so far and what are their plans for 2018 and further, where we believe that IOTA (MIOTA) will probably be the best ‘long runner’ based on current facts and partnerships.
Those aiming against IOTA, rely on C grade self-claimed news agencies who keep spreading FUD about IOTA’s ‘fake’ partnerships when solid A grade news coming out from Reuters, MSN Money, Yahoo Finance, and even Microsft itself, which was the main target of the ‘fake’ partnerships, proved these C grade websites wrong and unreliable.
Others base their opinion against IOTA on the digital wallet (light-wallet 2.5.6) which is indeed kinda far from user-friendly at the moment. What people tend to forget tho is the fact that IOTA is not a p2p system like Bitcoin and look-alikes, but a m2m (machine to machine) payments system, made specifically for the Internet Of Things Applications. Therefore when IoT based machinery will interfere with each other, they will have pre-designed and pre-installed wallets, until then, there is absolutely no reason to exchange your IOTA (MIOTA).
People who first learn about IOTA see it as another Bitcoin, a cryptocurrency you can make some profit off by selling, buying and trading it non-stop. That’s why people hate the light-wallet and they complain about seeds and re-attachments on the tangle network. They could be gently described as ‘lazy’ micro-investors who want to make a million out of $100 in a matter of clicks. That’s not gonna happen with IOTA.
So, why IOTA should be relevant in the long term and why it is absolutely natural for micro-investors to avoid it?
Unlike early developed blockchain based monetary systems that tend to sell “thin air” in exchange for your funds, IOTA among many other innovative platforms is linked and scales with the fourth industrial revolution or ‘Industry 4.0’.
IOTA’s growth is based on technological advancement and mass adoption of the IoT networks. According to Ericsson, the major telecommunications, and intel gathering company, by 2023 we will have more than 70 billion smart devices connected to the IoT sphere, including personal hand-held devices, smart transportation vehicles, smart housing to mention a few. IOTA will be playing a significant role at that time since machine to machine payments will be executed without mortal permission.
Industrial titans, governmental institutions, and even international banks are already ahead of the game and they are investing smartly in IOTA, not to make a short-term profit using arbitrage methods but literally investing in the future of technology as we have already planned it.
IOTA was chosen as the German partner by the Tokyo Metropolitan Government Program. In the Netherlands, cities like Haarlem are using IOTA’s tangle network to administrate legal documents regarding social housing.
As mentioned in my latest post, top-tier automotive industry supplier Robert Bosch announced a $1.1bn semiconductor plant specialized in level 5 automotive technologies for the uprising unmanned-ground-vehicle scene, that it is now clear it will be part of our lives in the near future. The company looks seriously into the matter after purchasing a big “chunk” of MIOTAs, investing in the IOTA tangle technology that could be possibly used by the automated vehicles since BOSCH’s Hongquan Jiang is also a member of IOTA Foundation’s advisory board. Digital Director Johann Jungwirth of the Volkswagen Group gets a strategic role in the development of the iota cryptographic box. VW announced earlier that they are working on a ‘smart car pass’ that will be most likely working using IOTA. Mr. Jungwirth is also an honorable member of the Foundation’s advisory board.
Companies like Microsoft and Samsung, among others, are proud members of the IOTA Foundation’s Data Marketplace. Deutsche Bank in an official statement described IOTA to be the solution of the global economy, while Sweden is examining IOTA’s tangle network as a possible option to take over as a digital (e-crown) national currency.
Do we know any other blockchain based platform with this kind of physical network established already in the early game? The answer is: not one single one of them has even close to half of these connections and that is why we believe that IOTA is here to stay regardless of the fake news trying to suppress it and self-claimed investors who are not happy with the steady price or the complex wallet.
Being a foundation specialized in IoT, IOTA is definitely aiming the long game and it is the main reason all the prementioned industrial giants are supporting this specific project. Regardless of what will be considered as the main currency of the future, either it will be still fiat either we surpass ourselves and adapt to a fully blockchain based economy, in both cases the main currency will be used to purchase IOTA in order to use IoT based devices and applications. From our parking and the bus ticket to smart kitchens and the internet.
How long do you think it will take us to create entire smart cities, where IoT and 5g networks will be as common as the internet nowadays? Let me know your thoughts in the comments below.
Source: Personal research and inside intel as discussed with Chris Doukakis, Software Engineer for IOTA, who replied immediately and was more than happy to assist.