IOTA, The Sleeping Giant

IOTA, The Sleeping Giant

IOTA, The Sleeping Giant

[Photo: IOTA Tangle]

Let me begin this piece by asking if you know about IOTA?

If yes, you are ahead of the curve.

If no, let me share the little information that I have about IOTA and explain why you might have not heard about the coolest Cryptocurrency out there that is cooler than any of the major coins.

What is IOTA?

IOTA is the next generation of Blockchain Technology.

According to Wikipedia, it is an open source distributed ledger focused on providing secure communications and payments between machines on the Internet of Things.

IOTA uses a technology called Directed Acylic Graph or what IOTA simply calls The Tangle.

Through this Tangle, any financial transactions are free. This gives IOTA an added advantage over the bigger coins such as Bitcoin, Ether and Litecoin. Think of all the possibilities that can exist with fee-less transactions. Every time you send IOTA coins to your wallet or that of another person, there is no transaction fee to a miner somewhere.

In simple terms, you do not lose a portion of the coins sent.

The same Tangle allows for seamless, secure and authenticated data communication between devices. Their website claims that the data is tamper proof and safe from the so called notorious hackers.

From the above capability of IOTA, one can only imagine the possibilities of secure data transfer in financial services, government communications and even voting.

By using the Internet of Things, any connected machine can act as a node for its network. This means machines such as appliances, tools, drones, autonomous vehicles, electric vehicles, cell phones, smart watches and even eBikes.

You can clearly see that there is no need for mining equipment or even exorbitant transaction fees since any device can be set up as a node in the Tangle network. All you have to do is connect the device to its network.

What I am trying to say is that IOTA has far more superior technology than the regular Blockchain technology found in Bitcoin. You do not need expensive Antminer equipment to verify transactions and if you are like most of us who mind paying exorbitant Electricity bills, this is a welcome relief.

We all know that mining consumes a lot of energy. Bitcoin mining has been declared to consume more energy than all the electric cars in the world combined. A good analysis of Bitcoin mining energy consumption can be found here.

So why is IOTA not well known?

Let me highlight a few instances to show the little or no buzz surrounding the coin.

To start with, IOTA’s Telegram group only has 5,169 members at the moment of writing this. When you compare it to other coins such as Tron with over 13,000 members in just the main Telegram group, and other additional Tron groups for the numerous global languages, you can clearly see that IOTA is a sleeping giant.

Other social media websites such as Twitter, do not show any major buzz or noise surrounding the coin in comparison to the heavyweights of Tron, Bitcoin, Verge, XRP just to name a few.

When you google for any major partnerships IOTA has made with any major company, what comes up is a simple Reddit post that lists about 24 partnerships that no one has heard about on Twitter, Telegram or any  major sensational social media outlet.

By now, you have caught on that IOTA is a sleeping giant with all the technological advances and partnerships that go unannounced.

It might be intentional by the IOTA team or it might not be.

One thing I have learnt about computer scientists and engineers is that they do not spend too much time on marketing. They believe that the product will advertise itself via how ‘cool’ or advanced it is in the market.

However, this is not usually true in the technological world. Any new technology product has to be advertised in a manner similar to any consumer product such as Air Jordans, Breakfast cereal or even Disney World.

The consumer needs to be made aware of what is available in the market. The technology maker bears this responsibility. The same way Apple makes headlines with any new product launch. It might be a hypothetical new pair of branded Apple socks, but Apple will advertise it as the best pair of socks out there. This leaves the consumer wondering and wanting the Apple socks so much that he lines up for days outside Apple Stores waiting for the socks to be made available in the store.

IOTA needs to market itself. This will probably send the value of the coin soaring past The Moon and probably to the abandoned planet of Pluto.

I hope that by writing this article, you will go out to the various online Crypto exchanges and buy yourself some IOTA.

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CEO of Fujitsu Germany talking about Iota

Slack is cool my friend. I will definitely join the channel. But the main fans are more on Twitter and Telegram. The more common platforms.

really? I’d never even heard of telegram before this article, but am an avid communicator on slack, we have well over 44,000 followers on slack, a lot more than Trons 13,000 on telegram. Their Twitter accounts are constantly used (David’s and Dom’s) and they make announcements via these accounts. I don’t think IOTA has a poor communication to the public at all, they do very well actually considering no PR team and no dedicated official IOTA twitter account. We the community spread the word from the Slack channel and twitter accounts when announcements get made, but yes I agree a PR team would assist announcements further

You are absolutely correct. I also had never heard of Slack until after this article. I will check it out. Also, the IOTA PR team needs to see the endless possibilities of social media platforms such as Telegram.

This is a nice write up, good work. Everything about IOTA screams foundation, foundation, foundation! From the way they set it up as a non-profit org and had the founders have to buy in (unlike virtually every other coin – which down the road will free them of accusations of ‘doing it for greed’) to making the network quantum computer resistant. The challenges that Bitcoin is facing now with slowdown and scalability issues will eventually hit most coins built on blockchain technology, so in that theory IOTA is already ahead of the game with its focus in infinite scalability through DAG. IMO when the foundations are secure enough for take-off, IOTA is going to rocket to the number 1 crypto currency. For this to happen i think laypersons need a tangible way of sending and receiving IOTA (Trinity Wallet coming soon) and also a way to buy IOTA more easily (More exchanges selling IOTA coming soon) Leading up to that you may well see some marketing.

You are right. IOTA is ahead of the game. The wallet is key to this whole crusade of IOTA being better than bitcoin. I hope they deliver in Q1 this year.

Imo it’s good they are not doing much marketing until the project is in development stage. However based on the partnerships, connections and endorsements they are already receiving from big corps, they are focusing their marketing power towards the right people. Keep in mind, it’s not the average joe’s money they are targeting but they actually want to solve real issues that currently keep the IoT industry from progressing forward.

Yes and no. It is noble that they want to tackle real life problems facing the Tech industry, but they have to remember the Crypto space moves and operates according to FUD, FOMO and Buzz on the social media sites. They just need to hire one guy to keep updating us on even the smallest development via twitter. We, the loyal fans, feel abandoned for lack of communication.

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