The IoT revolution is firmly taking place. As the global population continues to grow and mature, the number of ‘internet of things’ devices will subsequently grow exponentially.
It’s estimated by 2020; there will be over some 50 billion connected devices worldwide. A tremendous number whichever ones view it. With such a vast and limitless audience available to be serviced, the opportunities could be endless for not only the right technology but also the right project.
This number will only continue to grow, especially as more developing countries increasingly consume more connected goods. The scope of this market is enormous, especially when considering connected devices are prevalent in manufacturing, healthcare and people’s homes.
IOTA (MIOTA) is not a blockchain. It’s a tangle. The tangle is still distributed ledger technology (DLT), but this instead is a directed acyclic graph (DAG).
The structure if the tangle means there are no miners, which means there are no fees. This of course what makes IOTA such an attractive option for micro-transactions. There is, however, a proof-of-work (PoW) concept here. To send a transaction users have to verify two other transactions- this would help to ensure there is no spamming of the network.
IOTA is unique in the sense, that as more users come to the network, the network speed increases; increased user’s equal increased speeds. This will increase potentially up to the theoretical capacity of how fast the network can go.
The project itself has great potential moving forward. This will be true especially as more partnerships develop, more use cases and as a more significant number of projects or devices build technology that utilizes IOTA. The team, combined with a passionate community is taking all the necessary steps required to integrate themselves into the coming economic boom that is being brought on by the IoT revolution.
Despite the positivity around the project, there are still some slight concerns which should be considered. Primarily being that IOTA is still currently centralized. Essentially there is a coordinator that is maintaining the network. IOTA has made a statement that this only a temporary measure, and as the network users increase, this will be removed. However, right now, IOTA is worried that the network hasn’t reached that ‘critical mass’ yet to feel comfortable in stepping back.
IOTA remains undoubtedly the leader of cryptocurrency projects in the IoT space, especially having managed to gain substantial partnerships that include Volkswagen and Bosch. The team continues to grow and as the project further develops with the IoT environment, more and more beneficial features will be introduced.
This article was originally published on Blockspectator.