IOTA is the cryptocurrency that was mainly designed for the internet of things. The currency was first released in 2017, and since then, it has been performing excellently in the cryptocurrency world. The IOTA coins were designed to simplify interconnection between IoT devices by making communication more seamless and secure. The plummeting value of Bitcoin as well as it has been the case with most crypto coins has resulted to investors weighing more keenly on the best avenues to invest in the crypto world.
IOTA is a distinctive cryptocurrency because of its unique characteristics. Unlike other Coins, IOTA uses a technology known as the Tangle. The technology enables users to verify the two previous transactions without attracting disruption from the rest of miners.
The Tangle technology differs from typical Blockchains because its speed and quality are not slowed down as with Bitcoin and most other Blockchain. Tangle's speed and quality, however, increases with the increasing number of users in the Tangle chain. This characteristic alone proves that scalability is not a problem for IOTA as has been the case with Blockchain technology. With IOTA, users also initiate fee-free transactions which mean you will pay zero coins to make or receive payments.
IOTA Predictions In 2018
The ability for any cryptocurrency to earn its place in the stiff competition is a lot challenging in 2019 given the surging numbers of cryptocurrency in the world. There are almost 2,000 types of cryptocurrency in the world today. Retaining a decent share of the market in such an environment is quite hard if not impossible. However, IOTA has specific characteristics that could make it stand out in 2018, these include:
Sufficient Scalability
The Processing speeds of transactional modules increases with the increase in the number of transactions; and subscribers in the network. The time taken between a transaction and its verification is almost zero.
Facilitates Micro-Payment
Unlike a Blockchain in which transaction fees are set by a transaction's initiator thus making it challenging to track relatively small payment amounts; The tangle gives users the advantage of initiating smaller payments in exchange of an extremely meager or even no transaction fee.
Faster Transactions
Verification duration for IOTA transactions is much less compared with that of Blockchain networks. The tangle transaction protocol, therefore, gives users the benefit of an expeditious transaction system with quality speed.
The System is Secure and Convenient
The IOTA technology is much more cost-effective over other crypto coins because it eliminates the process of solving complex algorithms to verify a transaction. The verification process is fully left in the hands of the transactions initiator, eliminating any occurrence of fraud.
Closing Remarks
IOTA has a market capitalization of about $2.7 Billion and currently holds the ninth position on Coinmarketcap. The chat is stable with a satisfying rate of $1.The tangle technology is also very user-friendly and likely to attract the majority of crypto enthusiasts who lack programming skills. The technology has also solved the problem of scalability and high transactions fees, which makes it lucrative to venture.
