In the last decade, block technology is being attempted to overcome problems that mainly affect the financial sector. Thanks to this, it now allows P2P transactions to be speeded up without the inclusion of a third party dealing with the main existing problems.
With this in mind, we know immediately that transaction processes will be executed at lower commission rates almost unparalleled. geographical borders. As a result, even in different technology-related sectors, competing systems exist. One that stands out for technological progress is IOTA.
IOTA Coin Story and System
First of all, IOTA entered the crypto-world in 2015 with the work of David Sønstebø, Dominik Schiener, Dr. Serguei Popov and Sergey Ivancheglo, who is still conducting the show in the most important parts of the IOTA team.
Despite the concept and the idea of the blockchain in general is loved and very welcome as it summarizes almost everything that the cryptocurrency ecosystem is made of – The IOTA, like no other, has introduced a coin that does not use blockchain technology to work.
It is designed to work on a network called Tangle by Dr. Serguei Popov, which has provided us with a way to correct almost all the existing problems that the first and second generation digital currencies are facing. Various advantages are contained in the Tangle package that has been delivered, such as: very fast transactions, no limit to downsizing, no commission and secure transfer of data / information.
In order for the system to work properly, you do not need miners to complete the transactions. The network is planned in this way so that each time a new transaction is issued, it is confirmed by the next, as this confirms that two precedents have been requested. As a result, the system network Tangle can handle an infinite number of transactions at no cost.
Finding ways to implement the above system in events and in real cases would be very efficient. Almost immune from attacks are those managed by quantum computers. This made many giants like Audi ThinkTank choose IOTA and test it.
Surprised but very welcoming, at the CEBIT 2018 Expo Germany, Volkswagen presented its joint forces with the platform focused on the IoT and the vehicle manufacturer to demonstrate a PoC on how the IOTA network can be used.
Volkswagen, together with @iotatoken will show # cebit18 a demonstration of the concept of how reliable transfer of over-the-air software to vehicles can be safely documented using #tangle . Great example of how distributed ledger technology can be used in the future pic.twitter.com/4wuc7pdKfv
– Johann Jungwirth (@JohannJungwirth) 9 June 2018
The Future of the Internet of things seems to be on the way to global adoption. On June 9th, Johann Jungwirth, Chief Digital Officer (CDO) of Volkswagen Group published a tweet confirming the progress in the implementation of the IOTA for the automotive industry:
In terms of development and exploration of the Internet of Things, IOTA has recently collaborated with Norway's largest bank. The bank mentioned is called DNB ASA and is the largest banking service in Norway, while it also represents one of the largest banks in the area mentioned.
"Internet of Things (IoT) and Machine to Machine (M2M) communication and payment for microservices seems to increase in the future, we think that the use of a Distributed Ledger-based technology like IOTA will provide us with a & # 39 experience and valuable know-how on future revenue streams and business models.We can not wait to dive into the IOTA space. "- Lasse Meholm, Head of Distributed Ledger Technology at DNB
Looking at the events mentioned above, it automatically gives you the feeling that it will take some time for developments to impact the price and be really implemented. That is why if similar – the bulls of the previous year return in the 18th, the MIOTA / USD pairs could reach the potential $ 11.00.
The volatility in the cryptocurrency is on the side, if you are willing to hold the cryptocurrency for a longer period of time, it will be really easier for you to have profitable returns. Moreover, in the current downward phase, it is able to stabilize much more quickly than some of the other cryptocurrencies.