Is the IOTA cryptocurrency project built to last and be here for the long haul?

Is the IOTA cryptocurrency project built to last and be here for the long haul?

While many people continue to focus on altcoin like Ethereum, XRP, Bitcoin, there is a large group of people within the global crypto community who believe that the IOTA (MIOTA) should receive much more attention than it currently is.

To begin with, the project has been conceived as a long-term cryptographic offer that places particular emphasis on linking the gap between various technological domains (such as IT, production, etc.).

Furthermore, it is worth noting that IOTA is unique in that it belongs to a category of cryptographic assets that are not entirely based on blockchain technology (in its most conventional sense).

Instead, the IOTA Ecosystem distributes a technology called "Tangle" that not only administers but also governs all the fundamental operations of the platform. In this regard, many experts believe that Tangle not only has a myriad of unique use cases, but also has the potential to change the way many industries work.

That said, there are still many opponents who continue to claim that IOTA is not all that has been revealed. This is because, historically, money has not done very well (from a monetary point of view).

IOTA has been well received globally

While the haters will always be present, the general feeling of the crypto-global community towards the IOTA project has been nothing short of absolutely positive.

This is demonstrated by the fact that in the last two years, IOTA has been able to collaborate with a plethora of companies including those in niche sectors such as manufacturing, insurance, IoT, etc.

More on the question

For those who are not aware of the structural framework of the IOTA, as mentioned above, the project uses its native "Tangle" offer that compared to the DLT presents some unique differences.

For example, IOTA it's block-free and therefore much safer than conventional blockchain options. Not only that, Tangle also facilitates machine-to-machine communication without problems (which is not currently possible with DLT). As a result of this, the platform is able to connect a host of IoT devices to a single large network that is highly secure.

It is also worth mentioning that every device or technological component connected to the native IOTA ecosystem has the possibility to act as a validator of the transactions, thus resolving an important problem commonly associated with micro-transactions.

Other domains in which IOTA can be distributed include areas such as:

  • Tracking of shipments
  • the logistics
  • Fintech
  • Smart homes.

Final take

In closing, we must remember it IOTA it is still a project under development. However, considering the immense potential that this technology offers, it would not be surprising to see this project become one of the first cryptic in the world in the months and years to come.

[ad_2]Source link