Almost everyone in the Crypto world is bullish on IOTA and predict that it will grow exponentially over the next few years. But, what makes IOTA so important?
In this post, I will cover the 5 most important reasons why I believe IOTA has the potential to make you a millionaire.
Reason 1: IOTA has a wide range of applications
In the near future, almost everything around us is going to have a chip in it. When your all-electric car is going to be IoT (Internet of Things) enabled, it is going to charge want to pay to an IoT enabled Charging point. How can a car make a payment to an electric charging station for the amount of power consumed while charging? That's where IOTA comes into play and that is the first reason IOTA is going to be great in the future.
This is just one application of IOTA. There are several other applications for IOTA in the Internet of Things world. I will cover this in a separate post.
Reason 2: The Tangle Algorithm
The IOTA network does NOT have BlockChain on the background like the other Crypto-currencies. It has a new algorithm / technology called TANGLE. The advantage of TANGLE over BlockChain is that Tangle does not need expensive mining equipment or power as it is not based on Proof of Work. All the transactions on the Tangle Network are verified by two other users on the network and does not require dedicated miners or mining nodes to validate and verify transactions like blockchain does.
Reason 3: It is FREE forever!
I know it sounds too good to be true. However, it is the truth. All transactions on the IOTA network are free forever. IOTA is able to provide this because whenever an user wants to make a transaction using the Tangle / IOTA network, the user has to verify two other transactions on the network. Hence as a payment for the transaction that the user is making the user verifies two transactions on the network. This makes all the transactions free on the network as the network does not have to pay any miners to verify the transactions.
Reason 4: It is scalable!
It sometimes takes hours for a BitCoin transaction to be verified and completed. This is because BTC can handle only around 6 transactions per second. On the other hand, IOTA can handle several thousand transactions per second. Hence, IOTA has the strength to scale up several hundred fold.
Reason 5: It is Quantum Resistant
Crypto-currencies that are based on Proof-of-work algorithm have the risk of failing when Quantum computers kick in. But Tangle / IOTA is resistant to quantum computing because the power of processing only increases the speed of transactions on the network.
Now that you know what makes IOTA the next million dollar crypto, research about it and get in on the crypto if you too feel that IOTA will be inevitable in the Internet of Things world.
@mykos What do you think about the future of IOTA.. Can you share your thoughts here please..
There seems to be a lot of uncertainty around IOTA.... optimistic uncertainty, but uncertainty none the less. I could see the same technology developed on a gen2 coin that is backed by a different consortium of companies/manufacturers. Social momentum and mass adoption will be key.
I agree.. But the edge that IOTA will hold over the others will be the Tangle algorithm.. That's just my perspective.. What do you think? @digitaldruid
@curie This is my research about IOTA... What are your thoughts on this post.. Do share your feedback and UpVote..