Let me be the first to admit: I have an extremely limited understanding of computers and how they work. For someone well-versed in computer coding, Github, and python/Raspberry, this is probably going to sound like a caveman trying to understand a Lamborghini. Truthfully, most of this stuff is completely over my head. That said, I still find it extremely interesting, and I grasp how this technology has the potential to revolutionize the way humans do business with each other. The technology might also allow machines to do business with one another. I’ll let that simmer for a minute before I try to explain it.
What is the internet of things?
The internet of things is, basically, the theory behind every common device being connected to some form of internet. This concept is growing, vastly, with every passing day. I can remember a time without cellphones, and I can definitely remember what it was like to NOT have a computer in our home. Those days are long gone, and the truth is the I am part of the last generation to know what its like to live without connectivity.
Today, every single electronic device has the capability to connect to the internet. Cars, phones, bluetooth speakers and even toothbrushes are coming out with the capability to connect. That is absolutely insane to consider, but its real. 2017 is the future. What’s interesting to think about is the potential this technology holds. Right now, our use of connected devices is extremely limited. While most items connect to the internet, their functionality is minimal. For instance, what use does a vehicle with internet capability have today? Not much, really. Sure, you can stream music or video for the kids, but that isn’t really revolutionary.
What if these everyday items had the ability to order replacement parts on their own? What if your refrigerator was able to order a gallon of milk when you were running low, or your cabinets had the ability to order more dry-goods? This is the vision behind IOTA. Sure, it’s a P2P cryptocurrency, but it’s much more than that!
What does IOTA have to do with the internet of things?
Well, aside from IOT (internet of things) being in the name IOTA, the idea is that this currency will be more than P2P. Peer to peer is only one option, the main goal is machine-to-machine. As mentioned above, as connectivity grows grows with time, everyday items will be doing business with each other for services and items. Whether this sounds ridiculous or not, it will happen eventually; just maybe not in the way I described it.
Really, Amazon came super close to this concept, and I wouldn’t be surprised to hear that IOTA devs took some inspiration from their product. Amazon sells something called “flings”. Essentially, the flings are a little button that emit a pre-programmed radio wave when in use. So you purchase one for every consumable item in your home and place the button where you keep that item. When you run low on that item, you push the button and there you go, an order is made through your Amazon account and more Tide bleach is on the way! The IOTA model is very similar, just completely automated and much more complicated!
What makes IOTA any different from other cryptocurrencies?
Well, for starters, it’s new technology entirely. Almost all other cryptos operate on a block chain, the system of distributed ledgers among peers. While IOTA also uses a distributed ledger, the entire network runs on something called the Tangle. The tangle is supposed to be a more secure and anonymous way to do business. This system also requires no mining, there are no transaction fees, and sending currency will eventually be instantaneous. What’s more: the Tangle can be visualized in real time. Here’s a screen shot, but I’ll include the link to the observable Tangle at the bottom (;
What do I need to know?
There are two really important things about IOTA, and I literally spent the last three days of my life figuring it all out.
1: The wallet. Since IOTA operates OFF the blockchain, whatever wallet you are currently running does not support it. Unless you have some shit I don’t know about. Right now, as I understand it, the only wallet which supports IOTA is the IOTA wallet….from IOTA. You can access the ledger download by checking out https://github.com/iotaledger/wallet. To use the wallet, you’ll need to generate your own seed. check out https://ipfs.io/ipfs/QmdqTgEdyKVQAVnfT5iV4ULzTbkV4hhkDkMqGBuot8egfA to do this. If this is unfamiliar to you, a quick youtube search on the IOTA Ledger will help you out.
2: Where to buy IOTA. Currently, the only place I have seen IOTA for sale is on Bitfinex. Bitfinex is, allegedly, going to be restricting customers from the US eventually, but as of today their services are still available to us Yankees. It’s worth noting, also, that IOTA is making it’s way toward more exchanges soon. There are rumors it will be offered on Poloniex and Bittrex within the coming weeks, although I have no way to confirm this.
My take on IOTA
I am in awe of cryptocurrency in general, but there’s a lot of bull shit out there. Things like Paragoncoin, EOS, and plenty of other altcoins offer very little in return for what you’re actually paying. Simply put, most of them appear to be a pump-and-dump scam. IOTA, however, is a protocol; meaning, a network with integrated smart contracts. Similar to Ethereum, websites and programs can be built on-top of the network. Software for everyday items, as mentioned above, is already being developed to operate on IOTA. This means IOTA actually has capability. I am extremely selective about altcoins, but I am not an educated trader by any means. I do believe, however, that IOTA is around for the long haul. The technology is incredible, and the dev team is very active. The Tangle is up and running, and I think IOTA will prove to be an outstanding asset in the future. Definitely a buy and hold for me!
Valuable resources
Get a live visualization of the Tangle here: https://tangle.blox.pm/
Talk about IOTA and ask questions at these links:
https://www.reddit.com/r/Iota/
Buy IOTA at: https://www.bitfinex.com/
Check out the IOTA project at: https://iota.org/
-Error
Agree on all points, it is the third generation of this technology...
The tangle solves the problems of blockchain...
It appears so! I'm a little bummed out about the current state of the wallet....but I'm sure as it progresses, there will be better storage solutions. Thanks for your input!
There is an android wallet: https://play.google.com/store/apps/details?id=org.iota.wallet
I think an ios beta is on github
But you're right, there's still a lot to do...
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