IOTA
The world of cryptocurrencies is evolving at an unprecedented rate. Ever since the creation of Bitcoin in 2009, the cryptocurrencies have amazed and attracted some serious buyers, and has involved ridiculous amounts of investments being thrown towards it. They have always been a source of highly anticipated, yet some unpredictable moves and news that has the potential to revolutionize the global financial markets. However, the issues at hand that needs to be addressed before cryptocurrency technologies can be adopted for use in daily life are its scalability, privacy, security and physical integration.
IOTA was one such cryptocurrency that aimed to revolutionize the cryptocurrency technology and provide it with a much needed revamping that would allow it to reach new heights. The IOTA blockchain hosts the native cryptocurrency that goes by the name of MIOTA. It was specifically designed to process financial transactions that are faster, safer, cheaper, smaller and scalable. This technology addresses the major concerns of scalability and transaction fees linked with other cryptocurrencies. IOTA offers unique technique of facilitating transactions by eliminating the need of block chains. Unlike many other cryptocurrencies, it uses distributed ledgers. This enables it to take the ‘miners’ out of the picture, and serve the purpose of faster and cheaper transactions using a mathematical concept of Directed Acyclic Graphs. This is the main essence of the IOTA technology which separates IOTA with every other cryptocurrency out there.
However, the worst thing that can happen to any cryptocurrency is a security breach in its blockchain. A cyber-attack that compromises the internals of any blockchain is seen as a failure of the cryptocurrency. This, and some other mishaps, is exactly what happened with the IOTA blockchain in 2017 after its wallet was hacked and compromised. As a result, IOTA plummeted down from the fourth largest cryptocurrency at that time with a market capitalization of $12 billion, to the 25th place with only $4 billion USD today.
However, the team has still not lost hopes and is coming back stronger with high hopes of regaining its legacy. They still want to make IOTA a better blockchain and one that will address the shortcomings of the present industry. Recently, they have launched the beta version of their new wallet that offers enhanced security and better storage technology. However, according to the CEO of the IOTA Foundation Dominik Schiener, this news is only a teaser of what is to come out from the IOTA headquarters.
The critical question that will define the future of the IOTA blockchain is what value does it offers now and which key team players are still supporting its development from being within its core team. The team has spent the past two years getting their house in order and fixing their loopholes. Dominik says that the new update that is announced as Chrysalis, is a new dawn for IOTA.
The IOTA blockchain has also integrated oracle technology within its domain. These are essential to bring data from the outside world to within the blockchain. Oracles are essential in the working of smart contracts and Decentralized Finance (DeFi), which are unarguably the hot topic in the cryptocurrency industry these days. IOTA has shifted towards exploring these domains and it will definitely help to win a larger audience in a shorter time. According to the IOTA team, third parties like Chainlink are already interested in building oracles on IOTA.
Another major development around IOTA is its collaborative project with Dell. The project is known as Alvarium and revolves around securing and retrieving data from IoT devices. This is a highly anticipated project within the cryptocurrency industry and one that highlights the importance of IOTA.
With all of this, IOTA is all set to enter into a new era of development. The team has announced a quite a rigorous and aggressive timeline where they are focusing on achieving the milestones in a very short period. Therefore, it is essential to keep an eye out for IOTA as it is set to take off and climb the market charts.
