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IOTA (MIOTA): IOTA and the Economy of Things

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IOTA (MIOTA)

Currently holding the 9th place on the global coin ranking list, expelling TRON and taking over the spot previously held by this digital coin, with constant increases in price, IOTA is promising to establish a reputation of reliable digital currency with bright future. There is a lot to thank IOTA’s advanced technology and focus on the Economy of Things, which might be the reason this coin is progressing promptly.

The Economy of Things

IOTA was made and launched to support the economy of Things, which is established through a network of devices better known as the Internet of Things. To explain the purpose behind IOTA and policy behind this currency, we first need to reflect on this term as an essential part of IOTA and its community.

The Internet of Things is a network that merges different physical devices that are connected with previously enabled connectivity in the form of Wi-Fi, Bluetooth and various applications that make connecting and interference between two or several devices possible. The network can support any device, vehicle or appliance that is enabled to share information and exchange data through a connection. The purpose of this network is to support different actions and tasks to make those same actions more economic and those same tasks easily manageable with no or minimal human interference, that way building a virtual network that reflects the world of physical, inevitably merging those two worlds into creating a more productive environment. By making specific tasks easily manageable by devices through the Internet of Things and having minimal or no human interference involved at all, more economical and cost-effective ways of completing tasks and even doing business are being established.

The Internet of Things, or otherwise known as IoT, conditioned the Economy of Things and the Economy of things consequently conditioned the existence of IOTA. The Economy of Things represents the market within the Internet of Things and also serves business ventures done through this network. IOTA was then made for the purpose of making payments and transactions done between the devices within the Internet of Things possible. But, the goal was not only enabling transactions through this network – it was instead a goal of making transactions decentralized and completely transparent for users who are participating in business-2-business model where there are no third parties involved, and there are no transaction fees applicable during the processing of various transactions.

What makes IOTA innovative besides from supporting a new way of doing business per the semi-physical virtual economy market, is technology this coin uses. Instead of using blockchains to support decentralization, IOTA users have decided to design this coin by creating block-less ledger which would contribute to having a lightweight coin with maximal scalability.

That block-less environment was called Tangle. Thanks to tangle, users can make transactions via scalable, a lightweight block-less environment that is designed to create a decentralized value that is not decoupled but instinct part of the environment, unlike Bitcoin technology and blockchain environment other coins are using. This way, IOTA is creating a peer-to-peer network that can be regulated on its own, also making it decentralized for secure and prompt real-time transactions with no fees, with full security and increased scalability.

Where is IOTA at Now?

If it is to judge this year by the first couple of weeks of January 2018 will be the year IOTA will most probably “go to the moon” as Dogecoin users like to say when they are referring to having increased prices of their favorite coin. IOTA experienced a pretty neat increase in value, going nearly for 10% up, leading to the price of 3.96$ per one IOTA coin.

This digital currency has managed to join the team of top ten best coins by global coin ranking list, taking the ninth place which belonged to TRON only a couple of weeks ago, making IOTA look like the next promising coin going rough on its competition. The general interest for this coin is probably growing simultaneously with the growing popularity of the Internet of Things as people slowly realize that there are more economical and cost-effective business models and ways of doing business more promptly, proficiently and efficiently.

The total market cap of IOTA is currently an incredible 11 billion dollars, while there are 2.7 billion IOTA coins in circulation. Thanks to the innovative technology that proves that decentralized platforms and currencies can be made even without using blockchains as the base technology, this digital currency is promptly working its way up to the top.

If you add the fact that this coin was made to support the Economy of Things which might be the next great model of doing business, it seems like IOTA has it all figured out, for now, provoking predictions of having this coin one of the top coins by the end of the year 2018. But, when it comes to coin market you must never be confident in the stability of any digital currency – just remember that TRON was where IOTA was now on the global coin ranking list only a couple of weeks ago.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of coinmarketcap.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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