Inside the dreaded cryptocurrency storm that has been revolving around various financial circles around the world, one currency, in particular, has stood out from the rest of the competition. The currency in question here is IOTA. Developed in June 2014, it has since featured as a staple on the top 20 ranked list of cryptocurrencies in the world, cementing its status as a legitimate and useful Blockchain-based project. IOTA has been designed specifically for the Internet of Things (IoT).
At the time of writing, IOTA’s prices arrived at a crossroads, as trading volumes have dwindled and stagnated, causing investors quite a bit of worry and confusion.
At one point, IOTA’s trading volumes stagnated at around 2000 BTC, which was valued at $24 million.
IOTA has been making news for both good and bad reasons, as news of partnerships and collaborations with major companies coincided with harsh criticism from within the crypto community. However, all said and done, the future prospects of IOTA are still incredibly high, based on the following reasons:
- Partnership Announcements: Johan Jungwirth, a C-Level manager at Volkswagen had revealed that IOTA would be partnering with the company to work on a special automobile project. The fruition of this project has positively driven the collective market sentiment in favor of IOTA, thereby keeping its price at higher levels. Besides the automotive industry, other sectors have also partnered with IOTA to reap the benefits. For instance, on 22nd February 2018, it was revealed that IOTA is in talks with establishing a partnership with the world famous company, Bosch.
- Improvements in Technology: One way IOTA has assured users of a high-level functionality is the upgraded Trinity Wallet. The Trinity Wallet which has been in the development phase for an extended period of time is close to being released officially. Improvements include the addition of a user-friendly interface, introducing 2-factor authentication features as well as releasing separate variants for desktops and mobile users.
- Tangle is the Future: Unlike the majority of other cryptocurrencies, IOTA does not use Blockchain. They have come up with their own model, Tangle. Unlike Blockchain, Tangle does not require miners to create new tokens and to validate transactions. This is because all IOTA tokens have been pre-mined. Thus the onus of validating transactions is on the users themselves. This dramatically reduces the transaction fees as well as the overall processing time of transactions. This is a welcome feature, as many members of the crypto community do not favor longer processing time and steep fees as in the case of other coins.
- Smart Contracts Introduction Rumor: The main driving force between price levels in the cryptocurrency market is investor sentiment. So quite naturally, the rumor of the introduction of a new feature is greeted with a degree of hype surrounding the project. Such is the case for IOTA, which is rumored to introduce smart contracts functionality shortly. The rumor has its roots in social media forum Twitter, where some users began posting about a possible beta testing of IOTA’s new smart contract platform. However, this has not yet been confirmed by any members of the core IOTA team, adding to the speculation.
IOTA and Its Future
In spite of the small amount of negative publicity that IOTA has been receiving, including rampant criticism from the Digital Currency Group and the Digital Currency initiative at MIT, the IOTA team is confident that IOTA will perform well. According to them, the future of IOTA lies in catering to specific needs and not just another gimmick in the market. This is reiterated by the fact that IOTA raises money through public fundraising campaigns which are organized by the supporters themselves. The team also believes in maintaining a high level of transparency with its investors regarding the project developments, updated schemes etc.
In today’s technologically dependent world, they plan on developing a new type of marketplace where data collected from the IoT device network can be exchanged between various entities in return for tokens. The interest of investors in IOTA will only further solidify this vision going into 2018.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Barbara Friedman via Flickr
Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
3 Coins with the Largest Potential in 2019
2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
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Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.
The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…
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