IOTA is one of the newer cryptocurrencies on the market that has managed to perform exquisitely despite having numerous potential competitors. This currency was first introduced on June 13th of last year and since then it has been providing a veritably decent service to its holders spread across the globe. As far as the inherent properties are concerned, this digital currency is very different from the other cryptocurrency big guns like Bitcoin, Ethereum, and various other familiar cryptocurrencies. Unlike others, IOTA uses an innovative new technology known as The Tangle that allows the users to verify their previous two transactions without any interference from the miners.
Currently, there are more than eighteen hundred cryptocurrencies in the market that are traded around the world. Hence, the fierce competition to acquire a decent position in the market and retain it is quite imaginable. Since the major market maelstrom at the beginning of this year, a significant number of traders are inclining towards the slightly lesser known currencies like IOTA. Here, you would find out a few aspects about this coin elucidating the fact why it would be judicious to hold onto this coin this year.
The Technology behind IOTA:
IOTA was designed on the IOT or Internet-of-Things concept. The Internet-of-Things refers to everyday items such as accessories, clothes, vehicles, etc. provided with a computer capable of connecting them through the internet. While other cryptocurrencies provide a blockchain platform where miners or nodes usually verify the previous transactions block by block before approving and performing the current transaction, IOTA offers a platform where the users can verify their previous transactions by themselves. As a result, IOTA’s ecosystem offers a much more convenient and user-friendly interface to the traders. This sui generis technology is known as The Tangle.
The IOT concept coined by this cryptocurrency is the gateway to achieve complete decentralization as per previous speculations; this new technology continues to pique the interest of both new and experienced crypto-traders.
Competitive Advantages of Using IOTA:
The digital currency of IOTA comes with several irrefutable advantages for the traders including:
- Faster Transaction Rates: On IOTA’s native platform traders can take advantage of an expeditious transaction system. Because of this currency’s ingenious transaction protocol, the confirmation time on IOTA platform is much less than other currencies like Bitcoin.
- Micro-payment Facility: In regular blockchain networks, the transaction fee is usually set by the initiator of the transaction which makes it very difficult to keep track of the relatively smaller payment amount. In case of IOTA, the traders can take advantage of its unique ability to facilitate small payments in exchange for an insignificant or sometimes no transaction fee.
- Incredible Scalability: In IOTA’s platform, the time taken between placing a transaction and its subsequent validation is nearly zero. Also, its processing module becomes faster with the increase in the number of transactions and subscribers.
- Convenience and Security: IOTA blockchain eliminates the arduous process of mining a cryptocurrency by solving puzzles which makes it much more cost-effective over other digital coins like Bitcoin. The transaction fee on this blockchain is also fairly low compared to others. As the IOTA owner is given the leeway to verify his/her transaction by themselves, there is no chance of any fraudulent activity as well.
Recent IOTA Updates:
- The Release of Trinity Mobile Wallet: On May 29th, 2018, IOTA development team announced the launching of this new user-friendly mobile wallet. Despite being a strictly community-driven project at the beginning, the IOTA foundation adopted Trinity in order to ensure the security of using this cryptocurrency to a bigger community. The wallet was subjected to two external reviews namely a security audit and a threat modelling exercise. The purpose of this review was to ensure the fact there are no bugs present in the wallet that can potentially vitiate the currency’s security. With this new wallet release, the IOTA blockchain system is likely to be more convenient to the traders.
- Upcoming R&D Projects: On June 16th of this year, IOTA announced a few of their R&D goals. According to their statement, for the next few months, the development team will work on strengthening and ameliorating the network infrastructure, decentralization, recognizing the need for developer inclusion in case of DApps, formalizing and comprehending cryptographic techniques, and encouraging widespread usage of this coin.
The Current Situation of IOTA:
As of 26th June 2018, IOTA holds the ninth position on Coinmarketcap with a price nearly tantamount to $1 and a market capitalization of nearly 2.7 billion USD. Although the numbers are not exactly as good as it was in December last year, the IOTA price chart is currently stable at a decent rate.
IOTA was introduced in order to provide a solution to Bitcoin’s high transaction fee and less scalability. As a result, right from its inception, this coin has managed to grab the attention of potential traders around the world. With the recent and upcoming technical developments, this blockchain platform is likely to become even more efficient and user-friendly. Hence, it is safe to say that IOTA holders can expect a lucrative 2018 despite market volatility.
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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 and read our full disclaimer.
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Here’s Why This Coin Still Has Wings (WINGS)
WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.
Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.
What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.
The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…
6 Blockchain Predictions For 2019
As 2018 moves closer towards its end, investors, developers, and tech enthusiasts are starting to turn their gaze towards the future. 2019 is less than two months away, and it promises new breakthroughs and large changes. This is especially true when it comes to blockchain technology.
While 2018 was an important year for this technology’s development, many are wondering what awaits us in the near future. Because of this, we have created a list of 6 predictions regarding the blockchain, as well as what might happen to it in 2019. Let’s begin.
1. Search for new and better business use cases
Blockchain technology is wrongly seen by many as a magical way to resolve all issues that we struggle with today. However, while it is true that blockchain can help with a lot of them, there are still numerous other problems that are better suited to be solved by alternative technologies. Robotics, AI, and similar technologies are not to be discarded in blind faith in the blockchain.
Researchers and developers have recognized this, which is why 2019 will be dedicated to finding specific use cases for blockchain technology. Blockchain will be used in situations where it can have the strongest positive impact. In other words, the goal is not to find places where this tech can fit, but to find places where it is the best fit.
2. Fixing blockchain industry’s image
For a lot of people, blockchain…
TRON DEX Goes Crazy, TRX Founder Asks For More Projects
Less than a week ago, TRON (TRX) community uncovered a new DEX (decentralized exchange) on Tronscan.org. Since TRON community is among the strongest and most supportive communities to ever support a coin, trading activity on this DEX quickly skyrocketed.
So much so, in fact, that TRON’s founder, Justin Sun, felt that he should share this fact on his Twitter account.
— Justin Sun (@justinsuntron) November 13, 2018
TRON DEX sees massive growth in activity
Since Sun shares a lot of traits with TRX community, such as tirelessness and fascination with this project, he was quick to urge the community to come up with additional tokens and projects.
While Sun’s statement that the activity on the DEX is “going crazy” is pretty accurate, many do not realize just how accurate this is. It should be pointed out that the number of tokens on the exchange was 3 on November 10th, when the DEX was originally uncovered. Today, on November 13th, the number of available tokens has doubled.
In addition, 4 out of 6 trading pairs offered on the exchange have experienced significant gains, with the remaining two experiencing only slight drops. The growth was experienced by Dice/TRX (146%), TronWatchMarket/TRX (8.27%), WIN/TRX (89%), and SEED/TRX (1.73%). The drop was experienced…
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