Is The IOTA Cryptocurrency Project Built To Last And Be Here For The Long Haul?

While many people continue to focus in on altcoins such as Ethereum, XRP, Bitcoin, there is a large group of people from within the global crypto community that believe IOTA (MIOTA) should be receiving a lot more attention that it presently is.

For starters, the project has been designed as a long-term crypto offering that lays particular emphasis on connecting the gap that exists between various technological domains (such as IT, manufacturing etc).

Additionally, it is also worth noting that IOTA is unique in the sense that it belongs to a category of crypto assets that are not entirely based on blockchain technology (in its most conventional sense).

Instead, the IOTA ecosystem deploys a technology called “Tangle” which not only administers but also governs all of the core operations of the platform. In this regard, many experts believe that Tangle not only has a host of unique use cases but also has the potential to change the way in which many industries work.

With that being said, there are still many naysayers who keep claiming that IOTA is not all that its hyped out to be. This is because, historically, the coin has not done exceedingly well (from a monetary standpoint).

IOTA Has Been Well Received Globally

While the haters will always be there, the general sentiment of the global crypto community towards the IOTA project has been quite positive to say the least.

This is demonstrated by the fact that over the past couple of years, IOTA has been able to partner up with a plethora of companies including those from niche’ industries such as manufacturing, insurance, IoT etc.

More on the Matter

For those who are unaware of IOTA’s structural framework, as mentioned earlier, the project makes use of its native ‘Tangle’ offering which when compared to DLT has some unique differences.

For example, IOTA is blockless and thus is much more secure than conventional blockchain options. Not only that, Tangle also facilitates machine-to-machine communication quite seamlessly (something which is not possible with DLT right now). As a result of this, the platform is able to connect a host of IoT devices a single large network that his highly safe.

It is also worth mentioning that each device or piece of technology that is connected to IOTA’s native ecosystem has the option of serving as a validator of transactions, thereby solving a major issue that is commonly associated with micro-transactions .

Other domains where IOTA can be deployed include areas such as:

  • Tracking shipments
  • Logistics
  • Fintech
  • Smart homes.

Final Take

In closing, we need to remember that IOTA is still a project under development. However, considering the immense potential that this technology offers, it would not be surprising to see this project become one of the world’s premier crypto offerings in the months and years to come.

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Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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