What is IOTA?
IOTA is known as one of the most promising distributed ledger technologies designed to power the internet of things (IoT). A common misconception is that Iota is a Blockchain, and although Blockchains (Bitcoin, Ethereum, etc.) share many similarities with the distributed ledger technology, the two technologies have very different fundamental structures. In fact, at the core of its network is its mission to develop and improve on scalability, which is a common problem with traditional Blockchain technology. This is a good description:
IOTA is a quantum-resistant distributed ledger protocol launched in 2015, focused on being useful for the emerging m2m economy of Internet-of-Things (IoT), data integrity, micro-/nano- payments, and anywhere else a scalable decentralized system is warranted. IOTA uniquely offers zero fees, no scaling limitations, and decentralized consensus where users are also validators. The digital currency ‘iota’ has a fixed money supply with zero inflationary cost.
The structure of a Blockchain makes it possible for global transactions to run on decentralized networks without the involvement of third parties. And while that has been sufficient over the years, as Blockchain gained mainstream adoption, scalability has become one of the technology’s biggest struggles, which has led to a spike in transaction fees along with slower transaction processing speed. This is where Iota comes in. Iota operates on a different form of distributed ledger known as The Tangle.
The solution to the statics of blockchain
The Tangle technology is a directed acyclic graph (DAG) used on Iota. Tangle is open-source, feeless, scalable, and is designed to enhance frictionless data and value transfer on the Internet of things ecosystem. At its core, The Tangle is particularly designed to solve many of the statics that traditional Blockchain is faced with.
On Blockchain, there is a limited rate at which transactions are being processed. Transactions are stored sequentially as one block is added to the existing chain of blocks, one after another, this leads to a longer transaction speed time.
At present, a Blockchain can only process 7 transactions per second. The Tangle on the other hand is designed to have unlimited scalability, as transactions are stored individually in one stream and entangled together, in that one transaction validates two others, thereby increasing transaction speed drastically. As recently as June, it was confirmed that The Tangle processes an estimated 300 transactions per second.
In contrast with Blockchain, as more transactions are carried out on the Iota network, the network speed runs even faster.
Transaction Verification Method
On Bitcoin’s Blockchain, users and miners on the network are separated into two groups. The former is then charged lesser, while the latter is rewarded when network activity is higher and fee charges increase. This model has been proven to be inefficient and is known to cause conflict on the network.
To eliminate this problem, The Tangle removes the hierarchy of responsibility by employing a different transaction verification method.
On the Tangle, there are two groups, known as sites (transactions) and nodes (devices). Both are both required to validate transactions on the network. When nodes (devices) intend to issue transactions, the nodes are required to validate previous transactions on the Iota network. With each transaction issued, the network becomes even more secure.
Zero Transaction Fees
It takes very little computational workload to verify transactions on Iota, this introduces yet another highly beneficial feature on Iota; it is feeless. The Tangle does not reward users for issuing transactions, as such, transactions do not attract any fee charges. Not now, and not in the future.
Using The Tangle, different machines can transfer and receive data efficiently. This makes IOTA very significant for the acceleration of the internet of things ecosystem.
The Tangle has put IOTA on the map as one of the most promising innovative technologies for the future of IoT. Many IoT companies have recognized iota’s potential as a next-generation technology and shown interest in adopting IOTA across their platform. IOTA Foundation has revealed that it is in talks with different companies intending to leverage the project’s underlying technology.
It was estimated that 26 billion objects will be powered by the Internet of Things this year. By 2025, the internet of things, according to McKinsey Global Institute, will make up between $4 trillion to $11 trillion of the global economy, and the Iota foundation intends to become a major kept player in pioneering this industry.
Iota has multiple use cases across the IoT industry, and while some of these are expected to be implemented in the industry much later, Iota can already boast of global organic adoption as the network has already begun developing real applications and solutions for some of the largest companies in the world.
IOTA real-world use cases
IOTA is in partnership with some of the world’s leading automobile companies. In 2018, Volkswagen partnered with Iota, to integrate The Tangle technology into its vehicles. The German car manufacturing company revealed that Iota will facilitate the downloading of software to its vehicle, while also unveiling its proof of concept for integrating Tangle extensively in its cars.
In 2019, IOTA and Volkswagen launched what it called a “Digital CarPass”. A tool that was designed to collect data for mileage. Porsche also revealed that it was in talks with IOTA to develop a tool called Program 4. Recently, IOTA and Jaguar Land Rover came together to develop a “smart wallet,” which utilizes the IOTA for the transfer of value and data.
Clearly, IOTA is extremely focused on data processing. Another real-world use case is IOTA, Linux, and Dell Technologies partnering together to develop what it called a “data confidence fabric,” which is used for accurately verifying data.
Smart charging, crowdfunding, smart homes, space exploration, Real-Time Data Storage, Smart grids are some of the many other fields that IOTA is being embedded into.
What is Miota?
MIOTA is a unit of IOTA. It is bought directly on almost all stock exchanges, and the price of IOTA is usually quoted in MIOTA. The “M” stands for mega, so one million. Thus, 1 MIOTA is equivalent to 1,000,000 IOTA.
Although IOTA has continued to enjoy mainstream attention and is still positioning itself to become the center technology for pioneering the growth of IoT, its native Cryptocurrency has not been gaining the same kind of recognition.
MIOTA, the native token which is used as a transaction medium amongst different users on the IOTA network has not quite met industry standards as “investment-worthy.” In fact, investors have expressed uncertainty about the future of (IOTA) MIOTA, on whether or not it has the potential to go head to head with other leading Cryptocurrencies.
(Iota) MIOTA was launched in 2016, the IOTA foundation raising approximately $500,000 in Cryptocurrency from its crowd sale. However, the IOTA industry is still in its infancy and as adoption increases, the MIOTA price is expected to take an upsurge. The founder of IOTA has even explained that he expects the MIOTA price to see an uptick in the nearest future, as more and more users are expected to buy Iota. The number of existing (IOTA) Miota tokens are seated at 2.78 billion, each with a price value of 23 cents.
Betting big on the fact that adoption will eventually lead to scarcity, the founder of IOTA believes that if each device implementing IOTA could own a minimum of $1 worth of IOTA (MIOTA), with each humans owning two of this devices on the average, the (IOTA) Miota price will skyrocket due to the increase in demand for IOTA in future.
At the time of writing, data from CoinMarketCap shows that the price of IOTA is $0.23. iota value is expected to grow over time. However, with the current market structure, IOTA price predictions from Cryptocurrency technical analysts, and Cryptocurrency prediction platforms, the bears are likely to take control of the market in 2020. However, predictions for 2021 are largely bullish.
IOTA Price Prediction 2020
While the likes of John McAfee believes that IOTA is still one of the slowest growing Cryptocurrencies, the IOTA Reddit community believes that the iota price is largely dependent on Bitcoin’s price movement and rate.
Though Iota did not outperform during the first quarter of 2020, with IOTA’s involvement in multiple projects, IOTA is likely to build enough momentum, and could possibly trade up to, and above $0.30. If the bulls remain in control, prices can even skyrocket to as high as $0.50 and possibly soars above $1.
While the IOTA price has generally not impressed investors, it is important to note that all IOTA price predictions are largely speculations based on existing fundamental and technical analysis, which is not entirely reliable, as the Cryptocurrency market is ever-changing and never at a halt. With a lot of factors affecting price movements, there is a huge possibility that the existing market patterns can flip at any time as more and more investors continue to buy iota. Therefore, all iota price predictions listed below are not to be taken as expert investment advice.
Wallet Investor IOTA Prediction
Iota predictions from wallet investors are quite bearish for the Cryptocurrency. Wallet investor predicts that Iota may take a downturn and lose by nearly half of its current trading price to trade at $0.14 until the close of 2020.
The price has been promising since the month of July. The price took an upswing on the 2nd of July to trade at a price of $0.23 and has since continued to attain mild gains.
If iota price predictions from Wallet investor were to come into fruition, this would mean that the current iota price will have to drop by more than 70%, through the second quarter of the year. In the second half of its technical analysis, the wallet investor predicts that the price of Iota is very unlikely to trade above the $1 mark within the space of 1 year.
Crypto Rating IOTA Prediction
According to the Crypto Rating platform, based on its IOTA price prediction algorithm, IOTA is excepted to have a short term rally that can potentially become long term. Using historical data, the site’s algorithm predicts that the price of Iota is expected to reach $0.29 in one month and even get as high as $0.37 in 6 months. By January 2021, iota might even trade, with price prediction going as high as $0.39.
Long term technical analysis predicts a promising iota in the future. IOTA is expected to be bullishly impacted by a potential increase in investment interest from institutional investors, alongside regulation. Hence, price predictions for the year 2021, 2022, 2023, 2024 and 2025 are expected to reach $0.27, $0.39, $0.52, $0.55, $0.88 respectively.
Trading Beasts IOTA Prediction
Trading beasts forecasts a slightly Bullish IOTA. The price is then expected to change while generally maintaining a fairly bullish pattern. For the month of August 2020, the iota coin price prediction from trading beasts is an estimated $0.27. Buy the end of the month, the price is expected to hit $28. By December 2020, IOTA expected to continue trading around $0.26.
On the IOTA price prediction for January 2021, trading beasts predicts an average price of $0.27 and a maximum price of $0.34 at the start of the year. By the end of the year, the bulls are expected to have taken over the market, hence average prices are speculated to hit $0.35 and maximum prices hitting $0.44.
On the other hand, a bearish trend in the market could cause the price value to take a dip to $0.23 at the beginning of 2021. Closing prices could also slightly drop to $0.30. In the long-term, the future price for iota is one that the site expects to largely remain bullish, Iota is still not expected to crossover to the $1 mark. Iota forecast for 2022 and 2023 is a price that is estimated to break previous resistance levels and hit s new high of $ 0.45 and $0.54 respectively.
Logforecast IOTA Prediction
Longforecast Iota price prediction begins a little bullish and progressively takes a downturn to trade below previous support. Unlike most other price predictions, Longforecast’s longterm technical analysis infers that it will take Iota a longer time to increase in price value, regardless of IOTA adoption rate.
The Price prediction 2020 is forecasted to close at $0.30, close at $0.25 at the end of January 2021, and wrap up at $0.20 by December. In the following year, Iota is expected to lose a total of 17.3% in trading value, and dip further with an annual closing price of $0.6 in 2022. For 2023, iota price predictions are slightly signaling a bullish trend as Iota is expected to close the year with a price of $0.9 and close even higher in 2024 at $0.14.
Coinswitch IOTA Prediction
Coinswitch’s long-term iota price predictions are very bullish. The basis for Coinswitch’s price prediction is rooted in fundamental analysis. This year, a lot of MIOTA projects are moving from concept phase to testing phase and by the end of the year, a good number of projects would have been completed, hence, an all-around bullish prediction from Coinswitch.
Coinswitch is betting big on a long-term bullish Cryptocurrency market. The iota price prediction for the end of the year is estimated to hit $4. Progressively, the price is expected to grow exponentially in the space of 5 years, by 2025 the iota price is likely to reach $9.847. By 2030, the bulls are expected to push the price higher to new levels, particularly $10 and possibly go higher to $12.43.
Updates on IOTA
Looking at the historical price performance of the Cryptocurrency over the years, Iota may not have been the best performing Crypto so far. However, with the U.S crypto council adding supporting for the token, while the network also moves towards the completion of its projects, it is inevitable that its integration into IoT devices will boost adoption overtime.
We have heard believers say that IOTA holds a lot of potential for future returns and might reach around $4.20 by the end of 2020. IOTA is one digital currency one should consider when looking for a digital currency with a promising future to invest in. This was a huge moment for the IOTA community.
IOTA has even been recognized by the Dutch tech firm, ElaadNL which is basically focused on IOTA’s Tangle technology. IOTA launched the smart city hackathon, which would be hosted by Hackster.io which is the largest hardware-oriented community in the world.
The partnership with Volkswagen has made the IOTA community members pretty excited about the 2020 developments. The IOTA foundation partnership with the startup incubator Nova looks promising and aims to fund new startups through the “Iota Cofoundery” program, focusing on the early stages of startup development.
With IOTA’s change of its consensus mechanism, the IOTA Foundation is going to remove its coordinator by adding a voting incentive system to aid decentralization. The future of MIOTA seems secure, especially with the recent announcement of the EU parliament.
Two months ago, the IOTA Foundation announced it is joining the EU-funded Dig_IT project to use DLT for increasing sustainability in the mining industry. IOTA is the only distributed ledger technology (DLT) provider for Dig_IT.
The project will collect data from IoT sensors at three levels — human (wearable garments), asset, and the environment — and will integrate market and historical data. The focus is on ensuring the quality of data and not the quantity.
The attraction of the IOTA network for enterprise projects may have dimmed a little following the major security vulnerability in its wallet earlier this year. It resulted in the processing of payments being switched off altogether for a period.
On the 22nd of April, the altcoin market sees some light as Bitcoin Cash, EOS, Binance Coin, and IOTA price lines head up on their price charts. IOTAUSD moved across the $0.160 level, from its previous standing near the $0.150 mark. The cryptocurrency traded within a day’s range of $0.15701572 — $0.16009203.