An update on a recent purchase in my blockchain/cryptocurrency/digital asset portfolio. I am continuing to add and deploy capital in this space, which is nascent and has immense potential. There are so many exciting projects that its hard to pick the ones that can really change the world.
Over the past month or so, Ive been reading about this token and one reader on this blog pointed it out too a few days ago. But as is the case with crypto, if you dont move fast enough, the prices run away and you end up paying quite a premium. Same happened with this one, but as it turns out, it wasnt too late — the token price has already doubled since my purchase a little over a week ago.
I bought 268 MIOTA (IOTA) (so, 268,000,000 IOTAs) tokens in this transaction. I intend to buy more as I learn more about the space, but I decided to start with this amount. IOTA is a very interesting project, which breaks the rules of some of the other cryptocurrency world and forges its own path.
IOTA is designed for the Internet of Things — which allows machines to communicate and exchange token between each other. This is achieved by using a non-blockchain architecture and instead going with what the foundation calls “Tangle”, a directed acyclic graph (DAG). The protocol is designed with scalability in mind, something that most other blockchains struggle with and have had to resort to separate layers to provide scalability. The beauty of this system is: while blockchains slow down with more blocks to get validated as transactions increase, the IOTA tangle increases throughput in conjunction with activity, i.e., the more activity, the faster the network. In addition, the system is designed to have no transaction fees, so all of the value gets transferred with no losses to miners and other middleman.
While not built using IOTA and built on Ethereum instead, this project from HP Enterprises demonstrates exactly the type of applications IOTA is perfectly suited for. In this project, HPE demonstrates empowering iRobot’s Roomba vacuum cleaner to buy electricity directly from a utility company to recharge itself. Similar projects are extrapolated for autonomous cars negotiating grid prices and recharging themselves when needed. For any such machine-to-machine communication, IOTA is perfectly suited if the platform can take off and gain traction in the marketplace. The IOTA marketplace is also showing a lot of promise in this nascent stage.
The foundation has already caught the imagination of a some of the largest companies in the world, as they have started experimenting using it in their systems and integrate it into their products and services. It is one of the most original projects out there in the crypto world, and I still have a lot of questions before I understand it fully. But for now, I will leave you with the following reading material if you are interested in learning more about IOTA.
What do you think of this purchase? Do you own IOTA or have an opinion on this project. Share your thoughts below.