IOTA does not use Blockchain, it uses a new technology called Tangle. This is what differentiates it from the conventional Cryptocurrencies like Bitcoin, Monero and so on. Tangle is based off of a mathematical technology called Directed Acyclic Graphs. At the time of this writing IOTA/MIOTA is trading at $1.15 or roughly 74 INR. Let’s now deep dive into it.
Contents
INTRODUCTION
The vision for the organisation is thinking of the next generation. They predict that the next stage will be a stage of Automation where all machines will reproduce their design itself. IOTA is supporting the cause and Building trust in the 4th Industrial Revolution. IOTA Foundation was founded by David Sonstebo along with the co-founder Dominik Schiener. To support such innovations technology such as blockchain and IOT has directed us towards our goal of Automation. It has widen our stipulated knowledge into a very diverse innovative and beneficial thinking which can ultimately change this world.
TECHNOLOGY BEHIND IT
Now in the case of IOTA, they developed the organisation based on a different principle. It is called Tangle. As explained by the organisation itself, all the IOTA’s were created in the first transaction in a tangle, called the genesis transaction. The IOTA’s created at that moment will be the only IOTA’s ever created. The whole network of transactions started when all the IOTA’s were transferred to all the original investors in the project, in proportion to the amount of money they put in the same. After some time of holding the investors sold some of the IOTA’s to other potentials which eventually created a trading network where investors and buyers meet to trade IOTA’s.
To understand the tangle we need to understand directed graphs. A directed graph is one which is interconnected by arrows. The tangle technology is a directed graph which holds transactions. The tangle technology is used in place of blockchain because Tangle removes the cost as well as the energy used in mining crypto. The mining concept is used in many cryptocurrencies like Bitcoin, Ethereum etc.The chain of the IOTA is formed in the network. This is achieved by approval of two other transactions which is needed to introduce a third transaction. The concept is simple. It says that all the transactions in the network should be approved among each other rather than a centralised organisation or governance.
SCANDALS
In the year 2017 there was a spark in the news. The reason behind it was Microsoft’s Blockchain specialist Omkar Naik was noted saying “We are excited to partner with IOTA foundation and proud to be associated with its new data marketplace initiative. This next generation technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real world solutions, applications and pilots for our customers”. Several publications ran misleading articles which said that Microsoft and the IOTA foundation have tied up in a partnership without noting the context of data marketplace or a trusted IOT Alliance such as Microsoft. On further investigation it was found that there was no formal partnership between the groups.
HISTORY
The IOTA foundation had already constructed their platform and it was time to launch the company’s IOTA tokens into the market. On 13th June 2017 IOTA was listed in many exchanges worldwide and the network of the Foundation was now counting in the global scale.
IOTA is currently available on two major exchanges in the world Binance and Bitfinex.
CURRENT HAPPENINGS
The latest announcement made by the Organisation is to get the smart advisory of the IOTA foundation by Joachim Taiber. Recently the IOTA foundation was selected by Tokyo Metropolitan Government Program. The IOTA’s Data Marketplace has set up clear goals and is aiming for straight records.
PERFORMANCE AND FUTURE PREDICTIONS
The max supply of IOTA tokens is 2,779,530,283 MIOTA (1MIOTA = 1,000,000 IOTA) from which around 2,779,530,283 MIOTA is in supply. As you can notice that the initial number of tokens is same as the circulating supply, which is based on Tangle or the genesis transaction. The market cap for the foundation is $3,181,922,882 USD which is equal to the value of 372,321 BTC. At the time of writing this article the price of one IOTA is $1.14 USD which is up by 5.59% from the previous value. The graphical analysis can be observed in the below graph.
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