The cryptocurrency evolution has entered virtually every sector of the world economy. Currently, there is a cryptocurrency for almost everything out there. A lot of these cryptocurrencies have limited long-term utility. That isn’t the case for IOTA (MIOTA). The IOTA foundation has collaborated with several big names in the tech industry to launch a cryptocurrency that has the sole purpose of serving the internet of things.
Robert Bosch Invests Heavily in IOTA
The venture unit of German industrial giant Bosch, Robert Bosch Venture Capital (RBVC) a few days ago announced that they have acquired a large number of MIOTA tokens. The venture firm further revealed that as part of the acquisition, their partner Hongquan Jiang would assume a place on IOTA Foundation’s advisory board. Jiang commenting on the latest development stated that even though IOTA is in its early days, RBVC views them as the perfect foundation to aid the growth of IoT projections and at the same time reducing the costs of transaction.
Tangle Increases transaction speed
The IOTA coins have one distinctive feature that separates it from the rest; it uses a blockless “tangle” ledger system. The tangle system doesn’t set transaction limits, and each transaction is confirmed within seconds of initiating it. The tangle system will allow companies to handle any increase in micropayments that will likely follow the IoT boom. This is according to IOTA mathematician Serguei Popov.
In his recent note, Popov stated that “The tangle naturally succeeds the blockchain as its next evolutionary step, and offers features that are required to establish a machine-to-machine micropayment system.”
Fees aren’t needed in IOTA (MIOTA)
The IOTA foundation realized that the micro-fees attached to bitcoin and other cryptocurrencies during transactions wouldn’t be feasible for long. This is because the number of IoT payments are astronomically surging. The team developed IOTA coins to eliminate the need for transaction fees since the currency isn’t mined.
The aim of the foundations and its partners which include tech giants like Microsoft Corporation and PricewaterhouseCoopers is to make it possible for IoT participants to conduct exchanges that are fast, safe and easy. With more companies and devices connecting to the IoT world, more data will be available on request. At the moment, the foundation has millions of sensors collecting data insistently, with most of the collected data currently unused but will likely be useful and valuable in the future.
Improvement is still needed
BG Perspectives expects that spending between businesses will increase and become a $267 billion market by 2020, with IOTA expected to play a vital role in that growth.
IOTA which was launched in November has gone unnoticed in the crypto world as bitcoin and ethereum dominate. However, IOTA has silently surged and now has a market cap of roughly $14 billion, pushing it to the sixth position in cryptocurrency market value.