IOTA is a “blockless” platform that utilizes the directed acyclic graph (DAG) technology supported by the Tangle. As such, it greatly differs from most other cryptocurrencies, including Ethereum Classic. With IOTA, there is no mining and the network is highly scalable. It can handle as many transactions as possible, where the more the users, the better the platform becomes. Furthermore, the platform provides zero-fee transactions.
ETC, on the other hand, is a blockchain-based cryptocurrency that utilizes proof of work algorithm in securing the network. Like the Ethereum (ETH) network, ETC has faced the same scalability and high transaction fees problem. However, that has changed with developments on the network, especially the recent difficulty bomb diffusal that has made Ethereum Classic a hit with miners.
IOTA vs. ETC: Smart Contracts and IoT
Both IOTA and Ethereum Classic are trying to venture into the internet of things (IoT) space. IOTA has an advantage for being associated with this area for a while now. ETC developers too have had the idea of making the platform be utilized for this purpose.
IOTA and any other platform that wants to apply the IoT concept need smart contracts capability. Ethereum Classic already has smart contracts and thus has a better shot due to its developers’ move to develop directed root tree, which is similar to DAG. It also has been looking to finalize on the concept of sidechains. These make the utilization of the network for the Internet of Things a great possibility.
However, IOTA’s recent developments have made it possible to have smart contracts on the Tangle through the exciting Qubic protocol. It not only makes IOTA a direct competitor of ETC but also of the dominant chain Ethereum (ETH).
IOTA’s aim is to provide a platform where the machine economy is fully realized and IoT devices are able to communicate via its Tangle. In this respect, the team partnered ElaadNL and was able to achieve the “first charging station in the world where charging and paying can be done with IOTA, in a machine 2 machine way.”
The platform is also scheduled to give another demonstration in partnership with Volkswagen on secure over-the-air updating of software in automobiles.
Therefore, in terms of Internet of Things and smart contracts, IOTA seems destined to give platforms like Ethereum Classic stiff competition.
IOTA vs. ETC: Future developments
Ethereum Classic has variously been described as one of the most undervalued cryptocurrencies. Compared to the splinter chain ETH, it has failed to capture the pace of growth witnessed on the Vitalik Buterin-led platform. However, recent developments mean it is on track for high-speed global adoption. The probability is made possible with the creation of Ethereum Classic Labs. This initiative has been referred to as the “catalyst to build infrastructure, encourage & help startups build truly decentralized applications on ETC blockchain”
The move towards global adoption and to promote the deployment of as many dApps as possible on ETC has also been boosted by Thailand’s move to legalize the use of the coin in the country. With belief in the investor and developer communities back, Ethereum Classic has a bright future.
IOTA’s future most likely depends on the success of the recently released but yet to be deployed Qubic protocol. However, the IOTA Foundation has done very well to secure numerous partnerships that will see the coin get massive adoption in coming days.
One of those is that it signed with the UN to utilize IOTA’s distributed ledger technology to explore transparency and efficiency. The Iota Foundation has also partnered with most of the automakers around the world, and with Microsoft. Another partnership with Norwegian bank makes it stand a great chance in the race to adoption.
In terms of global adoption, Ethereum Classic has a chance to establish itself as a smart contracts platform. However, IOTA has an upper hand in the long-term view due to the many different partners who are all working on how to integrate the Tangle network.
IOTA vs. Ethereum Classic: price and market indicators
Both coins are trading in the red as the market continues to struggle against the bearish trends. ETC has a slightly higher daily trading volume at around $200M to MIOTA’s $100M. Price-wise, ETC/USD trades at $12.42 while MIOTA/USD currently trades at $1.34.
Both have lost double digits over the last 7 days. It’s also noteworthy that both coins have a predicted bullish outlook in the midterm. Therefore, we may witness a bull run for both, but ETC could leverage growing positivity to rally to around $30 in 2018 while MIOTA could get to $5.