What does the future hold for IOTA?

What does the future hold for IOTA?

IOTA (Internet of Things Application) is designed to provide an infrastructure to facilitate transactions between devices on the “Internet of Things”. It is based on a Directed Acyclic Graph known as the Tangle, IOTA aims to provide free and fast transactions throughout the network. "What does the future hold for IOTA?"

What does the future hold for IOTA?

The IOTA cryptocurrency is the native token of the IOTA platform. Its most used ticker name on cryptocurrency exchanges is IOTA (MIOTA), which refers to one million IOTA.

Cryptocurrencies are complex and speculative, and predicting their success (or otherwise) is a high-risk guessing game. This is the case with IOTA and its unique Tangle architecture. While the Tangle could be a competitor to blockchain technology and offer benefits in a wide range of use cases, it’s not yet certain whether or not it will be able to deliver on its potential.

As with any new technology, only once it’s been rigorously tested and successfully used in several real-world cases can we know for sure whether it provides a useful solution. MIOTA has come in for criticism from some commentators, most notably MIT Media Labs, but it has worked quickly to respond to those criticisms.

Experts are predicting the IoT to be a huge growth sector – Google’s acquisition of smart home automation company Nest for $US3.2 billion in 2014, not to mention IBM’s US$200 million dollars investment in the Watson IoT is evidence of this. However, IOTA is still being developed and consolidating after a year of rapid growth in 2017, so while there is plenty of potential upsides, it will also be very interesting to see what the next 12 months old.

If you’re thinking of buying IOTA (MIOTA), the main point to remember is that the technology backing the network is relatively new and still being developed and tested. if IOTA works as planned the Tangle technology could become a viable competitor to the blockchain, and find itself well placed to take advantage of the forecast growth in the IoT sector.

However, IOTA’s technological framework has copped criticism from some quarters, so do your own research into how it works before deciding whether or not you should buy this particular digital currency.

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