Disclaimer: This is not investment or trading advice, always do your own independent research.


IOTA posted the largest ever single day market-cap cryptocoin valuation after its first day of trade with a valuation of 1.6Billion.

 

Since trading opened on Bitfinex, the price has been falling and has largely been on a downward trend.

It seems many of the original backers have been looking to secure some of that early profit before the continued and largely uninterrupted downward trend steals any more value. Surely, many IOTA ‘believers’ are looking to enter again cheaper or once the trend shows signs of a confirmed reversal.

 

IOTA looks to be a great long-term hold. The project fundamentals and dev team are solid but it could very well be a shaky ride in terms of price movement along the road to important development milestones, awareness and finally mass adoption.

If IOTA does achieve its goals and make it to the mass adoption then it should be magnitudes more valuable than it is today.

It was the first cryptocurrency in history to effectively solve the secure and zero fee transactions problems of previous Blockchains. Before I explain any more, let me really blow your mind…

 

It’s not even a Blockchain

So what is this new decentralized chain that’s not a Blockchain?

It’s a Tangle

 

At first this sounds complex and messy…

 

It’s mind bending just thinking about the possibilities of what ‘tangle’ could mean for a new distributed ledger…

Then I saw The Picture that basically says it all…

The Tangle - created by IOTA developers
The Tangle is an Open Source distributed ledger for transactions across the Internet-of-Things (IOT). The Tangle was created by IOTA developers and addresses the need for fast, free, secure micro transactions in a blockchain-like protocol.
So… it’s a p2p distributed ledger that allows for fast, secure zero fee transactions and is very scalable. Sounds too good to be true almost.

As each transaction sender must confirm two unconfirmed transactions, the Tangle actually speeds up and confirms transactions quicker as more transactions are processed.

It’s a surprisingly simple sounding solution actually, yet I’m sure coding The Tangle was an absolute tangle of a keyboard bashing shitstorm.

No dedicated miners needed. Sustainability FTW!

 

What else is special about IOTA?

Well IOTA created the Tangle. This means a lot in the Open Source community, where by core inventors are generally rewarded with greater respect and attention than any fork or copy cat. This innovative new distributed ledger changes the game for on-chain transactions & the advancement of IOT.

IOT & machine-to-machine economies have a ludicrous amount of use cases. Drones, automation, sensors, data collectors, smart devices will be enabled to operate automatically & transact with each other for free.

 

How many IOTA tokens exist?

There are a huge but limited number of IOTA…

2,779,530,283,277,761  IOTA

or

2,779,530,283  MIOTA (mega or million IOTA)

 

No more will ever be made, meaning it is a deflationary token. I very much like that the number of IOTAs is so large, as a project with such epic ambition needs a shitload of shitcoin to make it feasible.

For example, when IP addresses were invented I’m sure using a number system that contains hundreds of billions of combinations was unanimously agreed as being generous to future needs. The exponentially increasing number of internet connected devices has meant that the original IP addresses (now IPv4) should’ve been formulated with a few extra digits added to the 000.000.000.000 format. Now we have IPv6 to try patch up the problem with running out of enough IPv4 addresses. IOTAs will represent transacting value so the number of tokens to cater for global IOT use would have to be many magnitudes higher than the IP4 amount of 999.99 billion.

I think IOTA has somewhat succeeded with their chosen number of tokens.

Price of IOTA

Note: All online quoted IOTA pricing is per MIOTA not per IOTA

There was some initial confusion among traders by marketcap aggregators publishing as price per IOTA rather than MIOTA. This lead to scammers and exploiters selling many single IOTAS for the price of a Mega IOTA or MIOTA. IOTA can be purchased via BTC, ETH or USD at Bitfinex Exchange.

 

The price as of writing is at US$0.29 per MIOTA

IOTA has lost much of its opening day record breaking value. The juicy profits have been quite tempting for many early acquirers, and the downward trend seemed to find more and more sellers wanting to bank some of their declining IOTA profit. When this thing turns around and an upward trends begins to form, we could see a rapid movement back to day 1 trade prices and beyond.

Speaking of price. I just had a peek at the very interesting looking Bitfinex IOTA/BTC chart…

IOTA may be experiencing an eagerly awaited price trend reversal. This could be a time to take a closer look at IOTA.
Now that looks like an amazing entry to me! I’m down a bit so far on my IOTA holding but after seeing today’s chart I might just pick up some more very soon.The last few lows have been rising in price and it’s definitely one that traders would be watching for the definitive break out confirmation moment.

 

IOT Progress & Future

The speed of progress will accelerate in the Internet-Of-Things (IOT) space. As the idea of IOTA gains recognition we should see faster development & adoption.

For now, I’d say if you dabble in ICO tokens or early-stage ambitious dev projects like IOTA… you better have patience.

To keep up to date with ongoing progress, join the IOTA mailing list or slack channel via their official website https://iota.org

 

Until next IOTA update, I’ll be holding on for dear life.

 

 

Disclaimer: This is not investment or trading advice, always do your own independent research.

Written by Stephen @ Dapp.Tech | First Published: 9th June, 2017. Edited & republished: 8th July.

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  • Dave Murry

    Such a great vision that Dominik has…. brilliant and ambitous. I love it, but time will tell if the young man is not just brilliant but can also captain the ship.

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