IOTA is a public ledger that sets the bar for financial exchange operations higher. It does not follow the conventional path of blockchain platforms. Instead, it redesigned the principles of traditional distributed ledger technology. It has become a fully secure, open-source, and feeless exchange platform.
Let’s learn more about the benefits that IOTA brings to its users and see if there is any point in converting BTC to IOTA.
New Possibilities That IOTA Offers Its Users
IOTA does not feature the traditional blockchain technology utilized by most platforms. Instead, it developed a very new concept called “Tangle,” which acts as IOTA’s network. In its operation, it uses the Directed Acyclic Graphs (DAG) mathematic concept, which implies that for any transaction to be valid, each node must approve two previous transactions. This removes miners as their role as validators is obsolete in the concept.
IOTA does not impose any transaction fees on users and claims to have no scaling problems. Let’s review several other innovations of IOTA that distinguish it from blockchains.
Digital Identity
The system of decentralized identifiers (DID) that IOTA built is designed to increase trust between individuals and organizations. The framework is grounded on the W3C’s standards and features three roles of participants. These include holders or owners of digital identities, issuers or trusted third parties that generate credentials, and verifiers that validate the authenticity of the holder’s data.
The digital identifiers generated through the interaction between the parties involved serve as a reference to a DID document. The latter contains data, such as public keys that prove ownership over personal data. For example, the system allows them to validate their address or age or prove their authority login.
A similar feature can also be found in the Ontology Gas crypto project, and with ONG price being about the same level as MIOTA, it is a worthy contender.
Smart Cities
Another interesting aspect of IOTA operation is backing up the data exchange processes that are actively utilized in smart city environments. After all, smart cities are simply urban areas packed with sensors and communication technologies belonging to IoT. IOTA ensures that there is security behind the data through its infrastructure solutions.
eHealth
Modern-day healthcare is built on data. The security of a patient’s sensitive information is so crucial that multiple federal-level regulations back it up. With Tangle DAG technology, any medical facility may integrate the eHealth system that would be secure and controlled.
The IOTA platform can be applied for remote patient monitoring, healthcare data exchange, maintenance of research data integrity, and more. Some of the medical projects based on IOTA you may have heard of are Skaly, SmartOptz, and Pact.
Industrial IoT
Internet users are no longer surprised by IoT technology. But, in the industry marketplace, smart solutions have just started gaining traction. The manufacturing industry is undergoing a revolution, and companies have started using more automation solutions that are based on IoT technology.
IOTA serves enterprises as a feeless platform of secure exchange of value, with low resource requirements. The ledger positions itself as a perfect base for organizations interested in building industry 4.0.
What the Future Holds for IOTA Coin
As a public ledger, IOTA seems to be a solid blockchain to use. Let’s find out what are the statistical predictions for its token — MIOTA, which has a price of $0.35 as of August 2022.
- Priceprediction.net. This source claims $1.17, on average, will be a possible price for MIOTA at the end of 2025.
- Digitalcoinprice.com. This statistical prediction is less optimistic and sticks to a maximum of $0.77 per MIOTA by 2025.
- Capital.com. This source’s prediction correlates with the first one and expects $1.18 to be the average price for the coin in 2025.
All the sources report the bullish tendency as the possible market scenario for the coin.
Conclusion
IOTA is not like any other blockchain platform. This public ledger features a unique technology that enables it to go without validators and fees. Both regular users and business owners may consider utilizing IOTA for their purposes.
