IOTA — 4th Industrial Revolution Behind the Doors?

IOTA is clearly one of the most ambitious projects of today’s crypto-world.

The beginnings of IOTA date back to 2015 when ICO was launched and the project collected 1,330 Bitcoins. It had made over half a million dollars by that point. A part of the selected funds (5%) was subsequently recovered from the original investors as IAFYYyy coins, as financial aid to the founder for the initial development and thus the IOTA Foundation.

IOTA Foundation

Over time, more and more people have joined the project and the IOTA Foundation has over 60 members. It is including Johann Jungwirth, Wolksvagen Director of Digital Development, and Rolf Werner, Fujitsu’s CEO for Central Europe.

IOTA is the entire decentralized platform on which transactions go through its cryptographic. If we divide the blockchain into three generations. Bitcoin is uniquely the first generation. Ethereum to Generation the second. IOTU can be ranked third. Paradoxically so, as IOTA does not actually work on blockchain technology at all. The whole system works on Tangle technology. It is diametrically distinct from traditional blockchains. The pillar of this technology is the diverse authentication and approval of transactions.

The whole system works on the principle that any sent transaction verifies two other random transactions that were also sent to the network. Thus eliminating the need for energy-intensive and costly mining. Among other things, the scalability problem (network load with an increasing number of users) is lost, as the more users are on the Tangle, the faster the network is.

Another advantage is the fixed and unchanging amount of coins in circulation. It is exactly IOTA 2 779 530 283 277 761, thus circumventing the inflationary pressures associated with an increasing number of coins as we could see. For example, in the Ethereum crypt. Last but not least, IOTA transactions are totally free of charge thanks to the Tangle Network. It is one of the pillars for achieving the goal of this project, which we will explain below.

The primary goal of IOTA

The primary goal of IOTA is to create a platform for the “Internet of Things” (IOT). It is first necessary to determine what this is all about. IOT is a network of devices connected to the Internet that are capable of communicating with each other without the need for people to intervene. It can greatly save costs, time and energy.

It is estimated that up to 50 billion devices will be connected to the Internet by 2020, making this area very promising.

And right into the “Internet of Things”, IOTA is striving to transfer the advantages and benefits of blockchain technology to make this environment safer and more efficient. Real use is enormous, especially in sectors such as healthcare, transport, engineering, logistics, agriculture or commerce.

Imagine that you own an electric car that supports the IOTA platform. You get the battery, so you go to a recharge station that also supports IOTA. Since both devices are connected to this platform, the payout is automatically converted to the counterfeit in the currency of this platform, which is MIOTA. This is just one of many examples. Its utility is considerable. Thanks to this, IOTA community groups such as Reddit, are almost always overwhelmed with new ideas.

IOTA Ecosystem is the so-called “home”

IOTA Ecosystem is the so-called “home” of an active community. Here, any “ordinary mortal” is allowed to attach his hand to the work. Just share your idea, a detailed description and the implementation process on the EcoSystem. If your project is sufficiently ambitious and receives a positive rating, it could be selected and subsequently implemented. However, no project can be created without sufficient financial support. This is the reason why the Ecosystem Development Fund (EDF), a voluntary fund created by the IOTA community, is used to cover the expenses associated with the implementation of these projects.

More than 21 Tera IOTAs are available in the fund, amounting to about $ 11.5 million at the current $ 0.53 / MIOTA price. However, only about 144 Giga IOTA has been distributed, which is about $ 65,000, so resources for various innovative projects are still sufficient.

Many other ambitious projects

IOTA has many other ambitious projects, such as the Data Marketplace, which allows the sale and purchase of data using Tangle devices or the Qubic project. One of which is, for example, the ability to sell and purchase computing power. Its use has been simply enormous. As is borne out by the many companies that have already made many partnerships and collaborations with the IOTA Foundation.

The most important companies working with IOT are: Volkswagen Automobile Group, the German giant Bosch, Samsung, Fujissu, Microsoft, Huawei, and even the entire city of Taipei, testing the use of IOTs on their way to the first Smart City operating on the Tangle platform.

Smart City

Smart City, or “smart city”, is a concept that utilises the latest technology to streamline, accelerate and reduce the burden of running the city. The entire system is divided into different industries, such as: Smart economy, Smart mobility, Smart environment, Smart people, Smart living (“Smart housing”), Smart governance (“smart management”). Recently, a significant proportion of European cities (including Vienna, Amsterdam, Barcelona and Stockholm) have been signing up to this “revolutionary” concept for a better future.

IOTA and its Tangle platform are working to connect all available devices in the industry to communicate without the needs of people and bring speed, security, efficiency and cost savings to that environment. One example is Waste Management, the IOTY sensor system, which detects the filling of individual bins in real time. Sensor data is automatically sent to the Tangle network and the cleaning service can respond individually depending on the individual bins.

The use of this platform is therefore very broad. It is estimated that only 20% of all real possibilities of IOTY use have been discovered so far. What do you think? Is IOTA just one more in the long line of unusable and worthless projects, or are we witnessing the birth of the 4th Industrial Revolution?