The past decade has sought to use block tech to overcome problems that primarily affect the financial industry. With that, it now offers P2P transactions quickly without the involvement of a third party dealing with major existing issues.
With this in mind, we know immediately that the transaction processes are carried out at lower fees and with almost no digital-geographical boundaries. Accordingly, there are also systems in various technology-related industries that compete with one another. One that is characterized by technological progress is IOTA.
IOTA Coin Story and System
First things first, IOTA joined in 2015 with the work of David Sønstebø, Dominik Schiener, Dr. Serguei Popov and Sergey Ivancheglo enter the crypto world who are still running the show in the most important parts of the IOTA team.
Despite the fact that the concept and idea of blockchain is generally loved and very much welcomed as it encapsulates almost everything that the cryptocurrency ecosystem is made up of – IOTA has introduced a coin like no other that does not use blockchain technology to to work.
It was designed to work on a network called Tangle by Dr. Serguei Popov who brought us a way to fix almost all the existing problems that first and second generation digital currencies face. Various advantages are packed in the included Tangle package, such as: very fast transactions, unlimited scaling, no fees and secure data / information transfer.
In order for the system to work properly, the miners do not need to conduct any transactions. The network is designed so that every time a new transaction is issued it is confirmed by the next, while the current transaction confirms two before requesting it itself. Accordingly, the system network tangle can process an infinite number of transactions at no cost.
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It would be very efficient to find ways to implement the above system in real events and cases. It is almost immune to attacks, even when they are run by quantum computers. This has led many giants like Audi ThinkTank to choose IOTA and test it.
Surprised and yet very inviting, Volkswagen presented its joint forces with the IoT-oriented platform and the vehicle manufacturer at the CEBIT 2018 Expo Germany to demonstrate a PoC for using the IOTA network.
Together with @iotatoken, Volkswagen will be showing a proof of concept at # cebit18 on how the trustworthy transfer of software over-the-air to vehicles can be safely documented with the #tangle. Great example of how distributed ledger technology can be used in the future pic.twitter.com/4wuc7pdKfv
– Johann Jungwirth (@JohannJungwirth) June 9, 2018
The future of the Internet of Things seems to be on the way to global diffusion. On June 9th, Johann Jungwirth, Chief Digital Officer (CDO) of the Volkswagen Group, published a tweet confirming the progress made in implementing IOTA for the automotive industry:
With a view to developing and researching the Internet of Things, IOTA recently partnered with Norway’s largest bank. The mentioned bank is called DNB ASA and represents the largest banking service in Norway while it also represents one of the largest banks in the mentioned region.
“Since the communication and payment of microservices in the Internet of Things (IoT) and machine-to-machine (M2M) seems to escalate in the future, we believe that the use of a distributed ledger-based technology like IOTA will give us valuable experience and know-how -how about future sources of income and business models. We look forward to diving into the IOTA space. ”- Lasse Meholm, Head of Distributed Ledger Technology at DNB
Future development
If you look at the events mentioned above, you automatically have the feeling that it will take some time before the developments affect the price and are really implemented. Because of this, the MIOTA / USD pairs could hit the potential of $ 11.00 if the bulls return in year 18, similar to last year.
Cryptocurrency volatility is on the side, in fact if you are willing to hold the cryptocurrency for an extended period of time, it will become easier for you to get some beneficial returns. Also, it can stabilize much faster in the current downturn compared to some other cryptocurrencies.
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