Internet of People Investment Overall Score: B
IOP GROWTH POTENTIAL: A
IOP SUSTAINABILITY SCORE: B
IOP BRAINS BEHIND CURRENCY: ?
Internet of People (IoP)
Internet of People (IoP) is a payment methodology for mobile applications and payment programs. The cryptocurrency does not have a centralized area of servers. It has no intermediaries or regulatory units. It is peer to peer cryptocurrency that utilizes blockchain technology for security and anonymity. It is built off of the Bitcoin codebase, making it a Bitcoin son.
IoP recognizes a problem that essentially pitfalls all of us in our everyday lives. This problem is the collection of our data. In Internet of People’s eyes, we are being mined in our everyday lives for information around our buying habits, gender, age, and anything else that can be collected on an internet browser. You’d be shocked. There are thousands or trackable parameters that you make available just by logging onto your computers.
Many of us know this is happening, but the data is used to enhance our everyday digital lives. We see offers on our Facebook feeds for items that we like. Sometimes we even get great discounts or offers when we had no idea a sale was even going on. Because of this, we are benign to the effects of our data being collected on the centralized servers that we use.
As IoP cites, this could be a massive mistake. All of the data that we currently give and perceive as being handled “well,” could someday be misused.
This problem reduces the amount of freedoms we have and takes away from the freedoms that the early visionaries of the internet sought to give us.
IoP aims to take everyday home devices and leverage them for payment processing and application management.
In our own households, you an I possess tens of items with computing power that can be used to host different services and to collect information. The process of using these devices to backbone peer to peer transactions is called Disintermediation. It’s the cheapest way of leveraging peer to peer transactions on the market. It also keeps your data safe and secure using blockchain.
Internet of People Price
Internet of People saw a dramatic rise in coin market cap in September of 2017 when its price was roughly $5.00 per unit. IoP saw its market cap reach around 10M then. Another run quickly followed it to a high of $38MN in cryptocurrency market cap in early January of 2018. March of 2018 saw the cryptocurrency move back down towards the $10MN mark. This has left many wondering what the future is for IoP as it has stalled.
How IoP Works
IoP technology is backboned by nodes. These can be found across the world and are free of charge to use for transaction purposes. Nodes are versatile. They can be altered to run any number of different services. Internet of People nodes can also run on virtually any device. Your smartphone, tablet, home computer, or any other Internet of Things (IoT) device can be a node making the network scalable.
Nodes are essentially what create the escrow and transaction service leveraged by IoP. It allows two peers to connect effortlessly across the globe without a ruling or intermediating party.
This concept remains consistent to the IoP mission statement. IoP is heavily invested in removing all obstacles and friction involved in the P2P process, pa
rticularly those that don’t add value. By leveraging one truly neutral processing party, two parties can transact as if they were neighbors exchanging cash at a garage sale.
The Internet of People also offers a n open social graph. In this they boast the use of Facebook, Google, LinkedIn, Snap Chat, Instagram, Twitter, and every other database to verify proof of people’s relationships. It’s another way of social currency and trust. It’s potentially a way of scoring transaction trustworthiness.
It’s important to remember that such a score previously wasn’t possible when only certain parties owned all the data. There is no incentive for VISA or Mastercard to share data disparaging vendors who use processing on their network with a bad reputation. They may lose the merchant, and with the merchant they lose all transaction fees.
IoP doesn’t care about merchants or fees. Their nodes are decentralized. This makes a social score possible.
Who Founded IoP
The founder of IoP is quite anonymous and really is tough to track down. The group started as part of something called the “Fermat Project” as a direct opposition to a situation described in George Orwell’s book “1984.” In this book, humans are controlled and fully monitored in a system that has their every move scrutinized. IoP aims to be an alternative to that narrative, and their movements were initially made through the Fermat Project.
Luis Molina was one of the founding members of Fermat, but as found in the article, he is no longer connected to the project. The group that now runs IoP is on its own and remains matrix like in their contributions.
At time of print, there is very little around IoP and who created it outside of this twitter account where enthusiasts and chapters of the currency are announced.
Supporters of IoP
IoP has been popularized by Reddit, but it is not as full of fanship as some of the other Reddit forums around cryptocurrency.
Fans of Internet of People love the fact that its discipline is rooted within Bitcoin principles. The coin is an offshoot of bitcoin and a bitcoin son, which in many investors eyes makes it a safer investment. It functions in almost the same way.
There is an argument for the validity of IoP as a functional tool too. We currently are overexposed in our situation of data sharing. A few companies do have all power and all control over what they harvest when we’re online. We can take precautions like downloading a VPN, but it still uses an intermediary that collects data and isn’t decentralized.
If IoP can create a truly decentralized way of data encryption and scalable sales, they will change a lot with how we do commerce.
Like many other recent ICO’s, Internet of People is still quite new in the bitcoin competition game. Because of that, a lot of doubt has been spilled on IoP, particularly with its time to market being during the bear cycle of the cryptocurrency run.
IoP has a lot of competitors who are trying to do something similar, but no one has quite the worldly vision the IoP does. A common rip on the currency is that it’s goals are just to big to invest in. Haters of IoP are often short and swing traders who do not want or believe in an ultimate payday. There also isn’t a lot of swing to the stock, making their game particularly tough.
Internet of People is another cryptocurrency to study up on. As an investor, there was a lot of hype around the internet of things. Companies like GE went out of their way to brand the term and saw spikes in stock price because of it. Look at them now. GE is a burning heap in the scrapyard of stocks.
That’s why we need to be careful. Internet of People sounds cool…really cool. A social currency where we knew people to trust on smaller jobs would also create a very competitive economic system. It may just be TOO worldly. If it works and users start adopting it, there is no telling where this could go.
IoP is available on Bittrex and will require a Coinbase deposit and transfer of Bitcoin or Ethereum into a Bittrex account. For more help, click here!