IOTA Investment Overall Score: B+
IOTA GROWTH POTENTIAL: A+
IOTA SUSTAINABILITY SCORE: B
IOTA BRAINS BEHIND CURRENCY: A-
IOTA is run by one of the most interesting men in Cryptocurrency. A young man at that rate. Dominik Schiener lost $500,000 on his initial investment in digital money. It’s a documented hit that he took back in 2013/14 trying to make an exchange. It was an attempt that failed massively.
IOTA and Domink Schiener are a story of comebacks. I find many aspects of failure in Schiener’s life to hit close to home. While I would never pretend to compare our success (ReviewCryptoCurrency pales in comparison), we all have to dust ourselves off and pick up where we left off. Schiener is a testament to that.
IOTA was founded in 2015. As of today, it is the eleventh largest cryptocurrency in the world with a market cap of just over 5 billion dollars. That’s a number that continues to grow.
IOTA surged in December of 2017 to a market cap of 14 billion. That number saw it break into the top 10 crypto currency market cap rankings for the first time. It has fallen recently with the rest of the space. Bitcoin and others have seen a 33% drop since December of 2017. IOTA’s drop can be considered sector wide and no fault of itself.
IOTA and the Internet of Things
IOTA has an incredible visual presentation that can be seen on their website www.iota.org. It certainly helped me in the initial stages of educating myself on the currency.
The technology mission behind IOTA is simple: disrupt the internet of things and make it more efficient and monetized.
What is the internet of things? Let me try to put it in liegeman’s terms. You’ve probably seen the Nest thermostat? You’ve probably also seen the Alexa system Amazon built? Perhaps you have some nifty new appliances that you just purchased because you desperately wanted to stop the bleeding for GE?
Well, each of these things has an immense amount of data. Essentially, these household goods are all computers. They present an opportunity for data syncing, data understanding, and endless amounts of opportunity around energy efficiency. They make your life easier. They also offer limitless amounts of opportunity for efficiency upsells and cross sells.
IOTA wants to be the backbone of this Internet of things. It’s the main goal of the cryptocurrency. IOTA is one of the most advanced blockchain applications to date. It has been well publicized in all sorts of publications. Bloomberg just did a fascinating piece on the founder that you can read here.
IOTA is essentially behind your smart cities, using blockchain technology. They’re secured partnerships with the city of Taipei to make their city a smart one using IOTA applications. They have also secured an agreement with Bosch to break into the real estate space.
IOTA utilizes a “Tinity Wallet” that has been the work of the companies for a long period. They now have made the wallet user facing and friendly. It is web capable and available on both mobile and desktop. It has two-factor functionality and ease of use to boot.
All of this is by leveraging IOTA smart contracts which are specialized to smart technology and creating a synchronous world where we can seamlessly optimize processes anonymously using blockchain technology. There are talks that IOTA will be beta testing a contracts platform in the very near future as well. Many have sensed that this could boost IOTA’s price back up to 12BN as it was in December. That’s a pretty great opportunity to double your investment that many are finding attractive.
Domink Schiener and Bitcoin
Hailing from Südtirol, Italy, Schiener has specialized in decentralized currencies and blockchain technologies. He has an enthusiasm for self-regulating communities and smart contracts. This is likely what pulled his direction in cryptocurrency towards efficiencies in the internet of things.
Schiener was based in Ethereum and Bitcoin disciplines before creating IOTA. He broke off to utilize the smart contract technology popularized by Ethereum on technologies that make peoples lives easier. He created the Public Votes, DecentalWiki, and Identity on Bitcoin campaigns. These largely had to do with Ethereum and Bitcoin based protocols if you don’t feel like clicking and reading tedious material.
In terms of brain, no one has bigger ambitions than Schiener.
IOTA has no shortage of supports. Partnerships are already established with Volkswagon , Microsoft Azure BaaS , and Trusted IoT Alliance. That’s a tremendous amount of validation for what IOTA is aiming to do.
If IOTA truly can streamline how we do the internet of things, there’s no telling how for the currency can go. If it begins an open source smart contract exchange as is rumored, the amount of money flowing into the technology will be undeniable. The early shareholders will benefit given that there is currently no mining of the currency much as Bitcoin and others operate. It looks stronger than its current position at #11 in market cap. Only time will tell.
One of the beneficial ways IOTA trades is also one of the reasons we as investors must be careful. This is largely a B2B application being traded through the bitcoin markets. The concept reminds me of Leadcoin, except its on a much broader and utopian scale.
There are no mining rigs and there is no mining regulation. This is straight peer to peer business using blockchain that you’re buying into. I’m not sure what that equates to in terms of value. With many of these altcoin options, it’s tough to tell. IOTA seems to be no different.
I love the concept of the internet of things. Applying edgy blockchain technology also makes sense. I think IOTA has the legs for a successful run further into the top 10 of cryptocurrency and the altcoin space. How far will IOTA go? No one can say for sure.
If IOTA can backbone the internet of things, the value of your investment will be huge. It’s a large scale opportunity facing the coming decades of society. A corner on it is worth more than $5BN in market cap. The space is supposed to top 50TN in the next 50 years according to Forbes.
IOTA is available on Binance. We recommend that you buy on Coinbase here. Pick up some Ethereum or Bitcoin and transfer it to your account on Binance. There you purchase IOTA using the Ethereum or Bitcoin you transfer. We have a more detailed article on that here.
Thanks for reading and happy investing!