Skip to main content

Can IOTA still become relevant in the future? – The big future analysis

 


What is IOTA (MIOTA)?

IOTA is a decentralized distributed ledger that was developed to establish and effectively use the "Internet of Things" (IoT). The aim is to optimize the exchange of data and values ​​between people and machines. The project started in 2015 and was developed in Berlin, among other places. 


Iota

In contrast to other blockchain projects, the network is based on the structure of the tangle, a kind of network that brings the blockchain to a three-dimensional level. The Tangle is based on the decentralized acyclic graph (DAG). This structure has enormous potential for scalability.

The IOTA token is the network token of the project and is listed as MIOTA (Million IOTA) due to the high number of tokens. The MIOTA experienced a massive price gain, especially in 2017, after numerous large technology companies announced a cooperation with the project.


How has the MIOTA token moved in recent years?

In 2017, IOTA experienced massive hype, which brought MIOTA to 4th place among cryptocurrencies by market capitalization even near the turn of the year. At that time, MIOTA rose to a price of $5.69 . However, the token has not been able to reach this all-time high in recent years. 

In recent years, the MIOTA price has fallen massively. The main reasons for this were unfulfilled promises and a lack of progress at IOTA. At the beginning of 2020, the price even fell to a value of 0.11 dollars.


In the last bull market, IOTA was only able to rise to a value of $2.51 and fell well short of its all-time high from the previous bull market. This high came in spring and in autumn 2021 IOTA could no longer attack these high prices. In 2022, the price then fell continuously and is now at $0.24 in mid-October. 


Why couldn't IOTA meet expectations?

With its innovative Tangle structure, IOTA was considered one of the most exciting projects on the crypto market in the 2017 bull market. The cooperation with large technology companies such as Bosch in particular ensured that an extremely large number of investors got involved with IOTA and drove the MIOTA price up massively.


The price increase was mainly based on promises for the future. This is often the case with crypto projects. Investors put money into a project when the potential of the project seems huge and usually before concrete implementation has taken place. 


Unfortunately, in the months following its hype, IOTA could hardly live up to its promises. The Tangle structure promised massive scalability that should exceed any two-dimensional blockchain. However, the protocol was hardly able to develop further during this time and also had massive internal problems.


What problems has IOTA faced in recent years?

After the massive hype in 2017, IOTA was in debt in the months that followed. In order to achieve the major goals that investors want to see fulfilled after their investments, the network should have worked intensively and effectively on further development in the 2018 bear market. The main focus was on the decentralization of the network.

While the Tangle dreams of massive scalability, the first goal was to make the network, like other blockchains, decentralized. However , little progress has been made in this development in recent years . So it happened that the hype in the IOTA in the bear market abated sharply.


Furthermore, it was repeatedly heard that behind the scenes of IOTA there were more and more disputes and tensions between the founding members. So David Sonstebo, one of the founders, left the Foundation in 2020 due to disputes. 


What steps has IOTA taken in recent months and years?

IOTA's most important goal in recent years has been to free itself from the central coordinator of the Tangle. This would be a necessary and important step towards decentralization. These rough plans were created in spring 2019. At the end of this year, an interactive roadmap for the IOTA 2.0 update was published.


The most important steps on the way to IOTA 2.0 (also called Coordicide) have been:


The overhaul of the complete network by the Chrysalis update .

An introduction of a testnet for IOTA 2.0, the IOTA 2.0 Devnet.

The launch of Shimmer , IOTA's staking network.

The next update should be the ShimmerEVM chain , a first IOTA smart chain that will bring innovations in the areas of DeFi, P2E games and much more. should bring.


The full upgrade to IOTA 2.0 is said to come in the future. Before that, however, a few intermediate steps must be taken in order to achieve this.


Can IOTA 2.0 be successful?

The slow development speed and internal disputes have ensured that IOTA has degenerated from the most exciting project on the market to a marginal phenomenon in recent months. The protocol still has many fans, especially in German-speaking countries. Can IOTA 2.0 be the hoped-for liberation?


In theory, the IOTA protocol has massive potential to become one of the most efficient protocols on the market, especially after solving the decentralization problem. But for this to happen, the developments in the coming months before the next bull market finally have to progress efficiently and internal disputes have to stop. Otherwise, modern projects like Cardano or Solana will run away too quickly from a technical point of view. 


Is an investment in the MIOTA token worthwhile?

Due to the bad press and the slow development, the IOTA price has plummeted, especially in the last bear markets. MIOTA is outside the top 50 coins by market cap. These low prices can actually be a good chance for investors to buy MIOTA cheaply now.


An investment is a big risk. It cannot be ruled out that IOTA will continue to disappear over the next few years. But if you still believe in one last chance for IOTA, you could invest cheaply right now. Should the network be able to scale in the future, the gains in this scenario could be massive. 

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin...
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne...
Post a Comment
Read more

Bored Ape Yacht Club NFTs stolen through phishing on Instagram

  Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop. Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link. About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price.  At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-fact...
Post a Comment
Read more