IOTA (MIOTA) current price is $0.3088 with a marketcap of $854.61 M. Its price is 3.88% up in last 24 hours.
- IOTA (MIOTA)
- Live Price $0.3088
24h % 3.88%
- Market Cap$854.61 M
- Volume$38.65 M
- Available Supply2.78 B MIOTA
More Info About Coin
If you’re new to the world of cryptocurrency, this review is probably just what you are looking for, as it demonstrates many of the problems of the cryptosphere while only briefly dabbling into the technical side of things. Part of the reason is that IOTA is attempting to go where few have gone before, and part of it is that journey is fraught with security dangers, opening itself up to criticism from the cyberworld.
To begin, IOTA is attempting to use cryptocurrency as a means to connect to the Internet of Things (IoT) which has already begun being marketed to consumers in everyday products such as refrigerators, washing machines, and watches.
The basic concept of IoT is to connect the daily lives of people to the Internet for the purposes of remotely identifying mechanical problems in products as well as serving to send you a text message that you are running low on lunchmeat. The dual advantage is reducing service and maintenance costs for companies while adding a new level of convenience for the consumer.
The Core of IOTA’s Concept
Whether you agree with the IoT or not, IOTA has created a number of problems in the cybercurrency world, including the most controversial one of what they call the "blockchainless blockchain." Cryptocurrency 101 tells us that the blockchain is the underpinning of the entire cryptocurrency concept, so by IOTA working to “move on” from this basic technology they have captured some unwanted attention from critics.
Some call this tangle a massive security problem, while cryptocurrency futurists say this is the direction cryptocurrency needs to go if it is to escape its primary limitation of scalability. Also, one of the more hidden issues with blockchain technology is the massive amounts of energy it requires to perform a huge number of transactions, so IOTA also addresses this issue with their technology.
Reasons for Critics to Appear
What the cryptocurrency does keep from the original cryptocurrency framework is the decentralization of systems. One feature of IOTA that critics seem relatively silent about is there are no transaction fees. The “blockchainless blockchain” model also eliminates miners.
These are not so debatable reasons why there are a number of critics who stand to lose money or power in the cryptosphere should IOTA prove to be viable. The city of Taipei, Taiwan has partnered with IOTA to discover whether the technology can be used on a wide scale, and thus far there are no major concerns that have publicly surfaced.
But the critics have their attacking points, including the security of the entire cryptocurrency model. Before delving into some of the finer technical points, know that there is almost $3 billion being invested in the IOTA effort, supporting a team of more than 150 developers. Criticisms that team members aren’t all on the same page is rather spurious given that there is bound to be some miscommunication in such a large effort.
One of the more potent criticisms is that while IOTA claims it is an open source project, meaning the source code can be copied and modified by other developers. IOTA developers inserted code that contradicts the term in its most basic sense by preventing others from copying the IOTA source code.
That code, called a P-Curl, is created in-house as a hashtag function and used to lock down the system’s data. Cryptographers have chimed in saying that is a huge security no-no and is just asking for trouble.
Then there is the $4 million lost by IOTA users due to the developer’s failure to provide what is known as a seed generator that is standard faire for cryptocurrencies. This code helps users create their own keys.
Its absence from IOTA’s official wallet was the reason more than $4 million was stolen by someone who stored user’s keys when they went to websites that were not IOTA authorized. The loudest critics said the developers were simply incompetent, stating that including the seed generator required adding one line of code – no more.
Sorting Everything Out
There are more criticisms, including the fact that IOTA itself claims that it is not a totally decentralized system (violating another cryptocurrency mantra). It appears the road that IOTA is going down may be less of a traditional cryptocurrency and more of a new creation separate from it. It has to occupy some category to be described and dealt with, so its connection to blockchain technology and semi-decentralization logically place it in the cryptocurrency arena.
Many of the criticisms of IOTA come from security issues, but that in it may speak volumes about the real problems of the future of cryptocurrency. IOTA is apparently focusing on scalability and dealing with the security issues as they go along.
That puts the onus on IOTA developers to fix the security issues of it is to become the future of cryptocurrency. The $4 million in losses due to the lack of a seed generator may be considered to be insignificant in the eyes of futurists who want to see cryptocurrency become a global realty.
While the critics point to its flaws and may even have their own self-interests at heart to see IOTA fail, the almost $3 billion investment in its development will have a lot of people losing money should it fail.
But the fact that is has garnered so much attention should be a reason for potential investors to join the crowd and watch to see what happens. Those who are inclined to put down some of their money on this cryptocurrency should be prepared for the worst if the security holes can’t be plugged.
Pros & Cons
|Strong community behind it||No smart contracts|
|The tangle : It's cool, innovative and will help speed up transactions||Unproven Technology|
|Zero transaction fee|
BCrypto Investment Tip
As of today there is no active quantum cumputers, but it's just a matter of time. Also as of today none of the blockchains available were never hacked, but it's said that once quantum computers become a thing it won't be that difficult to hack into a blockchain since quantum computers are possibly millions of times more powerful than a standard PC. But Iota is said to be the first ever quantum computer proof blockchain in the world, this alone could skyrocket the price of Iota. Quantum computers are said to come out in the 2020s so the rise of Iots may be slower untill then.