Coin Review: IOTA

What is IOTA?

IOTA is a cryptocurrency for the internet of things industry. It is a technology that is trying to take it a step further than blockchain technology by using the tangle. Tangle is what allows IOTA to send micropayments without any fees. Instead of having nodes separated with distinct prescribed functions that lead to payments, they have engineered proof of work to allow miners to indirectly check other miners work.

Pros

IOTA is extremely sleek and futuristic in an already futuristic space. It brings a new technology to the table in the tangle, which could be a better alternative to blockchain. IOTA has picked up notice and partnerships from educational institutions to both study IOTA and improve it. This ensures future development of IOTA. Also, IOTA is prime for scalability.

Cons

IOTA is a very great idea and futuristic but a lot of the applications it wishes to be involved in are not widely used. The complexity of how the coin provides possible applications could ward off mass adoption. Tangel is unproven technology, meaning that IOTA is the test subject.The main fear being that this coin is ahead of its time and does not have any reasonable use yet

Conclusion

Personally, I think the pros outweigh the cons. IOTA has unproven claims and aspirations but so do all cryptocurrencies. The partnerships are a big reason why I have invested into IOTA. The partnerships mean that this will be studied and upgraded. Just because some of the proposed applications seem to be “out there” doesn't mean they are set in stone. With progress comes not only moves forward but also moves backward to reassess what is and isn't working and move to what is. IOTA has a committed team working towards building and progressing is so I think this would be a definite coin to look out for going forward.

Sources

https://www.cryptocoinsnews.com/iota-plans-future-announces-major-partnerships/

https://iota.org/IOTA_Whitepaper.pdf

https://cointelegraph.com/tags/iota