IOTA (MIOTA): The battle of supremacy is ripe in the world of blockchain and cryptocurrencies in general. Bitcoin has led the race for the past decade as the pioneer and largest cryptocurrency in the field. However, the rise of other blockchains (Ethereum as blockchain 2.0, Cardano as blockchain 3.0 and recently the start of blockchain 4.0) has given the godfather of cryptocurrencies a scare in supremacy.
As cryptocurrency investors and enthusiasts continue to search for the next gem in the industry, we focus on one of the most technological improvements in the field; IOTA, token symbol MIOTA. Is it the blockchain that will overpower the rest into submission and take up Bitcoin’s top position in the near future?
Bitcoin’s fall to glory?
In the introductory point of this article it is clear to see the increasing developments made in the world of blockchains since the advent of Bitcoin. The Satoshi-inspired coin has held the position of the most powerful piece of trade in the field for a better part of a decade but it seems the power is shifting. Bitcoin has for the past few years seen its dominance in the market drop significantly from over 90% in 2013 to slightly less than 40% today.
The increase in number of coins has been on the forefront for the drop in dominance but the problems facing the blockchain have also played a big role in shifting the adoption to better blockchains. The slow transactions, lack of scalability, expensive fees and overconsumption of energy in mining (as explained by most experts) have caused a massive shift in adoption from the pioneer cryptocurrency.
IOTA’s throne to take
It’s by no mean feat that a blockchain that was barely existent in concept at the time of Bitcoin’s rise is currently positioning itself as the best blockchain to dethrone Bitcoin. The next sections will explain how IOTA’s internet of things (IoT) and Light Fidelity (Li-Fi) developments on the IOTA (MIOTA) platform is key to seeing the blockchain becoming an ultra-giant in the field. The sections will focus on the benefits derived from the developments, killing off any jargon and technicalities associated with the development.
Internet of Things
The Internet of Things (IoT) is the network of ‘things’ (physical devices, vehicles, home appliances etc.), and other items embedded with electronics, software, sensors, actuators, and connectivity which enables these things to connect and exchange data, creating opportunities for more direct integration of the physical world into computer-based systems, resulting in efficiency improvements, economic benefits, and reduced human exertions.
The simplicity brought about by IoT technology is stunning. IOTA has a zero cost mechanism to transact across various ‘things’ making it far cheaper than Bitcoin. This will allow devices to communicate across the world with ease as well as making the transactions secure and records of transactions immutable (undeletable). As much as other blockchains have similar advantages, IOTA stands out from the rest with the transactions happening faster and more efficiently. This is even set to be improved with the introduction of Li-Fi.
IOTA is currently working on transmitting its data through light. Imagine working transactions at the speed of light, nothing beats that. Currently, all of the ‘things’ use data connectivity or Wireless Fidelity (Wi-Fi) to connect to each other. This takes the processes around 5-10 seconds to respond to the transactions requested. Pretty fast. However, with the development of Li-Fi, data will be transmitted through light beams which will make the transactions instant and prevent overcrowding which is a problem with radio transmitted waves.
As Bitcoin tries to solve its persistent problems, IOTA has continued to take larger steps towards being the best blockchian in the world. Other blockchains also have a running towards claiming the coveted throne but in my view IOTA leads them all at the moment. Only time and adoption can tell!
[This is in no way investment advice. Kindly carry out your own research before investing]