Today, I came across a YouTube interview in which, Richard Heart was critiquing IOTA (MIOTA). He was extremely negative about the project, especially its wallet. His core argument was that IOTA (MIOTA) doesn’t have a working wallet. According to him, an investor can very easily lose money through the IOTA (MIOTA) wallet, and that it has happened to him in the past.
One thing that stands out in this interview is that in the comments section, lots of people were echoing his sentiment. But this is not the only critique of IOTA (MIOTA) has received in the recent past. IOTA (MIOTA) is also constantly criticized for having a central coordinator, something that goes against the whole idea of decentralization. That’s because there is no clear timeline as to when, the central coordinator will be removed. Overall, IOTA (MIOTA) seems to have two key faults and that’s the wallet, and the issue of centralization. But does this make IOTA (MIOTA) a bad project?
One way to determine whether a project is good or not is in the quality of its partnerships. A crypto project that has large partnerships is less likely to be a scam, even if certain sections of people might want it to portray it that way. In the case of IOTA, it is currently working with Audi, Bosch, VW, and has also partnered with Taiwan to help create a smart city. These are high level partnerships that would not happen if there was something fishy about IOTA (MIOTA).
For context, the partnership between IOTA and Audi is focused on research in collaboration with the Audi Think Tank. The Audi think tank is made up of the best brains in mobility, people who would very easily see through IOTA and reject it, if it had little to add in terms of value. As such, the fact that they are in, on the partnership is a pointer that there is actually something fundamentally strong about IOTA (MIOTA).
The thing is that IOTA (MIOTA) may have its issues but, that doesn’t mean that it is a bad project. It is simply a work-in-progress, and that means that challenges will be there. As the project grows it will get better. For instance, since they launched the trinity wallet, the issue of token loss has subsided. There are fewer people with complaints about money loss.
Besides, the issues that IOTA (MIOTA) has are not unique to this project. Almost all blockchain projects are trying to deal with one challenge or the other. Bitcoin and Ethereum are dealing with scalability issues, and are working on solving them. That doesn’t make them bad projects that have no future. The whole blockchain ecosystem is still young, and no project is 100% functioning as it is supposed to.
However, at this point investors need to be more vigilant with the cryptos they invest in. Lots of projects in this market are nothing but fancy white papers that have nothing to offer. In short, there are lots of shitcoins in the market. But with its growing partnerships, IOTA (MIOTA) is the furthest thing from a shitcoins.