One thing that places IOTA (MIOTA) ahead of most DLTs is that it is feeless. This makes it quite practical especially in machine-to-machine communication where thousands of micro-transactions could be taking place simultaneously. It is this advantage to IOTA (MIOTA) that Bytes is leveraging on, to create a platform where users can sell their extra data, for tiny amounts of money without having to worry that fees could make the whole process impractical. This is clearly spelled out on the Bytes website as below.
“We implemented both an Ethereum and an IOTA transaction stack. The good thing with IOTA is that there are no transaction fees. As such, Bytes can be used even for very short interactions / infinitessimal amounts (as we expect to often be the case in the field of IoT).”
This is the same aspect to IOTA (MIOTA) that makes it quite useful in other industries, especially in the auto industry. As smart cars become the norm, they will need to interact with their environment even more, and it will involve payments. For instance, smart cars could pay for their own parking. These are payments that would not work with a crypto that involves fees. It is a feature that places IOTA (MIOTA) in a very good place in terms of adoption. With such interesting applications to IOTA (MIOTA), it is clear that its prospects in the market are pretty good.
But IOTA (MIOTA) is not just doing well, in terms of adoption, it is also doing pretty well when it comes to working with policymakers. For DLTs to grow, they have to be in compliance with regulations. IOTA (MIOTA) understands this and has been fully compliant with regulations. For instance, in the EU, the reason why major companies have been working with IOTA is that it is compliant to data privacy regulations. If it wasn’t compliant, they would not touch it. It is this compliance to regulations that has also seen it gain an edge in the development of smart cities both in the EU and elsewhere.
By the year 2020, once most countries have put in place 5G networks, which are critical to the growth of IoT, IOTA could gain widespread adoption all across the world. So far, Japan looks to be leading the way on this front, as Siemens and Erricson plan to roll out 5G networks in this country. Other countries are coming up too. Companies like AT&T are looking to roll out 5G in the U.S. Once these networks become commonplace, IOTA adoption will rise too.
In a highly volatile market like crypto is at the moment, the best bet is on cryptos that have a clear use case going into the future. IOTA (MIOTA) is one of these cryptos. It has a clear usage in the market and an adoption path that is getting clearer by the day, with more companies both large and small adopting IOTA (MIOTA) at an exponential rate. The future of IOTA looks great, especially now that it is highly undervalued.