IOTA, MIOTA

Akita is an IOTA foundation-funded organization that is focused on developing tangible prototypes, based on DLTS, more specifically on the IOTA tangle. They have come a long way and have now unveiled a working prototype of a physical smart machine agent (SMA). The goal is to show how machine-2-machine communication will become a part of everyday life in the future. The SMA in question is a car that is equipped with a raspberry pi. Akita describes it as follows:

This Pi has its own “machine bank account” enabled by Distributed Ledger Technology (also known as blockchain) in this case powered by the IOTA Tangle network which was specifically designed to fit the needs of the Internet of Things. In addition, my team has programmed several custom functions to automize real time, micro-transactions based on milli seconds and Bluetooth RSSI for proximity detection to other SMAs.

The demonstration shows the car approaching a parking booth, which then measures the parking duration and starts the meter. When the prototype car leaves the parking booth, it automatically sends IOTA coins to the parking booth, with no fees deducted. The test also incorporated a tax system, which automatically sends money to the government. In this test, the Akita team had set it at 5% of the transaction to be sent out as taxes.

This test gives a glimpse into the future of the machine economy. That’s because, if you extrapolate that on a national scale, you get an economy where inefficiencies are removed, and unnecessary paperwork becomes a thing of the past. This is the future, and IOTA is leading from the front, in making futuristic technologies a reality.

The SMA test not only demonstrates how smart cities could play out, but it is also a pointer into the future of cars. We are looking at a future where cars communicate independently with their environments and make decisions on their own. This stands to make transportation safer, and more efficient. For instance, when cars can communicate and exchange value with each other, it becomes easy to manage issues like traffic jams, which are a major drain to economies all across the world.

With such massive potential, it’s not hard to see that IOTA (MIOTA) has a bright future ahead of it. The IoT market is estimated to be worth $10 trillion by the year 2030. The possibility of it going that big is there as the infrastructure for it, such as 5G technology, begins to take shape.

Given that IOTA has a head start in IoT through the tangle, exponential growth for IOTA is easily conceivable.  In a future where IoT is worth upwards of $5 trillion, IOTA (MIOTA) could be worth hundreds of dollars a coin. For those that can visualize the future and are patient enough, IOTA could emerge as the crypto that makes them wealthy in the long run. It has the fundamentals for growth. The IOTA Foundation is hard at work to ensure that it maintains the lead it has gained in the IoT space.

 

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