IOTA (MIOTA): It May Be Hard To Believe, But It’s True
According to XBT.net, IOTA through its token MIOTA is ranked 11th amongst the biggest cryptocurrencies by market capitalization at the time of writing.
In terms of price movement, IOTA (MIOTA) is one among seven cryptocurrencies in the top fifteen in the red today.
A news feed tweet on IOTA NEWS claims that it is now the most adopted coin, better than even bitcoin. I know this assertion will generate a lot of heat, especially with all the negatives associated with IOTA like scalability and the insecure nature of its technology.
Before we look at the specifics concerning IOTA’s claim of being tops, let’s first examine how it performed recently in the market.
IOTA market today
At the time of writing this, MIOTA was trading at $2.03 with a 24h change of over -4.00% and a trading volume of $40,085,900. To put the drop into perspective, IOTA was the 2nd most dropped in the top 15, only behind Stellar. That means that IOTA’s market cap has marginally dropped to stand at $5,652,230,421.
Well, while this represents a slight concern for MIOTA investors, it says nothing of IOTA’s wider adoption as a working product.
IOTA leads Internet of Things ecosystem
IOTA’s aim is to be the leading cryptocurrency in the Internet of Things (IoT) niche. Imagine a situation where your car communicates with the nearest petrol station for a refill and all that is done over the internet.
The world is gravitating towards a machine-to-machine communication ecosystem and its IOTA’s plan to be the crypto platform that powers such transactions and transforms the way we relate to machines.
The pessimism in the market is dissipating every other day and so, even though some coins still struggle to break into the green, signs are that the market is readying itself for a rally. And thus, a 24h drop of -4% isn’t an unusual phenomenon and certainly not big enough to warrant panic.
Although I urge my colleagues to be cautious, I also in the same tone remind them that the time for fear, uncertainty, and doubt lasted 50 days and is almost behind us now.
IOTA’s platform the most widely adopted globally
It’s against the backdrop of an optimistic crypto industry that has the IOTA Foundation believing that the IoT protocol has a bright future.
According to a tweet on their official Twitter news feed, IOTA believes that the high number of companies that have partnered with it on various IoT projects exceeds that of any other cryptocurrency, including Bitcoin.
It says that IOTA has won the adoption race, referencing the coming on board of companies like Volkswagen, Bosch, and ITIC.
The news feed goes on to state that even though IOTA isn’t (and won’t be) the only Distributed Ledger Technology based IoT platform, no one can dispute that it is only to have established contracts with corporations and governments around the globe.
IOTA is banking on this wide adoption to implement its plan of transforming the world into a society of fully autonomous smart cities. The recent agreement to launch Taipei Smart city using IOTA’s unique technology is one such adoption.
There are others, like the use of IoT and IOTA’s Tangle to power a collaborative smart Economy. The IOTA Foundation wants to help build an economy where we have a distributed network of individuals and communities in place of the current form that is centralized.
The goal is to transform four key sectors of the economy: production, consumption, finance, and education. The Tangle and IoT are also vital in IOTA’s mission to improve societies through crypto solutions to issues related to health care, fight against corruption, voting, and social equality.
It’s still early days but the opportunities for Iota and IoT to transform the world are with us. Even then, a lot remains to be seen on how IOTA navigates the tricky terrain that is the unpredictability of cryptocurrency.
One of the frustrating things with IOTA has been the lack of a dedicated wallet. The question being asked now is whether the announcement concerning Trinity wallet will improve user sentiments about MIOTA.
All we know is that users lost close to $4 million due to a phishing seed-generating website. Then, the problem of zero-balance displays emerged, something that was widely criticized by the user community. It is expected that the new mobile-friendly wallet will be secure and be used across several platforms.
It is expected that the wallet will be a hit with MIOTA users as well as encouraging new investors who can now be assured of safe storage of MIOTA.
Is IOTA really on top of the adoption chain?
I wouldn’t categorically say that that is the case. There are several cryptocurrencies out there that can lay claim on this. What’s important is that IOTA (MIOTA) delivers on its promises. The IOTA Foundation has promised to work toward a distributed, collaborative economy. I’d like to see how that pans out.