IOTA (MIOTA): One Project; Three Components That Will Change Cryptocurrency
When IOTA (MIOTA) revealed its Qubic project last week, most of the crypto sphere paused and took notes. The teaser video achieved what might have been the IOTA Foundation’s intention: it got people curious and imagining all the potentialities that could come with it.
It has taken a number of years, yes, but what is likely to be revealed on June 3rd has the potential to propel IOTA into territory traditionally dominated by certain cryptocurrencies.
That’s how serious that project is for IOTA, even as the Foundation emphasized it would be one of the priorities in coming months.
Details have not been made public but the snippets of information available bring out three components that will shove some top projects out of the way. The Q-project has oracles, smart contracts, and outsourced computing.
These three components are what will make IOTA the platform of choice for applications that can only be envisioned on blockchain platforms like Ethereum and the like. But the oracle factor and the IoT integration will bring that to the tangle, disrupting blockchain as it is.
According to comments attributed to Eric Hop, a member of the IF team, what this means is that we should expect to witness a lot of exciting capabilities on the IOTA platform. Earlier in April, he was asked to comment on the heightened hype around “Q” at the time.
His response may not have shed any more light, but it did state two things: one was that the hype would ruin the eventual greatness of the project, and two, Qubic would be a game changer.
Of course, we could take his words with a pinch of salt, knowing that cryptocurrency has a lot of overhyped ideas that don’t actually live up to the promise. Many of the so-called game changers have also just ended up as trash- never seeing the light of day.
But this latest comment makes it appear as a real game changer. According to a thread in r/IOTA,
“Including Oracles in Qubic has implications that cannot be overlooked. It means that we can use any type of external data. To be honest, the first sets of ideas we’ve come up with for usage of Oracles are mind-blowing.”
Outsourced computing gives the technology an edge as it allows light-weight devices the leeway to outsource heavy computing tasks they can’t handle.
The heavy computing is passed on to other, more capable devices. Now, once you have those three in place you can all of a sudden do things that you did not envision.
It has been suggested that Oracles will enable data to be accessed off the blockchain and then utilized as integration on the Tangle.
This is great for IOTA, yet it doesn’t beat the functionality of a combined Oracles and Smart contracts. We will fully understand how versatile that makes the Tangle once they are rolled out.
But since Qubic is designed to enable Smart Contracts, it allows IOTA (MIOTA) to venture into territories where other coins have had an edge over the years.
The probable implications are great for IOTA’s eventual adoption in use cases beyond m2m and IoT. The advantage that these platforms with smart contracts have is about to be wiped out.
“Qubic is more a protocol on top of the IOTA protocol. This (Which)… means that the community can go wild and come up with ideas we never even thought of. I imagine the real killer apps for Qubic haven’t been envisioned yet”
Meanwhile, the price of MIOTA has made positive moves in the market after trading in the red for much of the day. The bearish trend that gripped the market for the second day running has continued. Most of the coins swung into the green briefly during the European trading hours, before sliding back into the red.
MIOTA/USD currently trades at $1.85, 3% higher on its value in the last 24 hours. Over the 7-day period, the coin has dropped around -15%. This negativity is coming at a time when cryptocurrency enthusiasts are gathering in New York for the Blockchain Week.
It is expected that the market will experience a recovery following the event, a reason to stay bullish on IOTA (MIOTA). However, the target should really be to go long-term on this crypto. It’s potential in the real world is massive.