IOTA. Anybody needs internet of things?
Coin of the day is IOTA.
While Bitcoin is falling and dragging markets behind him, It is a good time to consider blockchain technologies which could contribute to future by not replacing fiat money.
IOTA is an ambitious project that was founded in 2015 by David Sønstebø, Dominik Schiener, Sergey Ivancheglo.
In a blog post discussing IOTA’s roadmap, David Sonstebo, co-founder of cryptocurrency, wrote that it was developed to enable the “paradigm shift” to the Internet of Things by establishing a “de facto standardized “Ledger of Everything.” Simply put, this means the cryptocurrency will enable data exchange between sensor-equipped machines that populate the Internet of Things.
The Internet of Things is a glamorous buzzword, but there is less and less doubt that soon in our smart houses toasters will communicate with each other. Good examples are given in the Reddit post:
"For example, you might be able to scan the code at the bottom of your milk carton and have it delivered to your door from Amazon using IOTA funds. Again, this is not possible with bitcoin because of its high transaction costs and network delays."
"Or a vending machine, in which you would normally use your credit card gives the option to pay with iota as it saves Pepsi or Coke-Cola the overhead of authorizing transactions through the Visa or MasterCard network. This cannot be done with bitcoin because of transaction speed. additionally, because of the financial framework the cryptocurrency provides..."
IOTA does not use the traditional blockchain design used by most cryptocurrencies. Instead, it has developed a new platform called Tangle, which uses a mathematical concept known as Directed Acyclic Graphs (DAG). For its transaction to be valid, each node in a DAG Tangle must approve two previous transactions at other nodes. This has two consequences. First, it removes “miners” as entities to validate transactions, thereby eliminating a possible bottleneck when transaction speed and numbers are high. Second, the network’s growth and speed become directly proportional to the numbers of its users.
In Aug 2017, a team at MIT published an article detailing their investigation into IOTA. The IOTA team developed their own cryptographic hash function which was discovered to have vulnerabilities involving different inputs hashing to the same output, which should never happen.
Neha Narula, director of MIT’s Digital Cryptocurrency Initiative, wrote:
“Once we developed our attack, we could find collisions using commodity hardware within just a few minutes, and forge signatures on IOTA payments,”
IOTA later rectified the problem.
Latest news
Bitpanda announced that they are planning to list of IOTA on 14 June.
Technicals
Overall pattern on the chart - correction of the 2017.12 peak, though since 2018.05 coin attempts to break free from the correctional bias. March - April uptrend peaked not reaching 0.0003 psychological level. Throughout May the coin was stagnating and now showing bottoming patterns at the 0.0002 support level. Lately, the price came to the intersection of three support factors: 0.0002 psychological support, Global Bullish Trend Line, and 100-days EMA. Nonetheless, the overall pattern still looks bearish; buy-in should be considered if the price will show consistent upward momentum and rise above Bearish Trend Lines (orange lines on the chart) and 0.00021.
While Bitcoin is falling and dragging markets behind him, It is a good time to consider blockchain technologies which could contribute to future by not replacing fiat money.
IOTA is an ambitious project that was founded in 2015 by David Sønstebø, Dominik Schiener, Sergey Ivancheglo.
In a blog post discussing IOTA’s roadmap, David Sonstebo, co-founder of cryptocurrency, wrote that it was developed to enable the “paradigm shift” to the Internet of Things by establishing a “de facto standardized “Ledger of Everything.” Simply put, this means the cryptocurrency will enable data exchange between sensor-equipped machines that populate the Internet of Things.
The Internet of Things is a glamorous buzzword, but there is less and less doubt that soon in our smart houses toasters will communicate with each other. Good examples are given in the Reddit post:
"For example, you might be able to scan the code at the bottom of your milk carton and have it delivered to your door from Amazon using IOTA funds. Again, this is not possible with bitcoin because of its high transaction costs and network delays."
"Or a vending machine, in which you would normally use your credit card gives the option to pay with iota as it saves Pepsi or Coke-Cola the overhead of authorizing transactions through the Visa or MasterCard network. This cannot be done with bitcoin because of transaction speed. additionally, because of the financial framework the cryptocurrency provides..."
IOTA does not use the traditional blockchain design used by most cryptocurrencies. Instead, it has developed a new platform called Tangle, which uses a mathematical concept known as Directed Acyclic Graphs (DAG). For its transaction to be valid, each node in a DAG Tangle must approve two previous transactions at other nodes. This has two consequences. First, it removes “miners” as entities to validate transactions, thereby eliminating a possible bottleneck when transaction speed and numbers are high. Second, the network’s growth and speed become directly proportional to the numbers of its users.
In Aug 2017, a team at MIT published an article detailing their investigation into IOTA. The IOTA team developed their own cryptographic hash function which was discovered to have vulnerabilities involving different inputs hashing to the same output, which should never happen.
Neha Narula, director of MIT’s Digital Cryptocurrency Initiative, wrote:
“Once we developed our attack, we could find collisions using commodity hardware within just a few minutes, and forge signatures on IOTA payments,”
IOTA later rectified the problem.
Latest news
Bitpanda announced that they are planning to list of IOTA on 14 June.
Technicals
Overall pattern on the chart - correction of the 2017.12 peak, though since 2018.05 coin attempts to break free from the correctional bias. March - April uptrend peaked not reaching 0.0003 psychological level. Throughout May the coin was stagnating and now showing bottoming patterns at the 0.0002 support level. Lately, the price came to the intersection of three support factors: 0.0002 psychological support, Global Bullish Trend Line, and 100-days EMA. Nonetheless, the overall pattern still looks bearish; buy-in should be considered if the price will show consistent upward momentum and rise above Bearish Trend Lines (orange lines on the chart) and 0.00021.
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