IOTA founded in 2015, had crowdfunded 1300 bitcoins in that year itself and was considered as bitcoins biggest rival. In 2017, more than 30 companies have contributed to IOTA, including big giants like Cisco, Microsoft, Huawei, Samsung and Volkswagen.
Since then IOTA had its own ups and downs, many people are still ambiguous seeing the number of fraud cases in cryptocurrency market.
However, IOTA has the technology but lacks in effective marketing and creating the awareness about its technology.
Let’s dive into its 4 technological trends-
- Wallet Security
This security came into limelight when investors lost around $4 million to one single attacker. A plethora of problems emerged at that time, like much more transaction fee, loss of cash, hanging systems. People thought it was a fraud until the company came forward and announced that “The IOTA technology is secure”. It was all a scam that had been created due to use of online key generators rather than a private secure key. The problem arose because of negligence from the user itself.
- New version of technology
IOTA has adopted new technology named BlockDAG, created by Dr Zohar Aviv, which is a superior technology over Blockchain technology and has its own benefits. It is named as Tangle by IOTA, a block-less distributed ledger which is scalable and transfers value with no fees. This will significantly improve speed and security.
- Partnerships
IOTA has made plans to work in Taiwan, one of the largest countries in Asia, looking at the opportunity to grow digital markets there. This leads to the more solid foundation of the work that would be carried out by IOTA. When the whole country is impressed by Tangle technology, fraudulence is not in question.
- Hackathon Contest
IOTA had also kept a flash hackathon challenge, to showcase products and ideas for new technology. It named FogNet, a first prize winner for its technology of restricted environment to exchange data for instant payments. BitBounti grabbed 5th position for its idea to protect personal data. All these innovations are pretty much legit.
IOTA should definitely be on your investment list as the technology is promising due to its offline transactions at zero costs. It is definitely not the most talked about a coin, but was Bitcoin famous at its initial stage?