The development and launch of IOTA led by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov began in 2015. IOTA is a one-of-a-kind cryptocurrency that leverages the Internet of Things (IoT) technology. IOTA stands for Internet of Things Application, an open-source, feeless, data and value transfer protocol run by a non-profit organization. MIOTA is the crypto token of IOTA, which works via the connected devices with the IoT in an attempt to not let digital currencies remain limited within the boundaries of the blockchain technology.
IOTA is based on the Tangle system, a DAG (directed acyclic graph) to deal with scalability issues and make free micro-transactions between IoT devices. IOTA is a decentralized distributed ledger technology that has opened doors to newer possibilities and eliminates the need for mining. IOTA is similar to Bitcoin in some aspects, but the dissimilarities between the two cryptocurrencies cannot be overlooked.
IOTA Vs Bitcoin: Similarities and Differences
Here are the similarities and the differences between IOTA and Bitcoins.
Similarities:
- Both BTC and IOTA are crypto tokens.
- Both are decentralized distributed ledgers.
- Both are scalable technologies.
- Both rely on the proof-of-work consensus mechanism.
- Both have a fixed maximum supply (MIOTA- 2,779,530,283 and BTC-21 million).
Differences:
| Bitcoin | IOTA |
| Utilizes blockchain technology. | Utilizes the Internet of Things technology. |
| Requires ASIC for mining. | Mining free as it is based on the Tangle system (DAG). |
| Mining is expensive. | No expenses. |
| Scalable | Near-infinite scalability. |
| The transaction fee is high. | Free of cost transactions. |
Historical Data on IOTA Price
Since the beginning, the price of MIOTA has been quite volatile. After its launch, the upward and downward movement of MIOTA’s price had happened frequently. MIOTA’s price significantly rose in August 2017 before falling. It hit an all-time high price of $5.23 in December 2017.
Current Scenario of IOTA Compared to Bitcoin
At the time of writing this article, the price of one MIOTA token was $2.11. The MIOTA crypto asset has a market cap of $5 billion currently with a circulating supply of 2 billion tokens.
Compared to IOTA’s current market status, one BTC stands at the price of $54,183.78 and a market cap of $1 trillion along with a circulating supply of 18 million.
IOTA Price Prediction Based on What Experts Say!
MIOTA’s price is influenced by corporate partnerships and media coverage.
- IOTA price prediction by CryptoNewsZ suggests that by the end of 2021, the price of 1 MIOTA could reach $4.
- Whereas Long Forecast and Digital Coin Price predict the price of MIOTA to reach $3.12 and $2.48 respectively by 2021 end.
- According to Long Forecast’s pricing analysis, the price of one MIOTA will reach $5.24 in 2022.
- In the long run, Digital Coin Price speculation suggests that the price of MIOTA might soar up to $7.39 by 2028.
- Going by what experts believe, IOTA might beat Bitcoin in the future, as per an article by the MIT Media Lab.
Benefits and Uses of Buying IOTA Coin
The scope of IOTA is not limited to just the crypto token – MIOTA but goes beyond facilitating global trade, social impact, mobility, creating smart cities, and digital identity. Here are few use cases of IOTA:
- Taipei signed a deal in 2018 with IOTA to take the help of its technology to make smart cities.
- From 2017 onwards, IOTA is collaborating with the Dutch power consortium Elaadnl to develop smart charging stations for electric cars.
- Together with Microsoft, IOTA aims to launch a publicly accessible data marketplace.
- IOTA has partnered with Volkswagen to build automatic driving cars.
- DnB, a financial group of Norway, has partnered with IOTA in 2018 to create citizen-centric innovation, machine economy, and data marketplaces.
- Jaguar Land Rover’s partnership with IOTA would reward drivers with MIOTA for sharing data with Jaguar.
Our Verdict
The IOTA project aims to develop IoT solutions for the world. This technology removes the dependency on blockchain technology by harnessing the power of the IoT and thereby addresses the scalability challenge posed by blockchains. It is already understood where MIOTA is headed in terms of its price and applicability. Hence it is a unique investment option in modern times. Given the huge range of applications of this project, it can prove to be a useful investment asset for the future.
