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IOTA | News And Analysis - Interactivecrypto

IOTA

June 30, 2020 | 

Dan Mitchell |  0 Comments| 

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MIOTA is the name of the token of the IOTA network, which was founded in 2016. We Investigate the network, it's token, as well as recent price movements and predictions.

What is IOTA?

IOTA is a blockchain solution built from the ground up to service the ‘Internet of Things’ (IoT), and its official goal is to support the fourth industrial revolution.

Fourth industrial revolution and IoT are categories of ‘emerging technology’, which are expected to continue their growth due to strong global support from both governments and big business.

On the official website, IOTA specifies that its supported areas of IoT include: supply chain, logistics, and manufacturing; with specific use cases including smart cities, digital identity, and global supply chain.

In total, IOTA boasts over 100 “collaborations and partnerships”. Key partnerships include Jaguar / Land Rover, Dell Technologies, Binance, Binance US, Bitfinex, OKEx, The Linux Foundation, City of Austin (various grants), EDAG, and Engie Lab. 

Products of IOTA

The primary product of IOTA is ‘Tangle’, it’s network and blockchain protocol which was developed for the purpose of facilitating ‘internet of things’ utility: primarily high speed, cost-efficient data transfer between various parties (both machine and human).

Top features of Tangle are that it is an open network in addition to its feeless and scalable structure, and a high level of security promised for all data transfers.

IOTAs Tangle network is governed by a non-profit organisation called the IOTA Foundation, which was founded in 2017 and gets all of its funding from a combination of community donations, private donors, and public-body issued grants.

All the foundation’s directives share a focus on the IOTA protocol: from research and standardisation to production and education.

‘Trinity Wallet’ is the official wallet for IOTA. It’s open-source and can be downloaded for either desktop (Windows, Mac, Linux) or mobile (iOS, Android) platforms.

At present, IOTA is working towards ‘Coordicide’ which could largely be considered as ‘IOTA 2.0’, much like how the forthcoming Ethereum 2.0 can be compared with its existing solution.

While the expected completion date is TBD as of writing, we do know that the team is currently working towards ‘Chrysalis’ with a closer expectation of launch. If Coordicide is IOTA 2.0, then Chrysalis is IOTA 1.5.

IOTA’s History of Hacks

Despite its claims of high security, IOTA has suffered two major successful attacks against its platform in which large value sums of MIOTA were stolen by hackers: one in February of this year, and the other back in 2018.

In February 2020 IOTA shut down its whole network temporarily following a hack which saw $1.97 million USD worth of MIOTA tokens stolen, and exposed vulnerabilities in the security of IOTA’s Trinity Wallet.

Later, on March 7, 2020: IOTA founder David Sønstebø announced that he would be repaying the victims in full “out of his own pocket”, however, the identities of the attackers are still unknown.

The earlier instance was actually a string of attacks which occurred between January 2018 and January 2019. It involved the theft of $11.4 million worth of tokens (originally reported as just $4 million value) and was also the result of security flaws in its wallet.

It eventually turned out that all of the funds were stolen by a single party, based on tracking the destination of stolen funds through the open ledger.

IOTA Token (MIOTA) and Market Performance

IOTA is the eponymous token for IOTA Network and its ticker is ‘MIOTA’, earning 24th place on the ‘top 100 cryptocurrencies, ranked by market cap’ as seen on CoinMarketCap.

As of writing (18:22 BST June 29, 2020) MIOTA has a market cap of $583,514,802 USD, the token value is $0.209933, and it has a 24hr volume of $13,298,683.

Over the past 30 days, it has become apparent that MIOTA has been mostly outperforming BTC in terms of % gains, whilst rarely suffering the same lows.

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