Will the Internet of Things Coin Value Increase?
Any list of the top 20 most successful or popular cryptocurrencies will have IOTA sitting there comfortably.
One of the reasons for this stability is that IOTA might sometime in the near future, be the underlying background structure for most devices that will be adopted by the concept of the Internet of Things (IoT). However, even with this projection, IOTA’s prospects, many think, still looks pretty fickle at best.
More specifically, IOTA is currently the 14th largest cryptocurrency and generally remains somewhat stable. Regardless of its relative stability, it’s been ignored for quite a while.
Fine Points for IOTA
One reason, why many people are currently interested in IOTA is that as earlier mentioned, expectations are that it will be the “official” cryptocurrency for the IoT age. Also, in place of Blockchain which is used by most other cryptocurrencies, IOTA uses Tangle and this afford it the ability to attain unprecedented degrees of scalability.
Another fine point for IOTA is that it currently is the only cryptocurrency available that is almost completely immune to hacking. The cryptocurrency, even by a quantum computer, cannot be breached or compromised. Also, there presently are no other services that are as focused on IoT as IOTA.
The main point against IOTA, however, is that many people are circumspect because the currency’s technology has still not had a chance to confirm most of its fine points.
IOTA’s Business Partnerships
One of the few reasons for IOTA’s stability might a few partnerships the company has been working on. For example, a partnership between the company and Volkswagen is responsible for the proposed deployment of the Digital CarPass sometime in the first quarter of 2019. The project is expected to help the general adoption of the currency. Other partnerships and proposed projects include the following:
- NEXT: This is the company credited with the creation of the very first fingerprint sensor. IOTA and NEXT are working on improving fingerprint sensors, specifically their proficiency.
- Paracosm: Paracosm is a gaming company that specializes in Virtual Reality. The partnership here is expected to develop games that will use the IoT framework.
- Hackster.io: The Smart City Hackathon is a joint project created by Hackster and IOTA. The Hackster hardware community compete here to create the most innovative tasks using the Tangle framework.
- Nova: Nova, one of the most widely known startup developers, will partner with IOTA to help startup companies who will be using Tangle technology.
All these partnerships help push and create a favourable IOTA image to the general public.
Possible Dissociation of IOTA
Based on the current market state, it could be fairly easy to foretell a MIOTA price especially with its connection to Bitcoin (BTC). It is predicted that a rise or fall in Bitcoin will directly impact MIOTA. Bitcoin, if it ever rises past $10,000 will mean that MIOTA will reach $5. On the other hand, if Bitcoin drops down to $2,000. MIOTA would most likely drop to $0.10. It is however important to note that this forecast is not set in stone and may not exactly happen as foretold.
However, if there is a dissociation by MIOTA from other cryptos, then the prices might not exactly affect each other. Even though IOTA is not based on the Blockchain framework, it is still largely affected by Bitcoin as most other currencies are, because evidence shows that price fluctuations of Bitcoin directly affect that of other cryptocurrencies. Therefore, it might be impractical to expect a dissociation from other cryptos like BTC or ETH because most transactions are between IOTA and BTC/ETH.
Prediction of Future IOTA Price
A while ago, there was a Reddit thread – r/IOTAmarkets – which involved a survey of 681 participants. The survey was done to make a forecast on what the IOTA price would look like by 2025. The results showed that about 22.5% of respondents believed that the price would surpass 1% while 7% were optimistic that it could even surpass $1000. As improbable as this might seem, there might be a high chance of the price shooting up if there is considerable adoption of the currency.
Reactions from Some Crypto Experts
Some notable names in the crypto industry have shared their opinions on IOTA. Vitalik Buterin, for example is of the opinion that Blockchain is a better option that Tangle when adoption is considered. Buterin, who is a co-founder of Ethereum, was however replied to by IOTA originator, David Sønstebø. The response was bit hard-hitting as he tweeted:
“Let me know when you’ve learned about network bound PoW and dare to continue the discussion with Ivancheglo, you know the guy who laid the groundwork for Ethereum’s PoS future. Until then please refrain from commenting on things you don’t grasp, your recent track record is bad.”
Another reaction is from John McAfee, founder of McAfee Associates. He has also strongly criticized IOTA, calling it the cryptocurrency who will grow the slowest.
Future for IOTA
There is a chance, however slim, that IOTA could reach a market capitalization of trillions of dollars. This is because it is expected to be used as a background for many of the world’s economies in the IoT era. Only time will tell.
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The views and opinions expressed in the article Will the Internet of Things Coin Value Increase? do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.
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