Bitcoin killer or dream technology? Let's unTangle this

iuliuspro (53)in #bitcoin • 7 years ago

IOTA is a new "crypto-currency" that will surpass Bitcoin in the future but not in the short term. I would say 5-15 years, a long term deal. It smells pretty good if you look at it from every angle as I will in this article.

Fast Fact - IOTA tokens traded on the market are actually MIOTA(Mega IOTA) a little bit confusing but be that's that.
"https://www.bitfinex.com/trading" is trading IOTA vs USD vs BTC.

Angle 1.

Bitcoin vs. IOTA technologies. Bitcoin has some limitations that make it hard to scale, easy to attack with future Quantum computers and slow transactions with ever escalating fees. IOTA is easy to scale it gets stronger as more transactions are made, is Quantum proof with fast transaction speeds and no fees. NO FEES. You pay by verifying 2 other transactions when you send IOTA.

Bitcoin problems:

number of transactions per second ~4 (The VISA system can process 1700 transaction per second)
The ever growing size of the blockchain that will centralize the network as it reaches mass adoption.
The new quantum computers that are around the corner can easily outperform the current tech in mining and could potentially overpower the miners and corrupt the block-chain.
Need for consensus on every modification that makes the system evolve slowly and risky.
Fees that keep rising now at 1-5 dollars per transactions makes daily use (micro payments) unprofitable.
-Wasteful. The miners use 3-4 billion dollars a year to mine Bitcoin and verify transactions. This is evaporated capital used only to secure the network.

Bitcoin advantages:

Very secure in the present. Impossible to falsify transactions with current technology.
Biggest name recognition and trust.
Biggest network reach and third party applications.
Gateway coin. You usually have to buy BTC with USD and then buy other coins with BTC.
First of its kind. Early monopoly of the market.

Fast Fact - 1 bitcoin have 100,000,000 satoshi, 21 millions bitcoins (the max suplay) have 2,100,000,000,000,000 satoshis
1 MIOTA have 1,000,000 iotas, 2,779,530,283 MIOTA's have 2,779,530,283,277,761 IOTAS

IOTA advantages:

The Tangle (BlockChain replacement) makes it easy to verify transactions with ever increasing speed as more transactions get made.
Oriented towards the Internet Of Things. The next big revolution waiting to happen.
Partnered with chip companies in order to make IOTA technologies the standard for IoT(internet of things)
No fees for transactions. That makes it perfect for any transaction.
Great team that looks for partners, developers and startup brain juice to expand the ecosystem.
Working on smart contracts on IOTA.
-Machine to machine economy.
Easy to upgrade and quantum proof.

IOTA problems

Quite slow at the beginning when there are few nodes.
Still in Beta.
The full impact is still 5-10 years ahead.
The risk of the new.
No ecosystem yet.
You have to trust the developers to do a good job.

Fast Fact - The number of IOTA is fixed and generated at the beginning of the tangle and distributed among the first people that founded the project with Bitcoin. (the number of IOTA si similar with the number of satoshi)

Angle 2.

Bitcoin vs. IOTA future.

In the future, the best technologies will definitely be IOTA. It is designed for machine to machine economy. What is that? A way to pay or store information in the Tangle that requires no human interaction. With the evolution of A.I you can send your future robots to do work and earn IOTA when you don't need them. Send you Tesla on the road as a taxi, and people get in agree to pay some IOTA fee per meter or 100 m. He can cruise the city as much as he wants and when he get's off he already paid the IOTAs in the cars account. Robots can help other robots to do tasks.
Let's think gardening. You need a lawnmower, transport, bush trimmer, flower planter, irrigator. All these can be robotized in the future. If you want to make your garden according to a design project, you just make a contract on the IOTA tangle and without caring for something else you pay the money for available robots to come and make that plan a reality.
The irrigator owned by your neighbor.
The flower planter owned by a corporation.
The bush trimmer owned by a random stranger.
And a pickup truck to go and get them to the site and home again. All that done automatically through the Tangle. You come home and everything done according to the project, all paid, and the robots are now working on other projects where they are needed and paid.
Maybe the vast majority of people will not have to work at that point, and all the income will come from what your robots earn.

Don't forget to check the links below the article especially the bad press. Get the full story, not just the good side.

Angle 3

A great opportunity for charity if this technology makes it. Imagine people that don't have the resources to do certain things, or need help. They can put a smart contract on the Tangle with their problem and others can send them robots to help for free or IOTA as a donation without being necessary to have shady organizations as an interface, without borders or long distances, a truly interconnected world in the Tangle.
You could get every type of poll, voting, information, help, business, contract, contact, human to human, machine to machine, human to machine, in this way.

Fast Fact - The number of IOTA is fixed and generated at the beginning of the tangle and distributed among the first people that founded the project with Bitcoin.

If you want to look at the official site, just click the next link:
https://iota.org/

If you want to even more information link below:
http://iotatoken.io/

If you want to know the technical details about the technology link below!
https://iota.org/IOTA_Whitepaper.pdf

If you want to follow the Twitter of the main developer link below:
https://twitter.com/DavidSonstebo?lang=en

If you want to discuss interesting stuff directly with the developers there is SLACK link below, just put in your email address, and you're in.
https://slack.iota.org/

If you want to set up the wallet click the next link:
https://github.com/iotaledger/wallet/releases

If you don't know how to set up your wallet and need help, look no further, link below:

If you want to see a cool visual representation of the Tangle link below!
https://tangle.blox.pm/

The IOTA blog!
https://blog.iota.org/