The iota wallet is used to store the iota coin, a cryptocurrency that helps with micro-transactions in an efficient and secure manner. It saw a major run in December 2017 that made it secure a good spot in the top 10 coins in terms of market capitalization and as of writing time, it stands at the 7th spot just less than $3 B behind Litecoin.
This price run-up of IOTA began in early November which followed record highs of over $5.30 in the beginning of December before it took a slight correction and now sits at $3.50 as of press time.
Overview of IOTA and its developments
BOSCH, a highly respected and reputable German company with a yearly revenue of $87 Billion is currently one of the major backers of IOTA. The CEO is reported to have a purchased a large amount of MIOTA tokens as he believes the coin has a great future potential. This Partnership with BOSCH is very good news for IOTA as BOSCH is not only a respectable company within Germany but across Europe and has a strong footprint worldwide. This will, therefore, lead to opening doors for partnership with other big companies.
Ivancheglo’s (IOTA’s founder) hopes to collaborate with the Belarusian government in integrating cryptocurrencies into the national economy. If this goes through, it could have a major impact on its success and price in 2018. It should be noted that Belarus is the first country to legalize cryptocurrencies and the country aims to make it tax-free for the next five years, a move aimed at attracting investors.
IOTA also stands out from other blockchain projects due to its “blockless” tangle system. This means there are no transaction limits within its blocks and transactions get confirmed within seconds. This is good for companies as it can help them see an increase in micropayments.
Similarly, With the rise in transaction fees of Bitcoin coin and other coins, IOTA should see a significant adoption as there are no transaction fees given the fact that it cannot be mined.
Also, its recent selection by Tokyo metropolitan project, a program which should see a significant exposure to the Japanese market as Japan is one of the major players in the entire cryptocurrency space. Tokyo metropolitan project aims to integrate foreign technologies into its tech industry. This selection will see IOTA interact with several local companies which could not only lead to partnerships, but also an exchange of ideas that can help boost the IOTA project.
What do you think of the IOTA project? Do you think it can scale up significantly in 2018?
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