We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
IOTA (Internet of Things Application) is designed to provide an infrastructure to facilitate transactions between devices on the “Internet of Things”. Based on a Directed Acyclic Graph (DAG) known as the Tangle, IOTA aims to provide free and fast transactions throughout the network.
The IOTA cryptocurrency is the native token of the IOTA platform. Its most commonly used ticker name on cryptocurrency exchanges is MIOTA, which refers to one million IOTA.
If you’re thinking of buying IOTA, it’s important to first consider the factors that could impact upon the future price of this digital currency. Read on to find out what those factors are and how they could drive the value of IOTA up or down in coming months.
Learn more Where to buy IOTA (MIOTA)
| Name | IOTA |
| Symbol | MIOTA |
| Algorithm type | Curl |
| Mineable | No |
| Launch date | 11 June 2016 |
The IoT is the network of physical devices connected to the Internet via embedded computing devices. Those items and devices can then connect with one another and exchange data without human interference. Examples of devices that can be connected to the IoT include home appliances, vehicles, wearable devices and even individual components of machines.
Cryptocurrencies are notoriously volatile and experience substantial fluctuations, making these complicated assets a risky and speculative proposition for potential buyers. There are many internal and external factors that can impact the value of any particular cryptocurrency, so it’s important to carefully consider those issues before parting with any of your hard-earned funds.
If you’re thinking of buying IOTA, remember to consider the following:
One key way to determine what developments a company has in store for the future, and what impact those developments might have on a currency’s value, is to take a look at its roadmap. Unfortunately, at the time of writing (27/02/2018), IOTA’s next roadmap was still being prepared.
However, some key goals for 2018 can be found in this 2018 preview published on the official IOTA blog, such as:
IOTA’s price will also be influenced, potentially both positively and negatively, by the actions of its competitors. Before deciding whether or not you should buy IOTA, consider the challenges the project will face from competitors such as:
Cryptocurrencies are complex and speculative, and predicting their success (or otherwise) is a high-risk guessing game. This is particularly the case with IOTA and its unique Tangle architecture. While the Tangle could be a competitor to blockchain and offer benefits in a wide range of use cases, it’s not yet certain whether or not it will be able to deliver on its potential.
As with any new technology, only once it’s been rigorously tested and successfully used in several real-world cases can we know for sure whether it provides a useful solution. IOTA has come in for criticism from some commentators, most notably MIT Media Labs, but it has worked quickly to respond to those criticisms.
Experts are predicting the IoT to be a huge growth sector – Google’s acquisition of smart home automation company Nest for $US3.2 billion in 2014, not to mention IBM’s US$200 million investment in the Watson IoT are evidence of this. However, IOTA is still being developed and consolidating after a year of rapid growth in 2017, so while there is plenty of potential upside, it will also be very interesting to see what the next 12 months hold.
If you’re thinking of buying IOTA, the main point to remember is that the technology backing the network is relatively new and still being developed and tested. If it works as planned the Tangle could become a viable competitor to blockchain technology, and find itself well placed to take advantage of the forecast growth in the IoT sector.
However, IOTA’s technological framework has copped criticism from some quarters, so do your own research into how it works before deciding whether or not you should buy this particular digital currency.
Images: Shutterstock
With so many password managers available, find out how to select the best one for your Mac.
Announced at the Game Awards 2019, the Xbox Series X will arrive before the Christmas holidays in 2020.
At this point it would take something monumental to turn back blockchain and digital currency adoption.
Discover blockchain: what it is, how it works and who is exploring it in Australia.
Food, drink, activities and weather. Everything you need to ensure your trip to Japan is safe.
A starter guide to hiring a car in America, from pick-up points to road trip itineraries.
Find out more about this Australian cryptocurrency platform, where you can buy bitcoin with AUD or spend your cryptocurrency.
It's not too early to start considering the impacts of blockchain technology.
A comprehensive overview of cryptocurrency stablecoins, including how they work, what they’re used for and why they’re important.
The sharing economy has yet to unlock its greatest benefits.
