Be a crypto hero in the market by logging in

Don't you have an account? Sign in

Token price

  • BTC

    10,943,558.0KRW

    2.5%

  • ETH

    207,555.2KRW

    1.8%

  • XRP

    279.7KRW

    1.6%

  • BCH

    448,674.9KRW

    3.6%

  • BSV

    344,753.5KRW

    -4.1%

  • USDT

    1,177.6KRW

    0.1%

  • EOS

    4,735.5KRW

    -0.9%

  • LTC

    54,759.1KRW

    -0.5%

  • BNB

    21,241.4KRW

    1.4%

  • ADA

    62.3KRW

    9.4%

  • ETC

    13,695.7KRW

    9.2%

  • TRX

    21.9KRW

    7.5%

  • XLM

    71.6KRW

    0.6%

  • XMR

    79,421.3KRW

    1.4%

  • XTZ

    1,833.8KRW

    2.6%

  • DASH

    135,980.8KRW

    0.6%

  • ATOM

    5,353.8KRW

    0.2%

  • NEO

    13,295.4KRW

    0.4%

  • HEDG

    3,164.4KRW

    0.7%

  • HT

    3,819.8KRW

    0.7%

  • MKR

    623,405.2KRW

    5.7%

  • ZEC

    67,229.4KRW

    2.2%

  • USDC

    1,201.1KRW

    -0.0%

  • ONT

    821.5KRW

    1.3%

  • XEM

    48.3KRW

    -0.3%

  • VET

    6.9KRW

    0.4%

  • BAT

    261.0KRW

    -1.8%

  • DOGE

    2.8KRW

    0.5%

  • PAX

    1,180.5KRW

    -0.1%

  • DCR

    22,803.5KRW

    3.5%

  • BTG

    13,933.8KRW

    -3.5%

  • INB

    696.2KRW

    -1.1%

  • QTUM

    2,404.4KRW

    0.7%

  • REP

    17,154.2KRW

    -0.7%

  • RVN

    32.0KRW

    0.9%

  • LINK

    485.1KRW

    2.0%

  • ZRX

    267.3KRW

    -3.0%

  • TUSD

    1,179.5KRW

    0.3%

  • ALGO

    286.2KRW

    0.9%

  • CNX

    2,563.0KRW

    1.5%

  • BCD

    752.0KRW

    -0.0%

  • OMG

    967.3KRW

    0.4%

  • XIN

    282,844.4KRW

    -1.6%

  • XIN

    282,844.4KRW

    -1.6%

  • LSK

    966.7KRW

    5.5%

  • ICX

    222.7KRW

    6.1%

  • NANO

    824.3KRW

    1.0%

  • THETA

    125.0KRW

    3.2%

  • KCS

    1,300.9KRW

    2.3%

  • WAVES

    1,038.3KRW

    1.1%

  • BTM

    101.3KRW

    -0.7%

  • BTM

    101.3KRW

    -0.7%

  • DGB

    7.8KRW

    2.7%

  • MCO

    6,006.7KRW

    5.4%

  • MONA

    1,413.2KRW

    -0.1%

  • NEXO

    159.2KRW

    6.8%

  • SC

    2.1KRW

    13.1%

  • KMD

    717.3KRW

    3.4%

  • ENJ

    103.4KRW

    0.2%

  • IOST

    6.7KRW

    -2.2%

  • HC

    1,798.6KRW

    -0.2%

  • XVG

    4.4KRW

    -0.2%

  • STEEM

    193.6KRW

    -2.8%

  • QNT

    5,332.9KRW

    12.6%

  • BTS

    23.0KRW

    1.3%

  • BCN

    0.3KRW

    -1.0%

  • ABBC

    110.3KRW

    -3.8%

  • ZIL

    6.2KRW

    2.3%

  • AE

    200.3KRW

    -0.5%

  • XZC

    6,307.2KRW

    -0.2%

  • RIF

    101.0KRW

    0.1%

  • MAID

    124.1KRW

    -0.1%

  • ARDR

    52.5KRW

    2.9%

  • MATIC

    20.0KRW

    0.5%

  • ETN

    5.1KRW

    2.5%

  • SNT

    13.0KRW

    2.8%

  • MANA

    41.3KRW

    -0.3%

  • NPXS

    0.2KRW

    14.9%

  • GNT

    43.3KRW

    -3.8%

  • GRIN

    1,222.4KRW

    -0.3%

  • BEAM

    736.1KRW

    -1.8%

  • ELF

    72.3KRW

    -0.3%

  • STRAT

    389.8KRW

    -3.4%

  • TOMO

    511.6KRW

    -3.3%

  • AION

    94.0KRW

    7.2%

  • ELA

    1,906.7KRW

    -0.4%

  • LRC

    31.7KRW

    5.3%

  • DAI

    1,159.8KRW

    -1.6%

  • FET

    44.0KRW

    -4.1%

  • WAX

    26.4KRW

    -1.7%

  • WTC

    467.6KRW

    3.0%

  • TRUE

    335.5KRW

    3.9%

  • ANT

    836.4KRW

    7.7%

  • CVC

    38.1KRW

    -12.0%

  • PAI

    17.6KRW

    -6.3%

  • PAI

    17.6KRW

    -6.3%

  • RDD

    0.8KRW

    -4.7%

  • ARK

    188.7KRW

    -11.6%

  • LAMB

    31.7KRW

    0.2%

  • FCT

    2,433.4KRW

    0.8%

  • POWR

    49.4KRW

    0.8%

  • PPT

    393.2KRW

    -2.9%

  • LOOM

    21.5KRW

    3.4%

  • R

    42.7KRW

    -4.2%

  • BNT

    287.0KRW

    0.9%

  • FTM

    10.8KRW

    0.2%

  • PIVX

    331.7KRW

    0.8%

  • OCEAN

    49.9KRW

    5.4%

  • DENT

    0.2KRW

    -2.1%

  • ABT

    156.0KRW

    -2.0%

  • CET

    17.7KRW

    5.2%

  • MOAC

    233.4KRW

    1.3%

  • TTC

    35.3KRW

    6.8%

  • ODE

    61.5KRW

    -5.6%

  • AOA

    1.8KRW

    0.6%

  • POLY

    23.7KRW

    2.3%

  • BCV

    8.4KRW

    13.2%

  • CPT

    2.1KRW

    7.0%

  • REPO

    63.9KRW

    -10.3%

  • MBL

    1.8KRW

    1.6%

  • PAY

    46.9KRW

    0.4%

  • INS

    187.5KRW

    0.4%

  • BORA

    8.9KRW

    -2.4%

  • UPP

    17.0KRW

    14.0%

  • COSM

    8.3KRW

    0.1%

  • GUSD

    1,172.8KRW

    -3.0%

  • BAAS

    1.0KRW

    0.7%

  • FNB

    2.4KRW

    3.6%

  • LKY

    89.4KRW

    -0.1%

  • FLETA

    8.4KRW

    3.3%

  • AERGO

    35.9KRW

    2.0%

  • RBG

    1.1KRW

    5.2%

  • HUM

    6.2KRW

    -3.1%

  • MVL

    0.4KRW

    -1.9%

  • EOSC

    2.7KRW

    -0.4%

  • DCC

    0.9KRW

    -0.1%

  • eDEL

    2.4KRW

    -0.7%

  • VRA

    0.5KRW

    0.3%

  • ABL

    7.2KRW

    7.9%

  • RBTC

    10,559,022.0KRW

    1.7%

  • MEETONE

    0.7KRW

    0.1%

  • TEMCO

    0.4KRW

    -0.3%

  • AID

    2.8KRW

    15.9%

  • AKRO

    1.2KRW

    -16.3%

  • HORUS

    1.2KRW

    483.7%

  • XRA

    8.8KRW

    -0.0%

  • PXL

    20.2KRW

    0.6%

  • CLB

    1.6KRW

    -2.8%

  • AMON

    1.3KRW

    4.0%

  • WET

    3.8KRW

    -0.6%

  • SEAL

    1.0KRW

    5.2%

  • PTON

    0.0KRW

    -0.1%

  • WIKEN

    1.6KRW

    -2.4%

  • NEWS

    1.8KRW

    1.3%

  • PUB

    0.2KRW

    1.8%

  • NPER

    3.4KRW

    -0.1%

  • KARMA

    0.0KRW

    1.6%

  • PUT

    2.2KRW

    -1.6%

  • CCH

    0.0KRW

    -0.5%

  • KNT

    0.0KRW

    -20.6%

  • APIX

    0.5KRW

    -0.6%

  • IQ

    3.0KRW

    -3.8%

  • BLACK

    14.3KRW

    2.8%

  • RCD

    3.0KRW

    --%

  • MCC

    4.4KRW

    -0.1%

  • INC

    0.4KRW

    18.8%

  • BZKY

    0.3KRW

    -0.1%

  • CRE

    1.3KRW

    4.3%

Community

Simplifying the Internet of Things: Machine Economy

Revain | 09.11| 167

By Sofia Batchelor

By the end of 2020, there will be more than 20 billion IoT devices, says research and analysis firm Gartner. At home, these might be things like smart thermostats, smart speakers, and smart vending machines. The technology has also been trialled by logistics and manufacturing companies hoping to optimise supply chains. However, these advances don’t come without problems. Experts have questioned the security of IoT networks. The technology also requires a fast and reliable connection at all times.

Is IOTA the Solution?

IOTA is hoping to solve these problems. The new crypto token is designed specifically for IoT devices. Because IOTA doesn’t rely on the mining of ‘blocks’ to create its distributed ledger, secure data transfers are possible on a huge scale, all without incurring transaction fees. In June 2019, the price of IOTA jumped from $0.35, with a market cap of less than $1 billion USD, to $4.17, with a market cap of $11.6 billion USD. More than 3 million transactions had been processed by the platform at the end of 2016. IOTA’s developers hope this signals its future role as a ‘gold standard’ for machine-to-machine communications.

Not a Blockchain

IOTA doesn’t rely on blockchain, like other crypto tokens. Instead, it uses a new data structure called Tangle. Tangle is a decentralised peer-to-peer network, which doesn’t use ‘blocks’ to create its distributed ledger, but instead, uses a new system called Distributed Acyclic Graphing (DAG). DAG allows payments to be validated in ‘clusters’, without the participation of the whole network. Each transaction is validated by two others. This system allows for greater efficiency, greater security, and, most importantly, no transaction fees. IoT devices would, therefore, be able to participate in vast numbers of micro-transactions without overburdening the system or running up transaction costs. It also means devices won’t need to be online all day.

IOTA’s creators hope that the technology will be key to developing the ‘smart cities’ of the future. The IOTA Foundation, a German non-profit, is forging corporate partnerships to work towards this goal. Partnerships with Cisco Systems and Samsung Electronics aim to create a “data marketplace,” which can be monetised as the technology advances. According to IOTA founder David Sostenbo, the eventual aim is to enable a “paradigm shift” to IoT by enabling a “de facto ledger of everything.”

Other partnerships involve trials of practical use cases for IOTA. In April 2018, Dutch developer ElaadNL released a charging station where payments can be made using IOTA. Phones can communicate with the charger, allowing instant machine-to-machine payments. ElaadNL’s managing director said the project showed “the ability of using real machine to machine communications and micropayments, with the use of IOTA as a secure ledger for these payments and data.” ElaadNL is also working on new technology for charging electric cars.

Jaguar Land Rover is trialling something called ‘smart wallets’, using IOTA’s Tangle for data and value transfers. The company hopes that cars equipped with smart wallets would be able to report road conditions and hazards to relevant city authorities and to be paid in IOTA tokens for the data they share. These tokens could, in turn, be used to pay for parking, tolls, and charging. Developers are hoping this lays the foundation for IOTA’s role in the market for autonomous vehicles. By 2040, sales of these are expected to surpass 33 million. The project also lays the groundwork for ‘smart cities’ where local authorities can rely on IoT data to optimise services.

IOTA’s technology has also been applied to manufacturing and logistics. Fujitsu, Japan’s largest IT company, is using IOTA technology to observe and improve automated factory lines. Rolf Werner, CEO of Fujitsu’s Central European division, said the possibilities for IOTAs use in this area were “immense,” and included supply chain monitoring and secure identity management.

Growing Pains

Though the potential use cases for IOTA’s technology are vast, its development has not been without problems. In 2017 it was criticised in a study by MIT and Boston University. Researchers claimed they had identified a problem with the hash function of Tangle, IOTA’s data structure created security issues. MIT’s Media Lab went on to issue a broader criticism of IOTA, alleging that the token’s network is “not truly decentralised,” and that “to claim IOTA is free of fees is misleading.” The IOTA Foundation said they were able to fix the security problem quickly, but researchers at MIT continue to express concern.

With crypto technologies like IOTA, it can be difficult to discern the real potential for growth. Many will be unsure of the dynamic behind the token’s recent price surge. The Revain Platform makes things more transparent. Users can access authentic feedback from multiple authors. Revain is completely blockchain-based, which means all reviews are stored in blockchain and can’t be manipulated by any party in any way. Create an account to see feedback about IOTA, as well as other crypto tokens.


Simplifying the Internet of Things: Machine Economy was originally published in Revain on Medium, where people are continuing the conversation by highlighting and responding to this story.

Comment 0

delete

Are you sure you want to delete this post?