Be a crypto hero in the market by logging in

Don't you have an account? Sign in

Token price

  • BTC

    12,257,464.0KRW

    0.2%

  • ETH

    229,910.1KRW

    3.9%

  • XRP

    310.8KRW

    0.3%

  • BCH

    363,901.6KRW

    0.9%

  • LTC

    84,521.1KRW

    1.4%

  • USDT

    1,188.4KRW

    0.2%

  • EOS

    4,840.2KRW

    1.9%

  • BNB

    24,683.3KRW

    -0.8%

  • BSV

    146,612.7KRW

    2.3%

  • XMR

    89,429.3KRW

    1.1%

  • ADA

    56.1KRW

    2.0%

  • XLM

    69.5KRW

    0.8%

  • TRX

    18.7KRW

    0.1%

  • HT

    4,809.8KRW

    -0.2%

  • DASH

    106,552.8KRW

    -1.3%

  • ETC

    7,452.8KRW

    0.6%

  • XTZ

    1,187.8KRW

    1.1%

  • NEO

    10,897.3KRW

    0.8%

  • MKR

    556,114.4KRW

    1.9%

  • USDC

    1,186.6KRW

    0.2%

  • ONT

    923.7KRW

    2.6%

  • XEM

    54.0KRW

    -0.0%

  • ZEC

    57,514.4KRW

    4.6%

  • DOGE

    2.9KRW

    1.4%

  • PAX

    1,186.5KRW

    0.2%

  • DCR

    26,934.4KRW

    -1.4%

  • BAT

    208.5KRW

    1.1%

  • VET

    4.5KRW

    2.5%

  • QTUM

    2,480.7KRW

    2.4%

  • TUSD

    1,184.5KRW

    0.2%

  • BTG

    12,097.0KRW

    -1.3%

  • KCS

    2,088.4KRW

    2.7%

  • OMG

    1,253.3KRW

    0.8%

  • RVN

    38.6KRW

    1.0%

  • LINK

    485.1KRW

    2.0%

  • NANO

    1,071.8KRW

    0.2%

  • INB

    398.2KRW

    -1.2%

  • REP

    12,376.9KRW

    -1.7%

  • BCD

    722.8KRW

    2.5%

  • LSK

    1,121.4KRW

    -1.8%

  • WAVES

    1,292.1KRW

    6.0%

  • THETA

    138.0KRW

    7.5%

  • MAID

    263.8KRW

    -1.4%

  • XIN

    257,709.4KRW

    -0.7%

  • XIN

    257,709.4KRW

    -0.7%

  • ZRX

    196.2KRW

    0.7%

  • ICX

    238.1KRW

    1.0%

  • HC

    2,622.4KRW

    1.8%

  • DGB

    9.2KRW

    -2.5%

  • QNT

    9,191.7KRW

    14.6%

  • BTS

    40.2KRW

    -0.0%

  • BCN

    0.6KRW

    4.5%

  • IOST

    8.3KRW

    2.8%

  • DAI

    1,188.6KRW

    0.5%

  • NPXS

    0.4KRW

    0.4%

  • MONA

    1,480.0KRW

    -9.9%

  • KMD

    834.9KRW

    1.1%

  • BTM

    93.2KRW

    -0.1%

  • BTM

    93.2KRW

    -0.1%

  • SC

    2.1KRW

    1.5%

  • XVG

    5.1KRW

    -0.7%

  • ZIL

    8.5KRW

    3.7%

  • AOA

    10.7KRW

    -15.1%

  • AE

    246.4KRW

    0.4%

  • GNT

    71.8KRW

    1.4%

  • ARDR

    69.2KRW

    3.4%

  • ENJ

    84.7KRW

    -0.3%

  • STEEM

    188.6KRW

    -1.4%

  • MCO

    3,944.6KRW

    0.7%

  • SNT

    17.2KRW

    1.0%

  • NEXO

    106.0KRW

    -0.6%

  • XZC

    6,565.3KRW

    2.1%

  • WTC

    1,164.2KRW

    1.2%

  • ELF

    97.0KRW

    0.5%

  • RDD

    1.7KRW

    5.1%

  • WAX

    48.7KRW

    -0.2%

  • ETN

    4.6KRW

    1.7%

  • ELA

    2,718.5KRW

    0.6%

  • STRAT

    416.2KRW

    1.0%

  • DENT

    0.5KRW

    0.9%

  • LRC

    42.2KRW

    2.3%

  • R

    77.3KRW

    1.3%

  • PAI

    25.7KRW

    0.5%

  • PAI

    25.7KRW

    0.5%

  • FCT

    3,689.7KRW

    1.3%

  • AION

    98.7KRW

    14.7%

  • ODE

    140.8KRW

    -4.9%

  • ARK

    260.3KRW

    -2.3%

  • BNT

    450.3KRW

    1.5%

  • MOAC

    448.3KRW

    -5.0%

  • POWR

    66.6KRW

    3.0%

  • LOOM

    28.7KRW

    1.6%

  • ANT

    909.0KRW

    2.4%

  • PPT

    465.7KRW

    -1.9%

  • TTC

    60.6KRW

    0.6%

  • PIVX

    335.5KRW

    -1.2%

  • CNX

    324.2KRW

    1.1%

  • POLY

    38.8KRW

    1.2%

  • PAY

    140.1KRW

    12.2%

  • HUM

    0.4KRW

    --%

  • CPT

    3.8KRW

    0.1%

  • AERGO

    96.4KRW

    -3.3%

  • GUSD

    1,189.9KRW

    0.2%

  • LKY

    183.9KRW

    14.6%

  • COSM

    13.5KRW

    -2.3%

  • APIS

    0.9KRW

    -1.5%

  • MBL

    2.1KRW

    -0.1%

  • REPO

    51.8KRW

    --%

  • UPP

    15.5KRW

    -0.7%

  • AKRO

    11.4KRW

    5.7%

  • TEMCO

    1.5KRW

    -5.5%

  • MEETONE

    1.9KRW

    1.1%

  • MVL

    0.4KRW

    -2.7%

  • BAAS

    0.7KRW

    -5.5%

  • ABL

    12.0KRW

    6.7%

  • DCC

    0.9KRW

    --%

  • eDEL

    2.4KRW

    -0.7%

  • AID

    11.1KRW

    6.0%

  • PTON

    0.2KRW

    26.7%

  • WET

    11.4KRW

    -1.2%

  • VRA

    0.7KRW

    -1.5%

  • CLB

    3.3KRW

    8.7%

  • XRA

    11.2KRW

    2.1%

  • KARMA

    0.2KRW

    31.6%

  • HORUS

    0.7KRW

    19.1%

  • SEAL

    0.8KRW

    --%

  • PXL

    7.0KRW

    -0.9%

  • PUB

    0.2KRW

    2.0%

  • NPER

    3.4KRW

    --%

  • PUT

    2.5KRW

    6.3%

  • CCH

    0.1KRW

    -6.5%

  • KNT

    0.1KRW

    8.1%

  • IQ

    8.0KRW

    5.4%

  • RBTC

    12,166,705.2KRW

    0.1%

  • BLACK

    2.6KRW

    3.9%

  • CET

    19.8KRW

    1.7%

  • RCD

    3.0KRW

    --%

  • MCC

    1.7KRW

    -55.4%

  • INC

    2.5KRW

    -17.0%

  • FNB

    133.0KRW

    1.2%

  • BZKY

    0.3KRW

    -57.3%

  • BORA

    17.3KRW

    -4.7%

  • CRE

    2.8KRW

    10.2%

Community

Simplifying the Internet of Things: Machine Economy

Revain | 09.11| 26

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?