IOTA is unique, superior and, perhaps, unparalleled among all current cryptocurrencies, blockchain & Distributed Ledger Technology (DLT) projects.
Once coordicide is achieved, IOTA will be completely decentralized. Then, it will be just a matter of time, IOTA may soar to new heights, and may even rise above the ranks of all cryptocurrencies/blockchain/DLT projects.
Will IOTA eventually replace Bitcoin as king of all cryptocurrencies/DLTs? That remains to be seen. Let’s see how in the future.
For now, IOTA needs to complete Chrysalis Phase 2 by end 2020 & then Coordicide targeted by end Q1 2021.
From the seemingly seamless and effortless successful implementation of Chrysalis Phase 1 in mainnet on 19 Aug 2020, the planned implementation of Chrysalis 2 & Coordicide seems more certain now, and will no longer be just a dream. It may seem like it’s going to become a reality soon, and IOTA will finally become decentralized in due course. Just wait few more months, hope everything goes well.
First reason why IOTA is unique & superior, is the fact that IOTA is a DLT/blockchain project that is not using traditional blockchain technology, which is known to be saddled with many lingering, and seemingly unsolvable, issues and problems including, and specially, scalability and security.
IOTA technology uses the TANGLE which is a Directed Acyclic Graph (DAG) used for fee-less transaction settlements and as data integrity layer.
For this reason, once IOTA is completely decentralized, IOTA may then be the first DLT to solve the Blockchain Trilemma for Scalability, Security & Decentralization.
Second, IOTA is the only cryptocurrency/blockchain/ DLT project that can be used for both value transactions and data transfer. No other cryptocurrency/blockchain/ DLT project has/has implemented, or is currently using, this feature/capability. Being able to use IOTA for data transactions only without using the value transfer is extremely useful, as well as an advantage, and will open up unlimited use cases for IOTA, since many enterprises/institutions, may only require data transfer/transactions for their systems/use cases. They may not have the need to use a cryptocurrency, or may have problems, or may face certain regulatory issues, if they use a cryptocurrency in their systems/use cases.
Third, IOTA value and data transactions are fee-less as IOTA does not use miners to validate transactions. Instead, users who issue a new transaction must approve two previous transactions. This allows transactions to be issued without fees, facilitating micro transactions.
Being able to facilitate fee-less micro transactions is one of the best and most important aspect/feature of IOTA. It makes a lot of difference in terms of efficiency and costs, particularly, in large systems/applications where huge amounts of data transfer is involved, with or without micro payments, such as in large IOT implementations, including smart cities, smart energy, smart mobility, smart manufacturing, fog computing and large digital twin projects/systems, where zillions of data transfer will be required.
IOTA is cost-effective, highly scalable, secure and efficient, thus, in the future, may be poised to become the most preferred solution for IOT and other systems, dealing with such huge magnitude of data.
Fourth, IOTA is one of the best, if not the best, DLT solution for Industrial Internet Of Things (IIOT) and will be a driving force for pushing Industry 4.0.
Though IOTA was originally designed for the Internet of Things (IoT) and for the machine to machine (M2M) economy, IOTA can be used in multitudes, and in fact, unlimited use cases.
IOTA can be used for cryptocurrency implementations, non-cryptocurrency implementations and can be used as well as a general DLT.
With the addition of more IOTA features & capabilities such as colored coins, smart contracts, etc. , and with IOTA being developed into a global protocol/standard, and furthermore, on an even much larger scale, it is being developed as a secure base & data integrity layer for the internet, it will definitely open-up endless possibilities and use cases for IOTA.
IOTA’s use cases are limitless, and it can be practically used for anything where DLT makes sense.
The scope and scale of IOTA’s usefulness, can be pretty much compared to the internet, in the kind of possibilities & use cases that can be conceptualized or implemented using or integrating IOTA.
IOTA will usher in a new era, creating new technology solutions and new business models.
Fifth, IOTA solves current limitations, challenges & problems faced by current/existing technologies.
IOTA, with its unique architecture and superior technology, may be the missing link, or the long awaited solution, or could present itself, as a much better, more secure, more efficient, more cost effective and best practical solution to existing problems.
Proof to this are the numerous research, papers, patents and proof-of-concept (POC)/testing and early adoption by many institutions and IOTA partnerships with top organizations, companies and standardization bodies.
As at this writing, the IOTA Archive listed 234 patents from 97 unique entities which referenced the IOTA protocol, IOTA Tangle or the IOTA Foundation.
Sixth, IOTA Cryptocurrency is designed to increase in value with the increase in use cases. This is due to the increase in usage/demand for IOTA tokens for every new IOTA use case.
Therefore, in theory, for as long as the usage of IOTA becomes widespread, and adoption of IOTA is forever increasing, the value of IOTA Cryptocurrency will be likewise rising forever.
In contrast, Bitcoin’s main use case is as a store of value, and while Bitcoin is also being considered as a hedge against inflation, its intrinsic value is rather speculative and attributed mainly to investors’ perception.
Considering all the above, one can easily surmise that IOTA is really a Cryptocurrency, Blockchain & DLT Project like no other.
The future is bright for IOTA. IOTA is the future.
