It seems like the essential feature of cryptocurrencies is to promote blockchain. However, not every virtual currency is based on the technology. Most importantly, Bitcoin is not the only cryptocurrency on a hot streak.
If you link these two, you will get the answer here that is making news lately.
A new cryptocurrency has been stealing Bitcoin’s show lately. Called IOTA, it has surged in total value from $4 billion to more than $10 billion in less than two weeks. However, that’s not the best part.
The best part is that IOTA is not based on blockchain – but something completely else. The entire rally for IOTA began in late November when the German nonprofit behind it announced that they are designing a “decentralized data marketplace”.
Basically, this marketplace will focus on IOTA tokens (just like most of the cryptocurrencies nowadays). However, the protocol was designed specifically for use on connected devices. This can be everything from gadgets to weather tracking systems to sensors that monitor the performance of machinery etc. So, it is obvious that there is a piece of work behind IOTA – and that it may change the world or some aspects of it.
Even though the cryptocurrency is still in “very early-stage beta” according to the cofounder David Sønstebø. However, IOTA’s price has grown more than 1000% in December alone and the company patched a lot of vulnerabilities. On the trading market, IOTA caused a boom – and it seems like similar things are happening in the company developing the technology too.
Let’s just hope that IOTA is a serious contender to Bitcoin – after all – it would be great, right?
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post