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What is IOTA? Analysis and all you need to know

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A digital currency for the Internet of Things (IOT), IOTA is the new backbone of IOT, a scalable, decentralized, modular. IOTA analysis by coinnounce

What is IOTA? Analysis and all you need to know

A digital currency for the Internet of Things (IOT), IOTA is the new backbone of IOT, a scalable, decentralized, modular and no fees platform for Internet of Things to grow and flourish. Although still considered by a few as a lesser known digital currency, IOTA has made quite amark for itself and has even surpassed big names in the digital currency world like Ripple. IOTA is meant to be a digital currency for the exchange of data and information between machines equipped with sensors. These sensor equipped machines populate the entire scene of the Internet of Things. This would enable something that is called a paradigm shift to the Internet of Things. IOTA aims to establish a Ledger of Everything.

 

Recent market valuation for IOTA

IOTA is currently sitting at a make or break level. It is currently down to about $0.9723 which means that it has finally broken below the $1 mark. If it is eventually broken, IOTA would face a severe downside and is thus currently on critical support. It had made quite a wave a few months back by rising in value however, for quite some of the recent time, IOTA has been trading under a critical resistance for quite a while and is also facing a rising trendline. Accordingly, till the time IOTA is being traded below this line, the bias would always be to sell on the rise.

As already mentioned, IOTA is presently sitting on a critical support which looks like a long term deal and if this long term critical support is broken, it would be catastrophic and would definitely be most probably the end of this digital currency.

It is also important to note here that the current JAVA implementation of IOTA is in Beta stage and with further advancements and improvement there would be even more enhanced performance by it and there will be additional features that would enhance the ease of use of this platform.

The Internet of Things or the IOT market would hit the $470 billion mark by 2020 if experts are to be believed. This means that the prospects for IOTA would increase way up too. Over 3 million transactions have already been processed on the IOTA platform and to imagine the great deal of prospects for this digital currency with the Internet of Things industry rising with such a booming speed, there sure is something really revolutionary when the digital market is looked at at an IOTA angle. Although there is still a long way for the Internet of Things markets and companies to actually make a strong and steady stand in this world and actually making sensor equipped machines the future of the world, IOTA has been constantly bettering itself with more and more developments in the entire space and with every further positive step the IOT industry takes, IOTA as a digital currency for the Internet of Things would definitely not be far behind, one might as well say, that these two could actually become each other’s shadows in the long haul.

 

Tangle – IOTA Platform

IOTA runs on a new platform called Tangle. It makes use of a data structure known as the Directed Acyclic Graphs or DAGs. Owing to this graphical nature of the entire platform, Tangle basically has no blocks, no chains and thus no miners. The usage of this Tangle solves several issues which are traditionally faced with other digital currencies, like the issue of scalability and high transactional fee charges. The dual work of making a transaction and also validating them is both coupled since the sender is required to do a proof of work for the transaction which actually approves not one but both the transactions.

As a result, like in all other digital currencies where the transaction speed over the network decreases with an increased user base, with IOTA, Tangle enables for the transaction speed over the network to be increased with an increased user base. This means that on Tangle, transaction speed and a larger user base are actually directly proportional to each other and not inversely proportional like it usually is with every other digital currency on the market. This makes it a very characteristic kind of digital currency for the Internet of Things.

Moreover, since the proof of work is done by the sender side of the transaction itself, this proof of work is not required to be done by any miners and which virtually removes any fees to be paid. All these characteristic features have made IOTA a very promising thing of the future which would actually not require developments when the user base of IOTA expands further since it works better with its user base blossoming.

Along with this, Tangle also provides wide scalability features because of the ability to validate transactions parallely. Moreover, there is no limit to how many transactions can be confirmed in a given interval of time thus making it even more better than other digital currencies.

Altcoins

Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

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There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

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Cryptocurrency Market Updates: Bitcoin May fall further

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The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

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Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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