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Thursday, November 22, 2018

On IOTA in Forbes

Update on IOTA, I continue to follow, primarily different because of its innovative means of updating and validating its chain and contents.

IOTA - Fulfilling the Promise of Blockchain
By  Gerald Fenech,  in Forbes, journalist writing about crypto, blockchain and markets

In order to understand what sets a project apart from all the others in the DLT space, one must always start from what motivated the creators to come up with such a project in the first place. In the case of IOTA it was the realization that certain problems will prevent the blockchain from fulfilling many of the use-cases which existed (and to an extent still do) only in theory. IOTA is arguably one of the major pioneering projects that took the concept of a DLT and implementing it with a different underlying data structure to solve many of the problems with Blockchain: fees, scaling, and centralization brought about by the need for validators or miners.

The result is a network that can easily handle huge amounts of data, which the creators hope will act as a catalyst for a true machine-to-machine economy, something which goes hand in hand with the emerging technological advancements we’re seeing in Artificial Intelligence as well as the Internet-of-Things.

However, as with most other cryptocurrencies, IOTA has taken a considerable beating of late with its value plunging to just one-third of its value just a few months ago. The currency is currently trading at $0.32 on Binance which is down by 14% over the past 24 hours when it had settled at the $0.50 level for some time.

And as reported previously here, IOTA's valuation had soared to $12 billion at the end of 2018 at the height of the crypto boom before crashing down to $1 billion by August. It is now valued at around $866 million on coinmarketcap.

We spoke to David Sonstebo who is the Co-founder and Co-Chair of IOTA Foundation; a new type of foundation, with the focus to develop the next generation of protocols for the connected world. Here, we ask David to explain the journey so far... "

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