IOTA (MIOTA) rose to prominence in the crypto community as a blockchain challenger. The cofounders of IOTA (MIOTA) came up with a mathematical solution to do what the blockchain does and called it Tangle. The concept they use is called Directed Acyclic Graphs (DAG). This directly eliminates the need for miners as each node in the tangle verifies two previous transactions. It also means that the more transactions and users on the platform, the higher the transaction speed and network growth. In addition to that, there are no transaction fees on IOTA (MIOTA).
IOTA (MIOTA) has partnered with Samsung and Cisco and is currently testing and experimenting with its new energy partner, Innogy. IOTA is determined to establish itself as the leader in a rapidly evolving Internet of Things (IOT) market which according to Bain (consultancy firm) will be worth $470 Billion by the end of 2020. IOTA (MIOTA) aims to enable machines to work with each other as well as conduct transactions. For instance, if your printer runs out of ink, it can order an ink cartridge from Amazon and then pay for it by itself. Similarly, industrial machines can keep track of their own needs and order essentials as they require.
While most of these features sound good on paper, the ground reality is not so simple. IOTA (MIOTA) is still the only blockchain challenger. This means that it is not one cryptocurrency vs. another; it is one revolutionary technology vs. another. It makes IOTA (MIOTA) a lone wolf in the space which has its own consequences. IOTA may not be able to benefit from the extensive network of blockchain developers and the knowledge and research they exchange. Furthermore, as blockchain technology attains more adoption, projects using blockchain technology will see IOTA (MIOTA) as a rival and together they will try their best to not let IOTA (MIOTA) pose any threats to their businesses.
Apart from existential challenges and threats in the future, IOTA (MIOTA) has plenty of unresolved issues even today. Just recently the MIT Media Lab found a critical vulnerability in Tangle which resulted in different inputs pointing to the same output. This issue was later rectified but even this small vulnerability was enough to allow an attacker to forge signatures on IOTA payments in a matter of just a few minutes, according to director of MIT’s Digital Currency Intiative, Neha Narhula. Recently, Matthew Green, a John Hopkins professor tweeted that IOTA developers have not been able to explain to him they think their insecure Curl – P hash function is safe. Some news sources have also reported that IOTA team allegedly threatened to take legal action against academics that had exposed these vulnerabilities.
Despite existence threatening flaws in Tangle, IOTA (MIOTA) continues to sign new partnerships and investor interest is still on the rise. The coin, currently at 11th place in terms of market cap is trading at $1.99, struggling to break the $2 barrier and enter the top 10 league at the same time.