IOTA use is expected to simplify transactions and processes involving objects that have sensors.
A simple use case is that of an IOTA-enabled vending machine, which can dispense soda without the associated transaction costs and latency of bitcoin. A more advanced use case is illustrated in this Reddit chain.
For example, you might be able to scan the code at the bottom of your milk carton and have it delivered to your door from Amazon using IOTA funds. Again, this is not possible with bitcoin because of its high transaction costs and network delays. It has already partnered with companies which will play a leading role in IoT, such as Cisco Systems Inc.
SSNLF , to create a data marketplace that can be monetized later. IOTA has also partnered with Innogy, an energy company. The network effect of these partnerships is expected to popularize IOTA and nanotransactions on its platform. At the end of , IOTA claimed to have processed more than 3 million transactions on its platform.
What Our Users Had to Say:
The Internet of Things is a glamorous buzzword but it might be a while before a sensor-filled future of machines becomes a reality. Also, IOTA is a technology under development and is still improving flaws in its protocol. But simultaneously, it must not be forgotten that fate of an altcoin like IOTA is much in the hands of the market volatility and of course on erratic nature of BTC due to which many of its great projects can fail down crushing.
David Cox David is a finance graduate and crypto enthusiast.
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Apart from writing, he actively nurtures hobbies like sports and movies. IOTA has partnered with digital food safety firm Primority to develop a tool to minimize the threat of potentially fatal food allergens. The success of Tezos' self-amendment process and other recent events stress the relevance of the topic of governance in the crypto community. Virtually all of the top cryptocurrencies are today seeing deep red in a market-wide correction.
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