One of the most significant technological developments in recent years is the Internet of Things (IoT). It means that every device we come across can be a part of a digital ecosystem in the coming years. The popularity of IoT has also boosted yet another crypto token in the market, IOTA.
It is a cryptocurrency optimized for the Internet of things and aims to facilitate transactions between devices in the IoT network.
With IOTA’s new advancements, it has been a topic of discussion among investors, who are curious to know why IOTA is going to explode in 2021. Let’s see.
Looking At 2021: Is IOTA All Set For Its Bullish Ride In 2021?
IOTA was released into the market in July 2016. Just after a year of its initiation, the price of IOTA began surging into highs, hitting an all-time high of $5.69 in December 2017. IOTA is a unique distributed ledger, but it is not a blockchain network. It has a proprietary technology known as Tangle, which is highly scalable and ensures faster transaction.
Let’s see the factors and advancements that fuel IOTA to explode drastically by the end of this year.
#1: Advanced Growth Over The Years
The high surge in price and popularity of IOTA over the years was due to its novel approach to blockchain technology. It has successfully resolved all the big hurdles of the blockchain, including high fees, scaling limitations, and centralization.
With a huge surge in its price levels, mid-2017 was a tremendous year for IOTA. Though it had a drop down in the following years, IOTA is all set to initiate yet another bullish ride in 2021 with its novel upgrades. It initiated 2021 with a price of $0.29 and sits at $2.27 as of writing. Due to its increasing popularity, there has been a whopping surge of 682.759% within a few months.
Despite this, partnerships with established corporate businesses also boosts IOTA's value in the market. Corporate firms like Linux foundation, Samsung, Fujitsu have partnered with IOTA on a data marketplace.
With a market cap of $6,363,359,128 as of writing, IOTA is all set to initiate its bullish rally in 2021.
#2: Unique Features Of IOTA
The management team of IOTA claims it to be an ideal footprint for the ever-changing Internet of Things ecosystem. The uniqueness of IOTA is that it offers a higher transaction speed than any other conventional blockchain technology.
IOTA has very little or no transaction fee. It has also successfully solved the issues of scalability that other cryptocurrencies had. IOTA uses a single block and a single transaction approach, making it much faster than any other blockchain network.
In time, IOTA’s main aim is to be the de-facto platform for existing transactions that happens between IoT devices.
#3: The BlockChainless Blockchain
While speaking of the characteristic of IOTA that sets it apart from other cryptocurrencies, it’s necessary to mention its unique network mechanism. IOTA has effectively established itself as a blockchainless blockchain that is highly scalable, fast, and cheap.
Instead of a traditional blockchain design, IOTA has developed a new platform known as the Tangle. It uses a mathematical concept known as Directed Acyclic Graphs (DAG) to validate its nodes. Blockchains can be highly vulnerable to attacks, but DAGS is highly secured.
IOTA processes faster, secure, and cheap transactions because it removes miners while validating transactions. Each DAG in a Tangle should approve two previous transactions at other notes for its transactions to be valid. Therefore, it facilitates microtransactions with high security.
With its newest upgrades on the network, IOTA’s unique proprietary technology, Tangle, drives in a wave of media and institutional attention, which will eventually boost IOTA to explode by the end of 2021.
Read More: IOTA Price Predictions
IOTA Major Upgrades And Partnerships
IOTA’S Major Partnerships
IOTA already has some strong partnerships with leading companies in the market. Companies like Cisco Systems Inc (CSCO) and Samsung Electronics Ltd. (SSNLF) have successfully partnered with IOTA to create a marketplace that can be monetized, later. Apart from this, Bosch, Airbus, Accenture are some of the other high-profile partnerships that IOTA has.
Chrysalis: The Biggest Update Of IOTA Network
The primary reason for IOTA to explode in 2021 is the initiation of its biggest update of history, Chrysalis. Chrysalis, also known as IOTA 1.5, is the second main-net of IOTA. It released its first set of changes towards production readiness, the Chrysalis Part I in August 2020.
IOTA tweeted that the second part of the update is expected to be released this year by April. The changes will bring major improvements in terms of performance, reliability, and usability, boosting its price in the market. The update will also increase the number of transactions per second to 1,000 TPS. Additionally, it will reduce the time to confirm a transaction eightfold to 10 seconds.
Many breaking changes will be made in the IOTA network improving the software’s reliability and performance. Therefore, with the launch of Chrysalis, IOTA will allow enterprises, developers, exchanges, and other partners to implement their solutions on the network. Chrysalis is going to be a breakthrough that will drive IOTA to explode successfully in 2021.
Meanwhile, IOTA has also tweeted about the initiation of its secure entry point to the new IOTA ecosystem, named the Firefly, stepping towards its newest update.
Check Out: How to Trade IOTA
Why IOTA Is Going To Explode In 2021: The Bottom Line
As the Internet of Things keeps expanding, the need for smart devices will become a necessity. IOTA will eventually become the backbone of the Internet of Things. Therefore the IOTA foundation is indeed one of the essential players in the crypto market among investors and institutions.
With its latest technological advancements in place, IOTA is going to explode tremendously by the end of 2021. Unlike other cryptocurrencies, IOTA aims to solve the issues of scalability, transaction fees, and usability with a novel technology that supports the future facet of technological advancements.
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