IOTA Coin: IOTA, the digital currency for the Internet of Things, is ready for launch

IBM proposed very early that the Internet of Things might be an excellent application scenario for blockchain technology, and developed some proof-of-concept projects related to the Internet of Things with Samsung based on Ethereum. Currently, blockchain technology still has many applications in the supply chain, including overseas Skuchain and domestic project Vechain, which recently announced successful financing. IOTA introduced in this article also hopes to gain more practical applications in the Internet of Things, but this article only introduces the IOAT project, and we are only translating this report. If you want to invest in related projects, please be sure to carefully study the relevant risks. At this stage, investing in any blockchain and digital currency projects is a huge risk.

IOTA, a decentralized IoT token, is now ready to enter beta. IOTA is a micro-transaction crypto token that can help build the Internet of Things (IoT) structure. The IOTA protocol uses Tangle, which functions similarly to blockchain, more like a simulated version, with more uses.

IOTA tokens will be available for testing by a limited number of users outside the company in early February, company co-founder David Sonstebo said.

David Sonstebo was interviewed by Cointelegraph back in October 2015, before the launch of IOTA, and we caught up with him again to hear him describe the upcoming beta version.

CoinTelgraph: Is there anything new about IOTA since we last spoke to you ?

David Sonstebo: We have raised almost $500,000 from the community and have invested it in the Vientiane Blockchain Lab.

CT : What features will you be testing in this beta version?

DS: Data and Transactions. IOTA focuses primarily on the data transfer layer and transactions.

CT : Can you explain the technology behind the IOTA beta?

DS: IOTA is the first blockchain-free crypto token. We have created a completely new product called Tangle, which is based on a directed acyclic structure. This makes it possible to further decentralize the network and greatly enhance the scalability of the product. Since IOTA does not charge fees, it becomes the best choice for real-time payment. For example, a detector that collects information can transmit the collected data to a nearby processing station in real time. Another easy-to-understand example is the use of electric bicycles. With IOTA, the price you pay for the bicycle is the real-time price you actually rented, not a cent more or less. But this technology is completely applicable outside of the Internet of Things to any service that requires real-time fee calculation. An example is an online music service, where you don’t have to pay to register, but just pay for the exact time and amount of music you listen to, or e-books, where you can only pay for the pages you read.

CT : In a previous interview, you said that you discussed overlaps with people from Ethereum, BitShares, Nxt , and Bitcoiner , and how different technologies could work together. How has that progressed? Are you still working together or facing competition from existing altcoins ?

DS: We remain open to collaboration and symbiosis with anyone who recognizes the potential of the Internet of Things (IoT). Sergio Demian Lerner of Rootstock has been an active participant in the community since day one, and we are actively pursuing possible collaborations with their smart contract platform to create more functionality for IOTA. We are also in contact with some people in Ethereum Core, BitShares and other crypto projects have expressed their interest. But until the beta is going well, testing this interoperability will be very difficult. This will become clear in the coming weeks.

CT : Can you talk about IOTA ’s funding environment?

DS: We don’t have investors, we just sell tokens to people who are willing to buy IOTA tokens. The total amount of IOTA is fixed, and the price of each initial IOTA token is determined by the total purchase funds.

All IOTA has been sold and we have no "private stock" left for ourselves. We chose this structure because we believe that a decentralized economy will emerge where no one can "control" this economy. Now if someone wants to buy iota, they must go to the market, make an exchange or buy it from an individual who holds iota. The team behind IOTA will definitely maintain this mechanism, but we have no plans to find funding now. In the future, we may raise funds through consulting and other services to achieve better development, but our roadmap does not include financing yet.

CT : Who is IOTA collaborating with now or planning to collaborate with in the future?

DS: Since we are still in the quasi-beta phase, we don’t have “official partners” yet, and many interested companies are waiting for the test results of the technology. But we are in contact with several companies, even startups using IOTA. After 3-4 weeks of the beta version, I will be more confident to talk about these partners.

CT : Is there anything else you would like to say to our listeners?

DS: I welcome everyone who is willing to participate in the beta and upcoming versions, and I would like to thank the hundreds of enthusiastic people who participated in the official Crowdsale. The journey has just begun.