Alright, guys. Today, we're going to be talking about a project that's been around since 2017
that, maybe if you're newer to crypto, you haven't even heard about,
but, if you didn't know, that's actually the No. 1 coin in the entire 2017 bull run,
starting with the ICO and giving face-melting gains.
But, over the years, it kind of seemed like it fell off a little bit,
but it's back in the news, and we're going to tell you why.
It's exciting.
You're going to like this one more than just a little bit.
Let's get it!
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My name is Ben.
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They may think this could be a gem.
And we're going to get into why.
So let's go ahead and bust down IOTA.
So let's start with what the word "iota" means.
Iota in Greek means the smallest piece of something.
And you kind of think of it like this.
IOTA wants to be a small piece of everything,
especially when it comes specifically to the Internet of Things.
You think of the first three letters of IOTA,
I-O-T,
Internet of Things.
So, what is the Internet of Things?
Well, the Internet of Things is basically an invisible web
that connects every single device on Earth that has WiFi on it.
It's a gigantic web of communication between these devices.
So now that you briefly know what it is, why is it back in the news?
Why are people super excited again about IOTA after basically a 5-year break?
It had a lot of partnerships over the years, but it didn't really seem to take off.
Well, the reason is,
it is in the running to be one of the ISO 20022 coins,
along with XRP, XDC, Quant and many others.
As you know, we've talked about extensively on this channel,
ISO 20022 is going to change the way transactions are done all across the world.
And the fact that IOTA is included in this potential list,
man, that is big for this project.
And it's got people excited and buzzing again about IOTA.
So let's break down a little bit more about the technology of IOTA
and what separates it from, let's say, a normal blockchain.
So IOTA is a feeless distributed ledger.
Not quite the same thing as blockchain.
It uses a heavily modified proof-of-work consensus mechanism
called Fast Probabilistic Consensus.
I know it's a mouthful.
So instead of bouncing off one node,
it actually splits a transaction across every single node that's on the network.
So the workload gets split among all users on the network.
Now, to stay active,
you actually have to confirm two transactions for every one that you send out.
So as I mentioned, IOTA doesn't actually use a blockchain.
And, you know, some people might say it's a little concerning
that in the world of blockchain and crypto and distributed ledger technology,
that we're already looking for newer upgraded versions of blockchain.
The one IOTA uses is called the Tangle.
And it can be quite confusing to look at.
If you look at a model of it,
it basically looks like a gigantic net where all transactions fit inside of it.
So why reinvent the wheel here?
Well, it's because you can kind of think of it like momentum.
The more transactions that engage in activity that goes on the network,
the faster the network starts to operate
because, as I mentioned before,
two transactions have to be confirmed for every one that sends out.
So there's all kinds of incentive and motivation
for the users on the network to confirm the transactions
in order to send one out.
So the consensus is spread all around,
instead of waiting for one block on a blockchain to confirm,
and all the transactions go through at that time.
Basically, the long and short of it is,
IOTA is meant to be fast.
~gotta go fast~
So IOTA is a network that wants to overlay all internet connected devices.
But in order to scale even further,
what IOTA intends to do is to make these devices more efficient
without affecting the cost to manufacture them.
There's no bells and whistles that have to be added to these devices
to work in tandem with the IOTA network.
This means anything that's connected to the internet can use IOTA.
This will include farming equipment, hotel rooms, traffic lights,
medical devices and everything in between,
not to mention things involved with ISO 20022,
such as banks and ATMs.
IOTA's aim is to make collaboration between algorithms and machines
not only possible but seamless.
And the more our world turns to internet connected devices,
the bigger this is going to become.
This is going to create a massive improvement for manufacturing
while driving the price of goods actually down.
And because the network is feeless,
it is totally scalable.
It doesn't have to add a new upgrade,
like the Ethereum Merge, in order to operate correctly.
But to make this work,
every device has to have an ID.
And that's something IOTA is working on right now,
digital IDs for all devices.
And since this is so important,
this is front and center for the IOTA roadmap going forward.
Now, of course, as we're moving towards this world of Web3,
this is complicating things a little bit,
which is why IOTA is working with the World Wide Consortium
in order to create these DIDs, or digital IDs, for all these devices.
So, what is the long-term goal of this?
Why is it so important that all of these devices are connected
and communicate to each other?
Well, it's very simple.
Smart cities.
Remember this.
Smart cities.
This will be a world where everything is algorithm-driven inside of a city.
So, the grass needs water?
Well, you don't need anyone to punch in any numbers.
The devices know.
The sprinklers automatically come out and start watering the grass.
Stoplights
Well, have you ever been at a stoplight,
and you've been sitting there, and you're like,
"It's two o'clock in the morning.
No one is here.
Why is this light not changing for me?"
Well, that's because they're pre-programmed.
Well, with smart cities,
the lights will know if there's people there or not,
and they will help control the flow of traffic even better.
IOTA is trying to be the base layer for smart contracts within these digital cities.
Now, I want to warn you.
Digital cities are coming.
But they're a ways off.
We may be 15-20 years away
before we actually see an entire smart city acting efficiently, properly and effectively.
But that doesn't mean it's not going to happen.
The groundwork has got to be laid right now.
And this is what IOTA is trying to do.
So, right now, the price of IOTA is sitting at about 30¢,
and the total supply is 2.77 billion MIOTA.
Now, you may be a little confused because the project's named IOTA.
Why is the ticker MIOTA?
Well, it has to do with the way that the token is broken down.
IOTA is the name of the project,
but it's also the breakdown of the smallest possible price of the coin.
So you can think of it kind of like Wei for Ethereum.
That's the smallest fraction.
Or Satoshi.
So what the smallest breakdown of a Bitcoin is, a Satoshi,
that's equal to the smallest breakdown of IOTA, which is IOTA.
I know it's a little confusing.
So, where does the M come in?
Well, it stands for million,
which means when you purchase MIOTA,
you're actually purchasing 1 million IOTA.
I know it's a little confusing.
I generally just call the project IOTA and ignore the MIOTA.
But that is the way that it's broken down on different sites.
So I hope you start to understand that IOTA is not a project to just throw to the side.
It's been around for a long time.
It's been around for five years now.
It's made a lot of headway with a lot of great partnerships we didn't even talk about.
Maybe we can do that in another video.
So when you take the longevity of IOTA and you combine it with the fact
that it's in the running to be ISO 20022-compliant,
it's supercharged.
This is why we have it in our ISO 20022 portfolio.
And we think the sky could be the limit for this project.
I mean, the fact is, this is not fly-by-night.
It's been here.
The Tangle, the name of their infrastructure,
has been really critiqued by a lot of people over the years in blockchain,
but yet, it's still here.
It's still running, and it's still operational.
I think the biggest thing to take away from all this is to realize
we're a little bit further away from total adoption,
smart cities,
the Internet of Things,
totally being connected in one kind of invisible tangle, if you will.
We're a long ways away from that.
It's years down the road.
But right now, IOTA is still continuing to lay the groundwork.
And I think there's something to be said about that.
And any project that's been here for over five years and can still stay in the top 100,
like I said, it's got staying power.
ISO 20022 may be the thing that pushes IOTA over the top.
And you should start paying attention.
Alright, guys. That's all I got for this video.
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That's all I got.
Be blessed.
BitBoy out.