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To understand IOTA, you need to understand the Internet of Things, or IoT. IoT refers to the network of internet-connected physical objects able to collect and exchange data using embedded sensors. Computers, microchips, kitchen appliances, hospital devices and cars are all part of IoT. IOTA, the cryptocurrency, accurately refers to itself as “the backbone of IoT.” IOTA wants to become the standardized ledger of IoT, which supporters of IOTA call “the Ledger of Everything.” To simplify: The Internet of Things is every object with an internet connection. By the transitive property, IOTA has the capability of being the standardized currency of those things. This is often referred to as the machine-to-machine economy or (m2m). Yes, in the near future, your solar panel may be contacting your neighbor’s light bulbs to “sell” its own energy (hopefully in IOTAs) without you even getting involved. It’s Wall Street meets iRobot. Sounds crazy, right?
Microsoft, Volkswagen, Samsung, Cisco Systems, and Fujitsu have all signed up for Data Marketplace, a two-month pilot program created by The IOTA Foundation. By using IOTA’s technology to share data, these companies will get a taste of what the Internet of Things can do for them. The network of these partnerships is expected to raise IOTA’s profile and hopefully, encourage other brands to deepen their pockets and open up their minds to the IoT.
The value of IOTA surged over 900 percent. As of Dec. 18, IOTA is valued at $3.95 U.S.