5G, The Magic IOTA Needs
I just managed to obtain some IOTAs via the Bitfinex exchange.
Of all the cryptocurrencies listed in the article by EITN Editor, Saunthra Thambyrajah at http://www.enterprisetv.com.my/cryptocurrencies-the-top-8-in-the-blockchain-world/ , I must say that I do lay some pretty high hopes on this particular technology platform ‘token’.
The rationale for this particular cryptocurrency pick is simple: 5G Networks, whereby the inevitable movement to 5G networks will be the magic booster that the IOTA will need to accelerate its ranking and popularity as the world’s Top 3.
But before drawing the link between the rise of IOTA to 5G Networks, here is the excerpt in Saunthra’s piece that briefly explains IOTA for the benefit of those who are hearing it for the first time:-
Points of interest: If you work in the IT industry, you have probably heard of the Internet of Things (IoT), but it’s probably meaningless to a lay person. In simplistic terms, IoT is about putting wireless networked sensors and controls on ‘things’ such as thermostats, cars, watering systems, manufacturing lines, security cameras, clothing and much much more. These sensors will feed information back to a computer that monitors the ecosystem.
These devices require a power source, computing power, data storage and network connectivity to be able to function. This is where the IOTA peer to peer platform comes in as it enables an exchange mechanism for IoT devices to find and use these resources. It was created in 2014.
The people at IOTA observed that as the IoT market expands, the need for interoperability and sharing resources will become a necessity. “IOTA enables companies to explore new business to business models by making every technological resource a potential service to be traded on an open market in real time.”
Given that interoperability is a key feature of this platform, the folks at IOTA deconstructed the blockchain ledger and created the Tangle ledger, based on a directed acyclic graph for IOTA users to go backwards, forwards and sideways to find opportunities.
The Tangle ledger is able to settle micro and nano transactions with zero fees and opens up business opportunities for companies that were not possible before because the fees would have been higher than the transaction cost.
Disruptor of: The IoT resources and services industry by making resources cheaply available.
Now, back to why 5G networks will be the magic booster for IOTA.
Industrial, commercial and public prototype applications for 5G networks are already underway by large telco ICT global brands such as Ericsson, Nokia, Huawei and Qualcomm.
Besides the obvious advantage of speed (with 5G, we are looking at 4-30x greater connectivity speeds than current networks); the two other major advantages directly benefit the IoT trend.
In the move from current 4G networks to 5G, there will be also:
i) Improvements in Latency from 40ms (with 4G), to as low as 1ms with 5G.
ii) Number of connected devices with 5G networks will increase up to 100 billion simultaneously connected devices.
So what is everyone waiting for?
Well for one, before any 5G network can be rolled out for IoT applications to be able to work beautifully, there is first the 5G standards to address. The first 5G standard that is being developed now by 3GPP will be ready in 2018, and will be available commercially in 2020.
So simply, the rationale process is this:
> When 5G standards are finalized by 2018…
> 5G Networks will be rolled out across the markets…
> Leading to IoT applications finally being deployed for the masses…
> Driving the demand for a cryptocurrency ‘token’ that enable an exchange mechanism for IoT devices to find and use computing resources.
With ready 5G networks, IOTA will finally achieve its full potential of “enabling the exploration of new B2B models by making every technological resource a potential service to be traded on an open market in real time.”
The transaction of resource for IoT for secure and smart cities, and machine-to-machine enablement for intelligent factories, public safety, power grids, finance, etc…. one cryptocurrency will stand out and it will be IOTA.
IT BYTES BACK! Says: Heck in fact, the IOTA community has been trying to get Elon Musk and Tesla’s attention (probably has) knowing full well that their advocacy for IoT will be synergistic to an astronomical growth of IOTA.