Hello again everyone! Today, I want to write about some of the recent news regarding the altcoin Iota. Over the past week or so, Iota has had some pretty major developments that I believe are great step forwards for a coin pushing for real world adoption. The developers of the Iota Coin and Platform, the Iota Foundation (IF), released the beta for their new Trinity Wallet last week. They then announced their plans for the new Iota Qubic platform yesterday! Let’s talk about what that all means for Iota!
Earlier this week, the IF team released the long-awaited beta for the Trinity mobile wallet. While a new wallet might not seem like a major event for a cryptocurrency, I can assure you that it is for Iota. One of the largest complaints against Iota and its potential for adoption was the lack of an intuitive, user-friendly wallet. Iota had both a mobile and a desktop wallet prior to Trinity, but it was very basic and not easy for a newer user to pick up quickly. In addition, the old wallet made it difficult to re-attach your funds after a Tangle snapshot.
Trinity wallet, however, provides an excellent mobile wallet solution to all of those issues in my opinion. The beta for the wallet (available here) is an elegant, easy-to-user experience for managing and transacting your Iota coins. You can easily link multiple Iota seeds within one wallet and it provides offloading of Proof of Work to enable quick and easy transactions. Finally, it provides an automated way to re-attach your funds after any snapshot. After playing around with the wallet for a couple of days and sending a few test transactions, I found it works just as well as, if not better than, any wallet for other cryptocurrencies. I was even able to get transaction times down to 1 minute in a few cases.
Personally, I think the Trinity Wallet is a great response by IF to the wallet criticisms. Any even crypto-illiterate user could download this wallet and easily send and receive transactions without any real set-up. Trinity is strictly available as a mobile wallet right now, but the desktop version is coming and should provide a full ecosystem for managing your Iota in the near future!
Iota Qubic Platform
The team also announced some preliminary information regarding their new Iota Qubic platform. This Qubic platform is still in its very early stages of development but they provided some details regarding their lofty ambitions. This platform is meant to enable distributed computation on the Iota Tangle through the use of their version of Smart Contracts. This is big! It inherently changes and grows the potential use-cases for the Iota coin. If successful, Iota will no longer be just a simple transactional network but also a complex, distributed computational network.
The goal of Qubic is to turn the entire Iota Tangle into one massive, world-wide super computer that ANY user can utilize much like Ethereum. This will be done by distributing computational workloads across many nodes and rewarding the owner of the nodes with Iota coins for completing the processing. In theory, this opens up massive amounts of computational power if you are willing and able to pay. This means that any user will be able to write a smart contract on the Iota/Qubic platform to perform any application they desire. Whether it be as simple as looking up the score of a football game or as complicated as training a neural network, any user now has access to all the computational power of Iota as long as they can pay the price.
If Iota can actually achieve this system, they could in theory have advantages over other platforms like Ethereum. Ethereum has the massive limitation in that it is tied to the scalability of blockchain technology. I will not go into detail as to why this a concern for blockchain, but it is an issue that is actively being investigated across all blockchain networks. Iota, on the other hand, uses a directed acyclic graph that scales much easier to blockchain. This means that Iota’s Tangle network is inherently better equipped to handle a massively distributed computational system. In addition, transacting Iota coin is also feeless unlike Ethereum further incentivizing the use of Iota over other coins.
The consequences of such a network are massive. Because it scales, the size of this super computer is theoretically unlimited and unlocks many problems limited by currently available amounts of computational power. This system would also be able to repurpose miners from other coin networks and allow them to perform useful computations, not Blockchain puzzles that are meaningless, and still get rewarded.
The Iota Qubic platform would also incentivize users to host Iota network nodes for the first time. Iota is a feeless transaction system that also requires transactions to be routed through network nodes. These nodes are not rewarded for this work because of the feeless nature. Many people have criticized Iota for this lack of incentivization and saw it as a concern for adoption. Why would anyone support the network for free? With Qubic however, users can host an Iota node and offer any spare processing power to other users and be rewarded for the work they do. Node owners can now earn money for supporting the Iota Network for the first time. That is massive and cannot be understated!
These are both big items coming from the IF team recently. The release of Trinity wallet shows that they are hearing the concerns of users and doing what it takes to achieve widespread adoption. More importantly, is a long time promise they are delivering upon that helps build trust in the Iota team.
The Qubic platform on the other hand is more exciting than anything. It is a lot of talk and outlines some seriously incredible potential. It is another promise from the Iota team. However, if the IF team can deliver on this one, Iota’s potential and real-world applications would grow immensely and put them up there with Ethereum in terms of technology!
If you’re looking to hop on Binance to get scoop some Iota, there was a major sell-off right before the news and the coin hasn’t recovered yet. If you believe in Iota’s value and think the team will deliver, now might be a good time to get in! Check out my post to get started or use my sign-up link on Binance if you’re feeling generous! Thanks!