IOTA @ FORBES
2017/06/15
IOTA's Bitfinex Listing Surges To $1.5B Record-Breaking 'Crypto' Capitalization On Market Debut
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Their listing has broken records by exceeding $1.5 billion (bn) in market capitalization during its first day of trading on Bitfinex’s cryptocurrency exchange. It represented the largest capitalization of any crypto-currency following listing, with the first day of IOTA token trading being Wednesday, June 13.
A communique to flag up the record breaking result stated: “IOTA is gaining significant attention within the IoT community, including leading manufacturers, due to its uniquely designed ‘Tangle’ platform.”
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Just imagine a connected electric car that requires re-charging, or a connected server with spare capacity for rent, or an internet gateway with spare bandwidth. IOTA provides the value-exchange mechanism for connected devices to use those resources and to pay for them instantly, with micro-payments between the distributed devices - and the companies who own them.
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David Sønstebø, the founder of IOTA that has a presence in Berlin’s fintech hub and has been in development for several years, commenting asserted:
“The world is poised for a new ‘economy of things’ where connected devices exchange financial value for the resources they need.”The Norwegian who is in his late 20’s elaborated:
“But there’s been no way for companies to collaborate in practice - the settlement layer has been missing. That’s the problem we’re solving at the IOTA Foundation with a new type of blockchain that overcomes the scalability and cost problems we’ve seen with both Bitcoin and Ethereum.”(...)
Unlike Bitcoin or Ethereum there are no IOTA miners, but rather each connected device provides the CPU resources required to process transactions. Bitcoin and Ethereum process blocks on the blockchain in sequence, while Tangle makes it happen in an instant manner and on a peer-to-peer basis.
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Jamie Burke, CEO and Founder at Outlier Ventures, a venture capital (VC) firm based in London, explained:
“That’s the genius of what David, Daniel and their team have been able to achieve with IOTA. They have resolved the fundamental conflicts in the design of the first iterations of public blockchains that have stopped them scaling.”(...)
The IOTA team brings a wealth of experience amongst its four co-founders who have been active in the blockchain space since 2010, with co-founder Sergey Ivancheglo having invented the ‘full Proof of Stake’ consensus algorithm.
It is understood that
the Tangle platform is already being examined by over thirty major corporates including Bosch, Cisco, Innogy, Microsoft, Canonical/Unbuntu SAP, UBS as well as one of the world’s largest automotive manufacturers, to develop a range of prototypes.
Full article @ FORBES
https://www.forbes.com/sites/rogeraitken/2017/06/15/iotas-bitfinex-listing-surges-to-1-5b-record-breaking-crypto-capitalization-on-market-debut/#73c75f9275a5