What Is the Next Ethereum? Which Is the Next Cryptocurrency to Boom?
Ethereum is still a relatively new proposition in the world of cryptocurrency but it has been doing particularly well since the beginning of 2017. It has proven its vast potential and usability to become the next Bitcoin or rather more popular than Bitcoin. After this, what will be the next Ethereum and which will be the next cryptocurrency to boom?
Disclaimer: The content below should not be taken and viewed as investment advice, but only information and opinions. This article is for information and illustrative purposes only.
What Is the Next Ethereum? Which Is the Next Cryptocurrency to Boom?
You may remember life before the Internet. Soon, you will refer to life before the blockchain. No doubt, Ethereum is at the forefront of the blockchain movement. This technology is shaping and changing our lives.
Ethereum has taken Bitcoin blockchain to another level with smart contracts. Then, the Ethereum blockchain is being used to establish Ethereum blockchain based new blockchains.
As you can see, there are many emergents in the market now offering almost the same technologies to the public. There isn’t any distinctive feature can differentiate these emergents as a genuine successor to Ethereum blockchain.
We all know that blockchain has three biggest issues: Scalability, fees, and high hardware and resource requirements.
The technological limitations of blockchain are apparent to everyone.
Recently, Vitalik Buterin entered a discussion on Reddit to list the criticisms of Ethereum that he believes are valid. One of the issues to deal with is its scalability, of which the team at the Foundation have been rapidly putting additional resources toward increasing the efficiency of the network, alongside planning longer-term changes that will greatly increase the network’s scalability.
One of the long-term solutions or development plans the Ethereum Foundation is looking into is the possibility of switching the consensus protocol of Ethereum from Proof of Work (PoW) to Proof of Stake (PoS) – Casper.
However, the biggest concern is the possibility of a split chain like what it did after the execution of the DAO hard fork, which resulted in the creation of Ethereum Classic.
Perhaps the next Ethereum shall be non-blockchain? If that is the case, I vote for IOTA.
What is IOTA?
IOTA is a groundbreaking new open-source distributed ledger that does not use a blockchain. Its innovative new quantum-proof protocol, known as the Tangle, gives rise to unique new features like zero fees, infinite scalability, fast transactions, secure data transfer and many others. One might refer to Tangle as a “Blockchain without Blocks and the Chain”
Born in 2014, it is the only technology of its kind that is able to function as the lightweight distributed ledger with scalability, quantum resistance and decentralization for all IoT devices.
IOTA was created as a far related derivation of the blockchain technology but is far more advanced and is already recognized in the innovation-press like Forbes, Techcrunch, International Business Times and Huffington Post.
Unlike typical blockchain architecture, in IOTA there is no separation of users and validators; rather, validation is an intrinsic property of using the ledger, thus avoiding centralization.
In short, IOTA has no mining, no blocks, no difficulty, no transaction fees.
Ethereum recently pumped due to Bitcoins lack of scalability, but the bancor ICO showed that Ethereum also scales poorly. Today’s blockchain technologies have clear limitations regarding scalability, computing resource requirements and transaction fees.
In IOTA, scalability and adapting to high-throughput environments where devices make thousands of transactions is the norm. As such, IOTA is the first permissionless distributed ledger that achieves scalability, making Machine-to-Machine payments for the IoT possible.
IOTA was designed to enable transactional settlement at scale. Since consensus is parallelized, and not done in sequential intervals of batches as in Blockchain, the network is able to grow and scale dynamically with the number of transactions. The more transactions are made, the more secure and the more efficient the Tangle gets.
Learn more about IOTA from www.iota.org
Should I Buy and Invest in IOTA?
The Internet of Things offers exactly this rapidly expanding landscape for communication service providers (CSP’s) to explore new revenue and growth opportunities. With IoT connections expected to reach more than 1 billion by 2020, the need for a secure, cheap and scalable micro-billing mechanism is apparent to everyone.
Some say IOTA is new and there is a huge potential in its project. That is not entirely true. IOTA development began with hundreds of supporters back in 2015 and it has been covered in TechCrunch, VentureBeat, Forbes, Cointelegraph, CIO, etc. repeatedly. It is not a new project and they have been there for a while now.
Although it is not a new to some of us, in my opinion, IOTA is still far away from “mass-adoption”. Months of negotiation and clever strategic management of the IOTA-CORE, especially David Sønstebø’s efforts and Dominik Schiener’s participations in meaningful IoT-conferences, lead to tons of collaborations and partnerings between IOTA and real companies.
Investing in IOTA now at the time of writing is a good choice as it is barely out the gate publicly. The team slowly began releasing information about the partnerships that they have worked on with large organizations since late 2015. Over the last few years, It has gained its momentum and ready to take off anytime soon.
The most recent news from IOTA was it launches DLT Research & Innovation Network from Norway. Norway has always been world leading in adopting digital technologies across both the public and private sectors and is now waking to the potential of Distributed Ledger Technologies (DLT), the IOTA Foundation has teamed up with leading Norwegian clusters, research and academic institutions to create a new DLT research and innovation network.
From my point of view, the price of IOTA will further rise in anticipation of other exchange launches and make one big jump up once a series of exchange listing is announced.
IOTA is still under the radar, but there are great indicators that this won’t take long to change. Looking at the Google Trends interest below, IOTA is slowly getting more attention as the ecosystem grows every day. The reasons for the overall growth numbers are that the founders, and especially Dominik Schiener, are participating in conferences, hackathons, and presentations for months.
How and Where to Buy IOTA?
You are now able to buy IOTA on Bitfinex. If you want to buy IOTA before it picks up speed, have a Bitfinex account ready. You will be able to buy IOTA with both BTC and USD.
However, it may not be feasible for those who wish to deposit fiat currency other than USD.
Wire transfers are available for 0.1 percent of the amount, with a minimum fee of 20 dollars. Express wire transfers, which are completed within 24 hours on business days, cost 1 percent of the amount, with a minimum fee of 20 dollars.
Bitfinex also accepts TetherUSD and digital currencies such as Bitcoin and Ether. To avoid all the hassle, you can buy IOT with Bitcoin.
There are many ways to buy Bitcoin. Perhaps the easiest way is through Coinbase or Coinhako. Once you have purchased some Bitcoin, you are ready to buy some IOT on Bitfinex. Buying Bitcoin is straightforward.
Buying Bitcoin on Coinbase is straightforward. Registration is pretty straightforward, requiring things like your name, email, and a verification of your identity (eg: pictures of your driver’s license, etc). Once your account is created and verified, you’ll need to add a funding source like a bank account and/or a debit card. Once this is set up, you can buy some Bitcoin.
The reason I encourage my readers to buy BTC from Coinbase because you will get $10 free BTC once you trade your first $100 through Coinbase.
Then, go to Bitfinex and get your Bitcoin wallet address. Then send BTC from Coinbase to Bitfinex.
Just one click and your funds should be on their way to Bitfinex. It will take a bit of time, perhaps 5 minutes or more, for your Bitcoin transfer to complete.
Once you receive BTC in your wallet in Bitfinex, you can proceed to get some IOTA by going to “Trading”, “IOTA”, “IOTA/BTC”.
Then type in the amount of IOTA you wish you trade with your BTC.
You just exchanged Bitcoin for IOTA.