Ethereum Classic (ETC) or IOTA (MIOTA) – Smart Contracts, IoT, Future Developments
IOTA block-less platform uses DAG (directed acrylic graph) technology that is supported by Tangle. This makes it different compared to other cryptos including Ethereum classic. There is no mining with IOTA, and the network is highly scalable, and it can handle lots of transactions for which there are no costs.
ETC is a blockchain0based crypto that uses proof of work algorithm to secure the network. The latest developments on the market eliminated the scalability and high transaction fees issues.
Smart contracts and IoT
Both cryptos are testing the IoT space. IOTA has been here for a longer time, and ETC developers have also been working to make the platform appropriate for this.
It’s important to note that all platforms that want to apply the IoT concept need to use smart contracts. Ethereum Classic already uses them, and we can say that it has a better shot at this. On the other hand, IOTA’s recent achievements also made it possible for it to have smart contracts on Tangle via Qubic protocol. In other words, IOTA seems to be a massive competitor for Ethereum Classic and more similar platforms.
More voices in the crypto space have described Ethereum Classic as an under-evaluated crypto. On the other hand, its recent developments and achievements make it possible for Ethereum Classic to be on its way to global adoption.
This is mainly thanks to the Ethereum Classic Labs, the “catalyst to build infrastructure, encourage & help startups build truly decentralized applications on ETC blockchain” the coin’s success is also triggered by Thailand’s efforts to legalize the coin in the country.
IOTA’s future will definitely depend on the success boasted by the Qubic protocol which still has to be deployed. On the other hand, the IOTA foundation made sure that the coin will get massive adoption in the forthcoming days thanks to lots of partnerships that include the Norwegian Bank, Microsoft, and UN which will use IOTA’s distributed ledger technology to explore efficiency and transparency.
Both cryptos have lost double digits during the past week, and they are currently trading in the red. ETC trades at $13.34 while MIOTA currently trades at $1.20 on CoinMarketCap.
Regarding global adoption, ETC will probably establish itself as a smart contracts platform and IOTA looks better on the long-term thanks to its various important partners who are all working to implement the Tangle network.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.