IOTA (MIOTA) Has the Tech But Not Enough Buzz
According to Wikipedia, IOTA is an open source distributed ledger focused on providing secure communications and payments between machines on the internet of things. IOTA uses direct acyclic graph technology instead of the traditional blockchain.
What is Direct Acyclic Graph?
Direct Acylic Graph or DAG, is a complex mathematical and computer science way of saying that IOTA has the superior technology to blockchain. Also to note is that IOTA simply refers to the DAG as the tangle.
I am no mathematician but according to the IOTA website, IOTA has a tangle ledger that is able to settle transactions with zero fees so devices can trade exact amounts of resources on demand as well as store data from sensor and data loggers securely and verified on the ledger.
From the above statement all a user cares about is the possibility of zero transaction fees. If such a technology guarantees zero fees, it must be superior.
On the other hand, cryptocurrencies using blockchain, have transaction fees that the user has to cough out to the miners. Currently, bitcoin has the highest fee of verification at $26 dollars per transaction.
In addition to zero transaction fees and unlike Bitcoin, IOTA has two real life applications.
The first is the aforementioned feeless payments. (How wonderful!)
The second is the secure data transfer and anchoring between nodes or machines in the network.
In the second case, we can use IOTA in applications for smart cities, smart power grids, transportation and logistics, just to name a few.
So, why is IOTA unable to rise in price in the numerous cryptocurrency exchanges when clearly it has the superior technology?
I have one theory.
The IOTA team lacks an aggressive marketing campaign to spread the gospel about the IOTA network’s capability of changing the world.
From where I sit, IOTA should have gone past the $10 mark and should be soaring towards the $20 ceiling on the way to the moon.
So what constitutes good marketing to create a buzz?
Firstly, the IOTA team needs to hire the right guys in their team. Something similar to what Ripple did by poaching facebook’s communications manager, Tom Channick.
A communications manager ensures that employees and external stakeholders are kept up to date with the company’s developments on a regular basis.
Considering the fact that cryptocurrencies are decentralized, such a manager would make sure that all social media platforms are blazing hot with IOTA news, updates and even rumours.
No wonder Ripple chose facebook’s communications manager for the job. This guy probably invented fake news! (Just kidding!) But you understand that this is a guy that was in charge of communications at facebook so he knows the ins and outs of social media marketing.
IOTA should hire such a guy!
Secondly, IOTA has a small fan base on its Telegram group. The group boasts an impressive 5,236 members. This is a good number if you are a small coin in the $0.20 range. But for a $4 cryptocurrency like IOTA, this number should be close to 20,000 members.
I believe that most of the members on the group are supporters of the tech and die hard IOTA fans. However, being a believer in a concept does not raise the share price in the cryptocurrency market. Noise and buzz has to be created for a coin or token to skyrocket in price. The members in the group should take it upon themselves to inform people about IOTA.
Of late, tweets by John MacFee about little known coins such as Reddcoin, Burstcoing and Vergecoin have left crypto enthusiasts, including myself, into buying a few coins simply because John MacFee said so.
IOTA should find such a guy to mention its name on any prominent social media platform.
Another option would be an endorsement from a big tech wizard such as Larry Ellison or Bill Gates.
Thirdly, and not necessarily the last way IOTA can market itself, the feeless payment aspect is a goldmine waiting to be utilized in the finance sector. If IOTA can find one bank to partner with, its price in all exchanges will moon in an instant.
However, we all know that banks make their profits from transaction fees. Therefore, the IOTA payment system can be an end to end settlement platform for banks and large institutions.
Another option would be for IOTA to go into the finetech world on its own offering a mobile friendly payment option similar and better than paypal, paysera or MPesa.
In conclusion, IOTA is the cryptocurrency damsel that has not been fully discovered.
With the right marketing, IOTA can soar to the levels of the big boys such as bitcoin, litecoin and Ether.