A few years ago, the IOTA token was a project that is expected to grow in value significantly over the next few years. The excitement around IOTA was especially high in Germany, as the project was mainly launched in Berlin. However, disappointment was inevitable, and in 2022, most investors doubt that the IOTA token will ever regain its relevance. Does cryptocurrency have a future in 2022?
What is IOTA?
IOTA is a blockchain project launched in 2016 to enable fast, device-to-device transactions on the Internet of Things. One of the co-founders was the German Dominik Schiner, and the development of IOTA took place in the German capital Berlin.
With its blockchain concept, which was extremely revolutionary at the time, IOTA survived the incredible hype of the 2017 bull market. Instead of a blockchain, IOTA uses a 3D tangle where transactions must take place. Partnerships with major companies such as Bosch caused a massive influx of investors to the token, which temporarily brought the cryptocurrency to the 4th place among the coins with the highest market capitalization.
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Why did IOTA fail?
After the IOTA hype in 2017, the fund behind the project unfortunately failed to deliver on the promise of a highly efficient and decentralized network. Further development stopped in the following years. Tangle could not have been designed in such a way that the network was truly decentralized.
Many of the original founders withdrew from the project, so Dominik Shiner took over the management of the project. Partnerships with major companies failed due to a technical outage. Many other projects have technically overtaken IOTA. By 2022, the network will not reach the state of the art in the field of blockchain.
Could the web be relevant again in 2022?
To address issues with decentralization and network scalability, IOTA has for some time relied on Coordicide, a network upgrade that aims to make it decentralized and more scalable. More recently, IOTA released the Shimmer and Assembly networks on Tangle. Read more about the further development of IOTA here.
If the network does solve its scalability and decentralization issues in the coming months and years, IOTA could at least slightly catch up with modern networks like Cardano, Solana or Avalanche. There is still potential, but after years of stagnation, skepticism prevails.
Can MIOTA hit the $10 price point?
In 2017, the price of MIOTA topped $4 as part of a major bear market earlier in the year. But in subsequent years, IOTA was never able to reach that price again. MIOTA is currently priced at just $0.34 and the cryptocurrency ranked 53rd among the coins with the highest market capitalization. MIOTA has been ranked around 50th in this area for quite some time now.
MIOTA price for the last 12 months, source: Coinmarketcap
Optimists continue to hope that MIOTA may return to its all-time high soon and possibly see $10. Previous lunar prices like $50 don’t seem very realistic at first glance. To do this, IOTA must take an extremely important step towards decentralization and scalability.
Should you invest in IOTA now?
If you are looking to invest in IOTA, now is a relatively good time. The price is very low due to the bear market and you can accumulate a lot of MIOTA tokens with your investment. The potential of the network is still extremely high, but the market has not forgotten the incompetence of recent years.
Investing in IOTA can be a risky move as you can make big profits in the future. As an addition to “safer” cryptocurrencies such as Bitcoin and Ethereum, long-term investments may be worthwhile.
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