IoT Coins: The Cryptocurrencies of the Future?

Last year, was the year in which the cryptosphere appeared to “get real”. Awful projects and scams vanished within a blink of the eye. ICO investments dropped nearly 90%. It was all out bloodshed. This year, most of us left are looking at the future with optimism. Real projects such as RVN, UPX, and EOS are receiving the recognition they deserve, or at least are starting to. Obvious dead projects such as SALT and Stellite are starting to finally die off, rather than linger around like we have seen with other recent projects sent to the graveyard. Those not producing real value for the community are crumbling, those whom are producing value, are at the forefront of the next bull market.
We have talked about both RVN and UPX before. RavenCoin (RVN) has already made some substantial moves. Given the projects features and progress, it will likely continue to only move forward. However, we’re not here to talk about RVN today.

Today, we will be talking about the top IOT coins: uPlexa, IOTA, and Electroneum. The premise of these three projects does have quite a range. uPlexa and Electroneums vision is to enable mining on all IoT devices to power their payment networks and provide a passive income to IoT devices. Whilst uPlexa is focused on privacy and anonymity, Electroneum is focused on transparency and anti-money laundering. IOTA aims to create a new generation of blockchain by ridding of mining all-together by forcing devices to solve two previous transactions for every transaction they make. Let’s get into it!

uPlexa

The uPlexa team has created a working private based payment system allowing for IoT devices to power their network by solving transactions. With uPlexas latest algorithm (UPXTWO or PLEX), they have seemingly created the most beneficial algorithm for IoT devices to mine and make profits from. We have talked about uPlexa before, and how undervalued they are. Recently, their competitors “IOTA” released a wordpress plugin, receiving a huge spike in attention. The uPlexa team had already released such a plugin, on top of payment plugins for platforms such as Magento, OpenCart, PrestaShop, and WHMCS. The team replied with a shoutout to their “fellow IoT brotherns” with:

We have previously seen uPlexa go from 3 satoshis (0.00000003 BTC) to 22 satoshis (0.00000022 BTC) prior to their new algorithm release. A whopping 7x+ after we had suggested users take a look into the project. Unfortunately for the uPlexa team, the massive spike in new users resulted in a few minor bugs, and a load of extra support. In the mean time, quite silently may I mention, the uPlexa team has been hiring on more support and decided to take the whole month of May to fix bugs, create a thorough marketing plan for June, and work on what they deem “crucial groundbreaking technology for the IoT blockchain industry”.

The worlds first actual Android Miner:

Electroneum, after obtaining nearly $40M USD in funding was able to create a cloud based Android miner last year, resulting in quite a backlash from their community. The miner does not use its own resources to mine, but rather uses a pool of premined coins to payout users for “simulated mining” according to their press release. On the other hand, uPlexa was able to release a real-world working miner for Android devices, and Raspberry Pi’s. With the latest algorithm, we’ve seen massive hype within the IoT realm when it comes to IOT mining:

 uPlexa PoS/PoW split:

The uPlexa team has stated they will be releasing their information on their upcoming PoS/PoW split, allowing for masternodes, or “utility nodes” on their network. The announcement is to come on June 3rd. The utility nodes will not only be able to provide an additional income for users by allowing them to stake UPX, but also allows for uPlexa to achieve its goals in creating its own anonymity network much like TOR, and enabling instant transactions. A spokesperson for uPlexa has stated that utility nodes will receive a partial block reward for powering transactions and acting as exit nodes on its anonymity network. But.. It doesn’t end there. uPlexa also aims to allow for anonymous DApps to be built on-top of their anonymity network, allowing for privacy based apps to be created without the overhead of infrastructure.

The spokesperson from uPlexa has also hinted at their next major release being “the storm”:

I know myself and @meandertal have been silent on the front while strategizing on the back, but if you’re still here, then you probably already know – we get things done. This IS the silence before the STORM…

Confirmed on twitter:

It could very well be an exciting month for uPlexa this upcoming month, and for the foreseeable future. With uPlexa being back around the 5 satoshi mark due to Bitcoins latest explosion and their month of silent updates, it could potentially be one of the best times to look into the project.

Check out the uPlexa project:

Website: https://uplexa.com
Twitter: https://twitter.com/uPlexaCoin
Discord Chat: https://discord.gg/a7mAQwJ
Telegram Chat (new): https://t.me/uplexaOfficial

 

IOTA

Much like the uPlexa project, IOTA plans on enabling IoT devices to help power verification and settlements to make available its properties and data in real time. Where IOTA differs, is that they do not focus on IoT based mining. Rather, they focused on IoT based quantitative data to be sold to whomever their clients would like. We have seen how much our personal data means to large companies such as Facebook, Google, and Apple, so it’s about time for such a demand to be placed on the blockchain.

IOTA’s blockchain technology is stated to be the latest in blockchain technology, allowing zero-fees by having devices solve two previous transactions for every transaction a user is to make. IOTA plans on utilizing “Fog” and “Mist” technology to decrease future congestion of IoT network congestion by sharing technological resources amongst one another in real time locally in a distributed network.

IOTA States that “the number of connected devices that will be in use is estimated to reach 75 billion by 2025.and that “over the next five years, global IP traffic is expected to increase five-fold whereby 2021, monthly IP traffic will reach a staggering 31 Gigabytes per capita.” Seemingly, this will cause a problem as “broadband speeds are expected only to double“.

Surely, it is necessary that somebody comes up with a solution for our future data problems, and hopefully, it will be IOTA.

With IOTAs current price of 5980 satoshis, an all time high of ~30,000 satoshis and the most recent developements and partnerships with major companies such as Jaguar, it could be a great time to research the project.

 

Electroneum

Electroneum was the first IoT based blockchain to receive a substantial amount of funding (~$40M USD). Since their launch in 2017, they have released simulated miners for both Android and iOS devices, on-top of their rather centralized, KYC compliant wallet. Electroneum has received a huge amount of backlash from their community for not sticking to their roots of privacy and decentralization. Due to the decentralized wallet, Electroneum has needed to fulfill the requirements of law by adding a mandatory KYC to their mobile wallets. In doing so, they also decided to remove privacy features from their blockchain to make transactions more transparent. Electroneum was the first to release an android mining app on Google Play, however, due to Google plays policies on resource limits, they decided to release a miner that… did not really mine. The miner does not power transactions, but rather simulates mining by pretending to mine so users can see what their devices “could” potentially hash at when it comes to speed and overall hashpower. The electroneum team has also opted to allow ASICs on their network after failing to prevent ASICs to mine.

The backlash did not stop Electroneum. Electroneum proceeded to hire a substantial amount of staff, and today has over 30+ employees. The companies focus has diminished, but still remains on providing banking to unbanked countries around the world. Although Electroneum has failed to provide what they had originally stated, they have become a strong force to wreckon with. They have become leaders of KYC & anti-money laundering compliance. Companies such as Electroneum will be a digital forefront for bringing blockchain into the eyes of regulatory overseers and governments around the world.

 

In closing, IoT based coins are harnessing the mass power of IoT devices across the world to power the worlds needs. With internet data being vastly dominated by mobile devices, it certainly could be a reality for IoT devices to power the most valuable transactions around us.