So the only solution is to put the infrastructure closer to the devices. This includes computational power, storage, data, bandwidth, electricity and so on.Īs IoT scales, we will see the emergence of what is called the ‘Fog,’ which is essentially a distributed ‘Cloud.’ The big Cloud data centers are simply located too far away from most IoT sensors and actuators, which will often require real-time analytics and decision making that is simply not possible with the latency from these Clouds located far away, not to mention network congestion and vulnerability. When I think of IoT payments, I am mainly thinking in the terms of autonomous machine-2-machine transactions that enable technological resource trade. While these are certainly interesting, I don’t consider them game changers.
JP: How do you see the evolution of payments, transactions, and communication evolve in the IoT sector?ĭS: We already see some simple ‘pseudo-IoT’ payment systems like the Dash button of Amazon, and there is an overwhelming amount of focus on fridges that can order milk and so on. Given that IOTA is currently the only project that solves the issue of scalability and fees without any ad hoc solutions that compromise the integrity of the security or decentral nature of the economy, I think this is a feasible expectation, provided that we get the momentum required to keep our position on the bleeding-edge. However, the main goal at the moment is to get IOTA to become a standard transactional settlement system in the emerging IoT m2m economy. JP: What do you expect from the IOTA token in the next few years?ĭS: It’s hard to predict what IOTA will evolve into over the coming months and years, there’s already some early stage development on adding functionality to something like sidetangles (equivalent to sidechains in regular blockchains) and interoperability with other projects (as mentioned). Naturally we are very interested in collaborating with like-minded projects that want to get stuff done, not just sit around theorizing or watching price charts. IOTA is a very potent and effective technology that solves issues that are faced by IoT, first and foremost fee less, scalable transactional settlements and data transfer. Too many crypto projects are all about some esoteric political movement or flat out financial speculation IOTA is not interested in this. Microsoft’s Azure Blockchain as a Service program is a great testament to their dedication towards emerging technologies, and we are really excited to be a part of this adventure.Īs for why we choose also to focus our collaborative efforts on the crypto-end toward communities and projects like Rootstock, GridCoin, ElectricChain and Ethereum is simply the fact that these are projects that are working towards real life solutions. One of the first major companies that IOTA will be partnering with is Microsoft. We are really excited to be a part of this project. If not, why projects like Ethereum, GridCoin, and ElectricChain in particular?ĭavid Sønstebø (DS): We are securing partnerships with some really interesting companies that will be unveiled in the near future.IOTA also just partnered with ChainOfThings ( – an initiative started to explore how blockchain/tangle can be applied to ensure security in the ecosystem of Internet-of-Things. JP Buntinx (JP): Which companies – other than coin projects – in the crypto world are you working with right now? That is, assuming there are any, and that you can disclose some information on that front. In fact, the IOTA project could even be used as an oracleto complete smart contracts. However, IOTA can communicate to blockchains, which allows for future collaboration between the Internet of Things and established digital currencies. Tangle will allow IOTA to be efficient, scalable, and lightweight. This is a different way tot tackle the threat of double-spends with virtual currencies.Īdditionally, blockchains are not suited to make micro-payments. Instead, it uses “ Tangle“, a Directed Acyclic Graph shaping up a tangle. Once an IOTA transaction is broadcasted to the network, two previous transactions must be approved, and network nodes will need to make sure approved transactions are not conflicting. However, IOTA is quite different from Bitcoin and Ethereum, as it uses no blockchain. A decentralized cryptocurrency seems to fit the bill nicely when it comes to making micropayments. As more and more devices will be able to communicate with each other, payments will start playing a role at some point. The IOTA project is designed to create a secure and decentralized financial ecosystem for the Internet of Things.
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