Owotunse Adebayo
The internet has been undergoing massive growth as more technologies have emerged in the last few years. This has caused a shift in the way things are being performed in the past, ushering in a new technology-led future. One of these is how data and information are shared across devices, positioning the world for a new era. One such technique that actualizes this reality is the Internet of Things. Although it started blowing up in the last few years, it has gathered momentum to push in the right direction. This article will take a detailed look into the Internet of Things, what to expect from it, and the top 3 projects in the IoT sector.
What Is The Internet of Things?
Join the Chat Discord
The Internet of Things is any device, machine, or interrelated physical system with a unique identifier. The standout feature is the ability of these elements to send and receive data without the need for interactions between two humans or with a computer. To break down this definition to something you can understand, an Internet of Things is like connecting your mobile to the internet. So ideally, it requires sharing data and other benefits that you enjoy from being on the internet. However, this goes way beyond the normal internet usage as other things constitute this, such as heart monitor implants and biochip transponders. On a broader scale, companies have been adopting IoT to enable faster, efficient, and improved services.
How Does IoT Work?
IoT systems are devices that have been pre-installed with web-enabling features such as processors and communication materials. These materials receive, send and act on data they acquire from the internet. These devices exchange data through a gateway or other sources where they are shared. Most of the time, these data are available on the cloud or are sourced locally. The breakdown is that these smart devices act on the data they receive from the internet without the interference of humans. However, it takes human intervention to set up these devices through imputing instructions and other aspects. The way smart devices access the internet depends entirely on how they are connected to the network and the type of communication that they use.
How Can IoT Work With Blockchain?
In the last few years, we have seen the emergence of IoT across the blockchain ecosystem. The main feature of this partnership is the ability to send data to respective private chains. These shared data are secured and tamper-proof due to blockchains’ security. Businesses can also share information across several partners and access the data without the need for a centralized entity. The addition of blockchain to IoT helps different parties verify transactions and prevents issues by enabling trust across several network members.
Benefits of IoT Integration With Blockchain
The integration of IoT and blockchain has been known to provide massive benefits to users and entities worldwide. Below are the benefits that users can gain from the integration of IoT and blockchain;
- Build Trust: The integration of the two elements help to build trust among several entities accessing the information on the blockchain. In this sense, the blockchain records each transaction and sends them into a secured block. This means they only add more data and cannot change the previously added data.
- Added Security: With the integration of the two technologies, users can analyze, manage and store data securely on the blockchain. The data are also designed so that only individuals with permission can view the data. This way, there is an added layer of security for shared data.
- Flexibility: This integration helps with providing flexibility for both businesses and individuals. For example, data are easily shared among those who need to view and exchange data on the blockchain. Asides from being secure, they can view and do other things at any point they like.
Top 3 IoT Projects By Market Cap
With IoT opening up to the crypto market, users have taken advantage of its benefits. While the sector still needs to undergo massive adoption, it is projected to happen in the coming years. This is because the world is gradually opening up to smart devices, and it will be a matter of time before it takes over the world. Below are the Top 3 IoT projects by market cap;
#1 VeChain (VET: $3,313,498,670)
The VeChain project was established in 2015 as a private chain that helps use blockchain and IoT to solve fundamental issues related to data. The project aims to provide an easier way of exchanging information with firms across different sectors of the economy. The project aims to help industries and firms boost efficiency while underpinning data traceability and transparency across chains. It also helps to boot supply chains by sharing data among various parties involved. The project hosts its native token, VET, which has gathered quite the momentum in the market. Presently, VET sells for $0.0515, seeing a massive surge of 5.39% in the last 24 hours. The token currently boasts a market cap of $3,313,498,670 and a trading volume of $417,454,700 in the last 24 hours. Traders can purchase this token from Binance, Gate.io, Bitfinex, Bithumb, and Huobi Global.
#2 Helium (HNT: $1,834,763,486)
The Helium project is a body of decentralized blockchain that was specially designed for devices supporting IoT. It made its debut in the sector in 2019, focusing on the time provision of a mainnet that will allow low scale internet devices to communicate successfully. The majority of these devices use hotspots that combine a wireless pathway with a mining device. Interested users can send data and other information across this pathway. Operators of the nodes are also open to receiving rewards from mining on Helium. HNT, its native token, supports the platform and currently trades at $15.68 with a slight increase in value of 1.51% in 24 hours. The token boasts a trading volume of $32,068,457 and a market cap of $1,834,763,486. Traders who fancy this project and want to purchase the token can do so at Binance, Gate.io, Bitfinex, Bithumb, FTX, and WazirX.
#3 IOTA (MIOTA: $1,482,224,137)
The IOTA project acts as a blockchain with one huge twist; the DLT technology it is on is Tangle. Tangle is a system that houses nodes that do the confirmation of transactions on the IOTA blockchain. With this, the platform boasts of the fastest time for confirming transactions, faster than the usual blockchains. The platform doesn’t charge fees due to the lack of a blockchain and miners. Despite that, the network still provides a massive throughput compared to other networks in times of massive congestion.
The platform aims to be the number one IoT platform globally in the coming years. Its native token, MIOTA, is presently trading at $0.533 with a steady climb of 3.33% in the last 24 hours. Its trading volume and market cap is around $45,082,058 and $1,482,244,137 respectively. Traders interested in buying, storing, and trading this token can get it at Binance, Bitfinex, Huobi Global, Gate.io, Bittrex, and Coinone.
Should I Invest In IoT Crypto Projects?
Investing in the crypto market generally takes courage, strategy, and calculations. This is because of the way the market reacts to several factors. However, it is worth noting that some of these IoT projects have a bright future. Thus, it is easier to say that one can go all-in on the project, as they have use cases for the future. Traders who also intend to pool funds into these projects need to understand they need time as most of their uses are for the future. However, it is worth noting that investing in projects should come with strategies as traders should not follow market perception. This way, traders can diversify their holdings and achieve profits as high as possible from these projects.
Conclusion
Other worthy mentions in this category include the IoTeX project ($573 million), IOST ($448 million), and DigiByte ($316 million). Though still looking like it is in its early stages, IoT is in line to gain massive adoption in the years to come. However, traders need to do a mountain of research to pick the project they believe in. This is because most of these projects offer almost the same products, and the market is gradually changing. In terms of investing, traders should ensure they invest with only cash they can afford to lose because the market is unpredictable.
You might also like
