Let me make a few more pointings on the trajectory of Iota with a historical perspective from that of other projects.
The first of all these blockchain projects was Bitcoin, a protocol published after the 2008 financial crash, which was proposed as a completely new way of value exchange between two persons. At that time, I was not aware of it and even some years later, around 2012, when I first heard about Bitcoin I simply did not give it too much credit. Shame on me!
What I mean is that the technology was too much young and was meant to replace a consolidated, powerful industry, which deals with very sensitive type of people's belongings: their money, savings, assets, the value they earn throughout their entire life. Therefore, the Bitcoin had to struggle for years against the fear and a conservative attitude of people to start to gain some traction and to reach the actual hype.
It took a long way to prove that blockchain technology works well and offers a 100% secure way to transfer value among people. Now, blockchain is widespread, it is an active field of research, banking sector is trying to get involved investing billions of dollars on development and training programs on blockchain and even governments are moving toward it.
From almost nothing, Bitcoin cut the rocks and paved the road as a completely new and revolutionary thing and helped a multitude of beautiful and fruitful projects to develop in a much faster way. Ethereum, which came after, does not have to tackle with that level of fear, one important factor for its rapid growth. It is not just that of course. In order to reach the success it had to have substance, which it has indeed. The smart contracts innovation seems superb and absolutelly revolutionary!
Iota differs from Ethereum and the other blockchain projects because it relies on a totally different architecture. In this sense, it would be expected that it take the same time for it to grow as the time Bitcoin needed to establish itself. However, the hard work has already been done by Bitcoin that has convinced people that there is another way outside the banking system for societies to organize their economy. The Iota is simply demonstrating that there are even more efficient ways. It is part of a natural evolving process of the technology. Iota will grow and will grow faster than Bitcoin. The price of the token will jump after each step of its development schedule as horizon will become clearer.
The most difficult barrier Iota has to overcome is the higher knowledge rate of the other coins. I think the most famous coins have some breath and will continue to grow for quite some time. They benefit from this very fact that they are more known. It is a brand effect. Here in Brazil, it is almost 100% probable that if you ask someone on the main street of the largest city, São Paulo, whether the person knows Ethereum or Iota he or she would provide a negative answer. Bitcoin, on the other hand, has just appeared in a very popular tv show whose target audience is mainly composed of housewives who are most concerned about the personal lives of their favorite soup opera actors. Almost all exchanges that operate here works solely with BTC / Real transactions.
The question is at what time people will start to sell all their BTC, ETH, LTC, etc for IOTs. When will this turning point happen? Until there, it is a good investment strategy to diversify among the most relevant cryptos.
I’m already starting to put most funds in iota. Hope it will make me millionaire some time in the future if the brazilian Real or U.S. dollar still worth something then!
Thanks for reading!
Image:
https://www.timeout.com/newyork/music/50-best-road-trip-songs
