What is The Future of Bitcoin ?

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 Bitcoin has been growing at a steady pace over the last few years and many people are wondering how long before we see mainstream adoption. In my opinion, I don’t think bitcoin will ever replace fiat currency anytime soon, but what I do find interesting is the fact that bitcoin is being used in ways that were never intended. There are a ton of decentralized applications and services out there that use blockchain technology and bitcoin to create their own unique platform where users can interact with each other and share information. One of these networks is called “IoT Chain” and it seeks to bring together devices, sensors, smartphones, tablets, computers, smart watches, cars, drones, etc., into one network using blockchain technology. Here is a list of seven things that make me believe IoT Chain is going to be huge: 


1) Smart Contracts – Many people have asked in recent months if Ethereum would eventually become a mainstream cryptocurrency. Well, it seems they may already have an answer since the company behind Ethereum just released its own version of blockchain technology called “Smart Contract” that allows for a much simpler way for developers to build Dapps. 

2) Immutable Ledger Technology – Most cryptocurrencies today rely on a ledger system that requires updates to be approved by nodes on the network. However, IoT Chain uses a completely different kind of ledger system that makes changes instantly. This means that any device connected to the blockchain network can easily update information without needing approval from anyone, which greatly simplifies data collection and processing.

3) Universal Accessibility – When it comes to IoT chain, everything is accessible. From the software to the hardware to the community surrounding the project, all of these components are designed to allow anyone access to the technology no matter what level of expertise they have. 

4) Massive Scalability – The team behind the project believes that the number of transactions per second (TPS) should scale with the amount of devices connecting to the network. Thus, they have developed their own consensus algorithm named “Proof-of-Commitment” which is designed to allow for thousands of TPS without slowing down. 

5) Decentralized Infrastructure – While some projects claim to decentralize infrastructure, others actually run centralized servers that could potentially be hacked. IoT Chain was created to be fully decentralized, meaning that everything runs locally on individual devices instead of relying on centralized servers. 

6) Open Source Software – As mentioned earlier, IoT Chain plans to release its entire codebase after launch and wants to encourage the creation of third party developer communities and tools. 

7) Community Support – The creators of the project are very active members of the crypto community, and it shows. They plan to host weekly meetups for the public to learn more about their project and contribute ideas. So, even though I am not convinced bitcoin will succeed in becoming the global currency of choice, I do believe that IoT Chain is extremely well positioned to change the landscape of IoT.

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