Demand determines the price. The Internet of Things (IoT) is still in its early stages. It’s not difficult to look into its future, though. More and more machines will have processing power plus the ability to connect to the internet. These machines will interact with other machines.
“Imagine billions of IoT devices each having to pay each other small amounts. There currently are about 2.78 billion Miota at roughly 23 cents/Miota. Let’s say that every IoT device will hold on average 1 dollar worth of Iota and there are 2 devices for every human on the planet (14 billion). That means there is no doubt that due to scarcity the Iota price will have to go up, which means that the need to divide into smaller units may approach rather quickly.” – Eric Hop, IOTA Foundation
The IOTA protocol enables individuals as well as companies to monetize their data. For this, the IF built an autonomous and decentralized marketplace. An individual can put up a sensor, gather meteorological data like temperature, air humidity and pressure and feed the data directly into the marketplace. The tangle is open, free and feeless, so anyone can use it.
Organizations all over the world can access this data and pay for it – with the IOTA token. The tangle is free to use, you can use the token, but you’re not required to. Soon enough, it will be possible to wrap Bitcoin in IOTA and trade it without fees.
“Build the use-case first and then mix in the financial ledger. Not the other way around!” – Olaf van Wijk
