Top IoT Coins
This blog post will cover:
- What is IoT?
- Why did the idea to create IoT come about?
- How can we use IoT?
- How does it work?
- Popular IoT coins
- VeChain (VET)
- IOTA (MIOTA)
- Helium (HNT)
- IOST (IOST)
- DigiByte (DGB)
- IoTeX (IOTX)
- Fetch.ai (FET)
What is IoT?
IoT is an abbreviation for the Internet of Things. Shortly speaking, it is a method of connecting things from the real world to the internet and generating information from it. The amount of data that is provided by trackers and devices is enormous, but it can be used to make our lives more comfortable. This is where we need a technology that can sum it up.
Why did the idea to create IoT come about?
The modern world is built around information. It is impossible to imagine a business that does not collect data about its customers. Without knowledge about clients, businesses would not know how to improve and what to develop. That is why the world needed a technology that would enable devices to share information in a fast and secure way.
The other problem is how to analyze all this data people collect every second. So the next step is to organize and analyze it. This is exactly what the IoT is, various types of platforms that offer different solutions to the problems mentioned above.
How can we use IoT?
The Internet of Things is a significant tool in business practice. It enables entrepreneurs to track valuable information, such as customers’ demands or competitors’ activities, to become more adaptive.However, not only businesses must be interested in IoT. It is actually a reality that surrounds us already. It is the technology that helps us to rent bikes, cars, and scooters, or control our household appliances via mobile app.
How does it work?
The IoT scheme contains four main components, they are:
- DeviceThe device has a sensor or a tracker that collects information about its owner or about its surroundings and sends it to the IoT platform.
- Edge technologyIt is something that provides a connection to the internet. In some cases, it can make some simple decisions, e.g. summarize received information.
- IoT platformThis is the most important part of the scheme. IoT platform puts together all the collected data and organizes it into the ecosystem. Information can be stored or analyzed here.
- Enterprise systemThese are the applications that use the collected data in real life.
Popular IoT coins
Let’s take a look at some of the most popular IoT coins.
VET is a native coin of the VeChain blockchain. This project provides solutions for different types of businesses, such as food safety traceability, digital carbon footprints & sustainability, automotive passport solution, retail solution, logistics solution, liquefied natural gas solution, digital content distribution solution, electronic document deposit solution, and agriculture solution.
VeChain aims to create a highly transparent market by collecting and organizing all the necessary information.
The VET coin is used as “smart money”, in other words, it is used for transactions on decentralized apps on the blockchain. VET holders participate in voting for governance decisions. There is also an investment opportunity, as anyone can invest in VET.
MIOTA is a coin of the IOTA blockchain. The main purpose of this project is to enable relationships between humans and machines and to build a machine economy in the future. IOTA uses the Internet of Things ecosystem to connect people and devices.
The key innovation of the platform is Tangle, which is a system of nodes organized in a certain way to verify transactions. It stores a record of all the transactions and makes sure that stored data can be trusted and cannot be destroyed.
The MIOTA coin is used as a means of payment for transactions on the blockchain.
HNT is a Helium blockchain coin. Helium aims to create a decentralized wireless infrastructure. At the current moment it provides solutions for the following areas: smart agriculture, smart cities, environment monitoring, logistics and supply chain, and smart water monitoring.
The HNT cryptocurrency is used to validate wireless coverage and devices that participate in the network. HNT is mined and then distributed to Hotspot Owners and investors as incentives.
IOST is a coin of the IOST blockchain. The name of the network is an acronym that stands for the Internet of Services Token. The main idea behind the project is to unite service providers and blockchain developers in one infrastructure. IOST uses its own consensus protocol called Proof-of-Believability. This project is determined to provide low fees and high-speed transactions for their customers.The IOST coin is used as a payment method for transactions and fees. It is also used to support the PoB protocol and to give incentives for maintaining the network.
DGB is a native token of the DigiByte blockchain. This platform consists of three layers:
- The bottom layer is a network of nodes all over the world. Everyone who is using DigiByte becomes a node.
- The second layer provides security and administration. It is a public ledger that records all the transactions.
- The third layer consists of decentralized applications built on top of the DigiByte blockchain.
At the moment DigiByte is considered to be one of the safest and fastest blockchains.
The DGB coin is used as a means of payment on the network. It is a cryptocurrency that enables high-speed transactions.
IOTX is a native coin of the IoTeX blockchain. This platform provides solutions for the Internet of Things. The main purpose of this project is to bring together users, their devices, and all the data they produce. On the platform information collected from the devices connects with decentralized applications.
The IOTX crypto enables its holders to participate in a decision-making process by voting. It also can be staked or traded. Moreover, it serves as a means of exchange throughout the Dapps.
FET is a token of the Fetch.ai blockchain. This project is created to build infrastructure for a decentralized digital economy. The platform is based on a distributed ledger and enables machine learning to provide an opportunity to share information securely.
Fetch.ai already has a lot of use cases, such as delivery agents, autonomous Al travel agents, smart cities, decentralized finance, collective learning, supply chains, transport and mobility, rail, smart parking, electric vehicle infrastructure, thermometer agents, energy, smart homes, etc.
The FET token is one of the key components of the network. It is used to build agents and connect them to the network, to train autonomous agents and enable machine learning, to stake and validate services of the network.
It is obvious that the Internet of Things is a fast growing technology. The necessity to develop it quickly comes from the demands of everyday life. We need to have better control and faster access to devices we own and data we produce. It is true for individuals as well as for businesses. With the spreading of internet connection and technology use a number of these demands will definitely increase. Right now anyone has a chance to choose an interesting project and participate in the development of the industry to contribute into the future.
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.