There is more to a blockchain project than its cryptocurrency, although coins are almost inevitably collecting all the glory in oppose to the technology driving a platform. The Internet of Things is one of the indicators that showcases the importance of blockchain technology over solely observing the success of a currency in the market and by its monetary value.
The Internet of Things (IoT) is set to enable blockchain projects to set up the base for machine-to-machine communication, which is said to be the future of applicable technology through various real-life use cases, so naturally, cryptocurrencies involved in the development of IoT are said to be some of the most valuable in the long run.
One of such currencies is IOTA (MIOTA), definitely gaining momentum in the area of IoT integrations, especially since their partnership with Volkswagen that should bring IOTA to a Tangle-driven product made for this automotive giant.
IOTA is not alone in their attempt to conquer the Internet of Things as there are more than several crypto projects aiming at establishing machine-to-machine communication, Ethereum Classic being one of them with the upcoming summit in Seoul, South Korea where the startup should address spanning developments regarding IoT, interoperability and more.
The involvement of Ethereum Classic in IoT as of the recent case of events makes us wonder can Ethereum Classic go pass IOTA (MIOTA) in the Internet of Things race?
IOTA and Ethereum Classic Technology
Competing with IOTA isn’t that easy even for a crypto veteran like Ethereum Classic. IOTA has a unique technology in oppose to its crypto peers, being the first and the only platform that uses a blockchain-inspired blockless technology called Tangle. Tangle makes possible for a large platform like IOTA to obtain scalability with the growing number of network users, which makes it fast and highly scalable.
In addition, this case enables zero-fee and fast transactions within the network, also making integrations with IOTA simple and easy.
On the other hand, Ethereum Classic represents a fork derived from Ethereum network which took place back in 2015 not long after Ethereum was first launched. The fork came as a result of DAO faulty which cost the community millions of dollars in ETH, stolen by hackers, later on creating Ethereum Classic out of the main chain of the Ethereum network.
ETC has similar issues with scalability that the original ETH chain has, also using Proof of Work consensus mechanism, which makes the fees high as well.
The problem with high fees has been solved with defusing the difficulty bomb, so ETC has seen some improvements regarding transaction costs, while the problem of scalability is yet to be resolved.
Moreover, Ethereum Classic is said to be one of the most decentralized projects, being immutable and hacker-proof while advocating for on-chain democracy, also having third-party companies joining the pipeline of ETC partners in order to improve the overall functionality and security of Ethereum Classic.
IOTA and Ethereum Classic ETC and the Internet of Things Breakthrough
Although the defining technologies of these two cryptocurrencies are pretty different and almost incomparable outside the fact that both projects represent blockchain-based decentralized ecosystems, IOTA and Ethereum Classic are without any doubt competing for the IoT dominance.
IOTA probably has an advantage here since we have already seen some use cases from IOTA’s Tangle regarding IoT once the company launched the first crypto charging electric vehicle station, being involved with the Internet of Things ever since it was originally launched.
Ethereum Classic has only shown the interest in IoT as of the recent case of events, although carrying a massive potential for getting pass IOTA in this supposed race.
That is how the dev team behind ETC announced working on a side chain that would specifically represent the bridge to the Internet of Things and machine-to-machine communication, also having smart contract technology which is essential for entering IoT.
IOTA is not far in the race either although smart contract technology is considered the signature of Ethereum and its fork ETC, so with Qubic protocol, smart contracts have become available for IOTA, making it ready for IoT.
However, although IOTA has already found several use cases for its technology through IoT, Ethereum Classic will have a massive breakthrough with building the side chain as planned in order to gain a fully scalable access to the Internet of Things.
Ethereum Classic and IOTA Integrations and Use Cases
Although IOTA has already demonstrated the potential of IoT through Tangle with the crypto charging station for electric vehicles, also getting ready for presenting another example of machine-to-machine communication with Volkswagen as scheduled for the beginning of 2019, Ethereum Classic is getting active on the IoT field as well.
While the team announced the development of side chain for IoT purposes, ETC also started the Ethereum Classic Labs that have the objective of bringing Dapps to the platform, also organizing a meetup in Seoul, South Korea set for September 12th and 13th, where the team should present more concrete plans related to the Internet of Things, interoperability, community, functionality and more.
South Korea is one of the largest centers of blockchain enthusiasts and investors, so this meetup could in traduce ETC to the market under the new light as the team is heading towards establishing a connection with IoT.
In the terms of partnerships and integrations, IOTA is leading by far, having been partnered with the UN, Volkswagen, BMW, while demonstrating IoT and Tangle use cases.
However, Ethereum Classic ETC has a great opportunity for attracting the attention of potential partners and investors in South Korea as they are starting off with the Internet of Things phase, with the potential to catch up with IOTA.