Coin Vs. Coin: MIOTA/SKEY

Internet-of-Things (IoT) is one of technology’s fastest growing sub-sector. As nanotechnology, IoT can bridge the gap between the digital and physical worlds. IOTA (#1) and Skey Networks (#9) are bringing blockchain technology to IoT, and a MIOTA/SKEY comparison shows both technologies' great potential. 

IOTA (MIOTA)

IOTA’s distributed ledger, Tangle, is “designed to support frictionless data and value transfer [DLT].” Its main objective is to connect humans and machines to make IOTA the “Internet of Everything.” 

IOTA’s coin, MIOTA, is unique because it does not have miners or blocks. Instead, when an investor executes a transaction, they must validate two other transactions. By designing this type of system, IOTA can provide its users with a smooth user experience without the scalability obstacles many blockchains are plagued with.

Skey Networks (SKEY)

Skey Networks connects traditional business services with DeFi – servicing transactions in IoT. Skey is branded as the “Blockchain-of-Things” because it connects web3 technologies like smart contracts and digital assets with off-chain hardware devices and data through a nexus of blockchain oracles.

Skey designed its tokenomics around Vitalek Buterin’s “three phases of digital value development,” which include a token market, a DeFi ecosystem, and a BIoT [Blockchain Internet of Things] hybrid. With this apparatus, Skey’s token can service digital payments, execute smart contracts on the Ethereum network, and bypass intermediaries with its BloT platform.

MIOTA/SKEY Similarities

1. IOTA and SKEY are both bringing economic viability to IoT.

2. They offer users more than just the ability to pay for services on IoT; they can connect dApps to IoT through their respective blockchains, a service that was not available until now.

3. Both are integrating more web3 technologies to enhance the value of data. By collecting and transferring data over their respective blockchains, users can engage with improved services – albeit those services are very different.

MIOTA/SKEY Differences

1. IOTA focuses on servicing the shared economy, bridging economies between machines and humans, whereas SKEY is focused on bringing value through a broader DeFi ecosystem.

2. IOTA enables blockchain developers to scale their projects quickly because it does not rely on blocks and miners for verification. SKEY is inhibited in its development to the extent that scaling on Ethereum is more difficult because of its blocks and consensus mechanism.

3. SKEY focuses more on connecting physical devices and assets to its blockchain IoT, whereas IOTA is more software-driven, providing valuable data transfers between the physical and digital worlds. 

Conclusion

With different functionalities, MIOTA is a payment method with super-fast transaction speeds. SKEY, on the other hand, can be used for staking and yielding on Ethereum.

MIOTA is one of the crypto IoT sector’s top 30 coins market cap, and SKEY has a much smaller market cap. Token supply is also vastly different, with MIOTA maintaining a fixed supply of 2.78 billion tokens compared to SKEY’s total supply of 500 million.

MIOTA and SKEY are very different technologies, and investors and traders must know how their market prices are justified by the kind of demand they meet. With the rise of non-blockchain technologies like AI and IoT, it will be very interesting to see how web3 can integrate into their capabilities and enhance possibilities.