I entered the cryptocurrency field in 2013 and watched the price of Bitcoin skyrocket from a low of $100 to over $1000. There was a rush to invest in Bitcoin companies, then in 2014 the price crashed back to $250. Investors that had become interested in the technology started to think, “OK, Bitcoin is dead, but the blockchain concept is an advance. How do we take that coin out and keep the blockchain?”.
Three years of investment later, the world still doesn't have any major live applications of a private blockchain. But what if this was the wrong question? What if the real question was “how do we take the blockchain out of Bitcoin”? What if we could have cryptocurrency, secure/transparent data transfer and decentralized autonomous organizations without a blockchain? This is what the team behind IOTA, a cryptocurrency with a market cap of over $1.2bn USD at the time of writing this, set out to determine.