IOTA Tangle Analysis - Analyzing Addresses, Full Nodes, Services and Community
Analyzing Addresses, Full Nodes, Services and Community In April
In April we decided to start taking some data points on how the IOTA network was growing and how it’s community was providing value to the network. We also need to be able to model future growth for market sustainability. Questions are truly answered by following the scientific method.The Scientific Method. Source: Wikipedia
We wanted to know if the IOTA community is using their IOTA for online shopping. We recorded the PayIOTA plugin that is available for users on Magento and WooCommerce.
PayIOTA is a free plugin that allows you to accept payments with IOTA. As a community we should vote to get this plugin added onto other retail marketplaces such as Shopify. I believe this plugin can help various retailers accept IOTA to their existing retail online stores for non-technical retailers. IOTA has a strong value proposition for online commerce, it’s 100% fee-less! PayIOTA was made by:
Programmer: Laszlo Molnarfi (https://github.com/lacicloud/) Designer: Isaiah Nwukor (http://nwukor.com) Contributors: kelisdoufu (iotangle.slack.com), Huko600RR (Reddit), Nivesh (iotangle.slack.com), andy (iotangle.slack.com), cisty (= Dan Darden, iotangle.slack.com), Muhammad Junaid (http://ajvortex.com)
Laszlo aka Lacicloud, helped us access the following data:
With these PayIOTA endpoints you can find out the number of users and transaction information. Between Tue, Apr 3rd 2018 — Sat, May 12th 2018, the price of IOTA ranged between $1.05 and $1.90, with a min/max of $0.9292 and $2.65. We see that there has been an increase in the amount of interaction with the PayIOTA software. However, not much IOTA has been transacted with PayIOTA which can lead us to several conclusions.
- People do not want to really spend their IOTA
- An increase in IOTA price leads to more consumption of IOTA, less hodling.
- People are interested in paying with IOTA but don’t fulfill the transaction because of user experience issues.
This growth is good because the month of April has been bullish for IOTA. In order to increase the amount of usage of the PayIOTA payment processing software it will need more work in it’s user experience and its accessibility. PayIOTA should integrate deep linking to it’s software to have a better user experience.
What Can You Do?
Well if we add PayIOTA payment processing onto Shopify we can see an increase in adoption regarding payments and even allow you to create your own IOTA shop where you can receive payments in IOTA! To get Shopify to add this plugin ask them here! P.S. This process can be tedious but it will be huge for the IOTA community.
The IOTA Network
We analyzed IOTA addresses, IOTA full nodes and IOTA community growth. We can see that IOTA has an increasing trend meaning that there is interest growing in every aspect of IOTA!
IOTA AddressesData from https://thetangle.org/statistics/tokens-distribution
Thanks to TheTangle.org we recorded theses points to see if there are trends in IOTA addresses. The IOTA address ranges from 10Mi-10Gi seem to have a direct pattern to price movements meaning that people in these ranges were loading up IOTA while users from 10Gi-100Gi were selling/transferring their IOTA. In the week of April 22, 2018 we see a downward trend in users from 10Gi-100Gi come to a halt and start increasing again. Why is this trend happening near the end of April? Well the only possible explanations I could think of are the partnerships that were created in that time. We had the Hannover Messe conference that showcased Fujitsu working with IOTA. We see that heavy addresses have been increasing in IOTA which is a good sign for it’s price appreciation.
We should monitor the activity of these address ranges and many more to be able to measure the IOTA community’s sentiment of IOTA.
IOTA Full Nodes
From these charts we can see that there has been substantial change in the amount of IOTA’s full nodes. We need nodes to be able to decentralize the IOTA network and gradually remove the Coordinator. Seeing this network growth is great because we can see that there are developers and IOTA community members that want to increase the network’s security. There was some error with iota-nodes.net for some time but that could have been due to the actual webpage’s functionality. I doubt 400 nodes went offline for a couple of days but this is what we recorded. Most of the node growth can be seen in the CarrIOTA Field.
An upcoming full node innovation is CarrIOTA Hercules!
This video shows CarrIOTA Hercules and Nelson running on a Raspberry Pi 3 processing up to 70 transactions per second easily.
We can’t wait to have our Raspberry Pi 3’s running this to offset our IOTA AWS Full Node! If you are a true IOTA supporter you should run your own full node or contribute donations to IOTA full nodes!
IOTA Services and Community GrowthData found on the Tangle and respective social networking sites
We found different sets of data at different times and that is why you can see some data be recorded prior to other data sets. We see that the most successful IOTA service so far is MineIOTA.com. It does have the most transactions in contrast to Tip IOTA, IOTart, and IOTA.show.
Tip IOTA is great to use to tip those individuals that produce great quality content such as Evan Feenstra or even Roman Semko. The Tip IOTA team has its own Discord as well, where you can ask them any question you want answered. We see that the Tip IOTA software works great in chat communities instead of in forums. If you haven’t signed up for the IOTipBot on IOTA’s Discord I advise you to use it, its very fun and engaging.
IOTArt & IOTA.show
As you can see, we have been infiltrated by bitcoin maximalists over in IOTArt… We must take back what’s ours!
These applications are fun engaging ways the IOTA community can use their IOTA and it focuses on the micro-transaction concept. Each pixel here costs some IOTA. These applications are services using IOTA, where we can see the IOTA community actually using their IOTA as a form of payment.
From IOTA’s Reddit and Twitter followers we can clearly see that there is growth. Growth is a lot better than a stagnant plateau, where will the IOTA community be by the end of the year? These cryptocurrencies go off network effects, meaning if more people are a part of the IOTA community then the appreciation of IOTA relative to fiat currencies will tend to increase. With the latest Qubic announcement we can predict that there will be a lot more development happening and more institutional partnerships will be coming along the way.
It has been a week since we have released our crowdfund and we have already fundraised 1236.02 MIOTA! We are glad that some community members have contributed to our cause and we will remain optimistic until the end of the crowdfund. If we fail to meet our crowdfund we might be too early to bring a social marketplace to the market. We don’t see being early as an issue because we could grow with the community. If we do fail to reach our crowdfunding goal, we will still bring Metamesh to the IOTA community but we will have to work on it on a part time basis.
If you will like to donate in regards to this post please do contribute to our IOTA crowdfund instead!
Disclaimer: I am not part of the IOTA Foundation and hold a stake in IOTA and several other tokens. I am also building a product for the IOTA community to increase IOTA’s adoption.