What is IOTA (MIOTA)? Here is the Crypto Currency MIOTA Coin in All Details

What is IOTA (MIOTA)?  Here is the Crypto Currency MIOTA Coin in All Details

. What is IOTA (MIOTA)? Here is the Crypto Currency MIOTA Coin in All Details – In this article, What is IOTA (MIOTA)? We will answer the question and try to present details about the project.

What is IOTA (MIOTA)?

IOTA is the foundation of the German non-profit organization IOTA Foundation, which was founded in 2015 by David Sonstebo (business and technologist), Dominik Schiener, Sergey Ivancheglo and Dr. Serguei Popov (doctor of mathematics). These four remain the most important parts of IOTA’s core team, each of which joined the crypto community a few years ago.

IOTA is also working in “partnerships” (later) with more than 20 companies, including Microsoft and Fujitsu, to launch a new data market. This market will be powered by distributed ledger technology and shareholders are encouraged to securely provide their data with IOTA tokens.

The IOTA Foundation has also developed the “The Big Deal” community funding project with the goal of attracting and involving developers and companies in the IOTA space. Participating individuals in The Big Deal get a share of IOTA tokens in exchange for their information, developers, media promotions and resources. Most of those involved in The Big Deal are not yet known to the public for legal reasons, but connections established through The Big Deal could potentially increase both the value and practical use of IOTA.

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How Does IOTA Work?

IOTA is the only crypto that does not use blockchain technology. Instead, it uses another type of network called Tangle. According to IOTA’s website, the benefits of using Tangle include: lack of fees, fast transactions, secure data transfer, and transactions can be carried out at infinite scales. Other aspects include pay-on-demand and micropayment capabilities. IOTA was created as the “backbone of the internet of things” and fully supports machine-to-machine (m2m) secure communication.

First and second generation blockchains such as Bitcoin and Litecoin use transaction fees as a way to prevent users of the network from sending spam. This traditional model poses a potential problem for widespread, mainstream use of Bitcoin as a substitute for fiat currency. The large transaction volume caused by a large number of small payments will ultimately result in large fees.

IOTA is finding a solution to this problem as a zero-fee currency. Transaction fees on the Bitcoin network discourage users from using Bitcoin for smaller purchases on a daily scale. IOTA has no transaction fees and is therefore both practical and much more suitable for m2m (machine to machine) use.

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IOTA as an Investment

The value of IOTA has fluctuated over time, just like many cryptocurrencies around. The highest market cap occurred in December 2017, when it was valued at over $ 14 billion. However, it has since fallen to just over $ 5 billion at the beginning of the year. It has been growing steadily since April, reaching about $ 2.5 billion.

IOTA is currently traded on several major exchanges and the company plans to add more in the future. Binance, Bitfinex, Coinone, OKEx, and Exrates are exchanges that currently list cryptocurrencies.

Many believe that the technical value of IOTA is not really reflected in the current monetary valuation as it is still a concept to be fully realized. There are aspects that can be developed in the future as the Internet of Things realizes its potential. Therefore, there is a lot of potential for the network to go further.

IOTA has a local wallet, the IOTA GUI Client. This wallet can be installed on a user’s desktop or as a mobile application. There is also a paper wallet option that adds an extra layer of security.

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