What is MIOTA (IOTA)?
Future of IOTA Cryptocurrency and know how to buy IOTA

 What is MIOTA (IOTA)?

 

#1 What is MIOTA?

Are you familiar with the concept of the Internet of Things? The revolutionary new concept will soon overtake large parts of our lives, allowing all of our devices - from refrigerators to thermostats, to go ‘smart’, and communicate with each other to fulfill their functions. But we’re going to need an efficient communication and transaction layer for these devices to talk to each other. That’s where IOTA comes in.

IOTA: The Basics

  • IOTA is a crypto token that is a combination of the Internet of Things and blockchain technology.
  • The IOTA blockchain allows transactions to happen between IoT devices, helping accelerate IoT adoption globally.
  • Users can make IOTA transactions for free. The best part is that you can do that even when you are offline.
  • Though IOTA is still in the development stage and isn’t ready for implementation on a large scale, it has consistently been in the top 10 cryptocurrencies. IOTA’s slogan is ‘The backbone of IoT is here!’ and it is definitely proving to be one in reality. 

IOTA Development

  • Since 2011, the core team of IOTA has been working on developing its blockchain technology.
  • In 2016, they created the IOTA Foundation and company. Since then, there has been no looking back for them.
  • IOTA’s CEO, David Sonstebo has been praised for his marketing approach numerous times. This strategy focuses on establishing sustainable growth and a strong strategic network. The PR activities and blogging of IOTA is handled by David himself.

 

#2 - What are the advantages of IOTA?

Technology

  1. IOTA uses its own technology to power its operations, known as Tangle. Tangle is promoted by the IOTA foundation to be the reason for its free transactions, which take place on a peer-to-peer basis.
  2. The payment takes place only after the confirmation of the previous two transactions by the originator of the transactions themselves. This negates the need for transaction fees. As these verifications are spread throughout the network, it shows that the network is totally tangled, hence explaining the name “Tangle”.
  3. As there is no transaction fee, and coupled with the peer-to-peer transaction, IOTA has no scalability problems. The growth of the speed is exponential. Therefore, we will get a network with high speed if number of people start using the network. This is because to make one transaction, two of them need to be verified.

 

#3 - How to Buy & Store IOTA

How to buy IOTA?

  1. IOTA is available on all the major exchanges globally. To buy IOTA, you can pick from different exchanges like Binance, HitBTC, and Shapeshift.
  2. IOTA trades can be executed via other cryptocurrency pairings as well. For example, you can buy IOTA using the BTC, ETH and USDT balance apart from USD.
  3. One of the most important things to look for is that the price indicated is for one MIOTA and not one IOTA. One MIOTA means one million IOTA. You need to be aware of this fact or else you will end up spending significantly more than you actually planned! 

Buy IOTA using CoinSwitch 

With CoinSwitch, best cryptocurrency exchange you can access the best rates across exchanges globally, giving you the option to pick the best rate all at one place. It leads to valuable savings, and what’s more - you do not rely on a separate wallet from the exchange to store your IOTA coins. Instead, all transactions happen to and from your own personal private wallets.

IOTA Storage

Everybody naturally wants to keep their coins safe, which begs the obvious question - what is the ideal way of storing IOTA?  

  • First, know that the IOTA foundation has its own wallet available on GitHub. Though this wallet is simple enough, it is not very user-friendly. You can download it and run it on Windows to start using it.
  • There is another Android wallet named IOTAWALLET. It is in its development stages and a wait for its full version in order to store IOTA coins in it is on.

 

#4 - IOTA: What is the future of IOTA?

IOTA Global Acceptance

As of May 2018, IOTA has a total market capitalization of $4 billion USD. The current IOTA tokens in circulation are about 2.77 billion. As of the same time period, an individual token costs about $1.72 USD. About just a year previously, in June 2017, IOTA was trading at $0.25 - which works out to be a rather impressive nearly 7x gains for IOTA investors. 

Trends so far

Though the ICO (Initial Coin offering) for IOTA token was held in 2015, it was introduced for trading in June 2017. Bitfinex was the first exchange to add IOTA and has been supporting its development since then. In terms of market capitalization, IOTA has become one of the top 10 cryptocurrencies in the world. 

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

1.76

1.94

1.72

1.93

145,124,000

4,883,300,000

May 01, 2018

1.96

1.98

1.84

1.98

66,547,100

5,444,860,000

Apr 01, 2018

1.08

1.1

0.956615

0.99479

35,953,200

3,004,660,000

Mar 01, 2018

1.85

2.01

1.84

1.97

41,523,600

5,152,710,000

Feb 01, 2018

2.31

2.33

1.75

1.91

108,876,000

6,419,970,000

Jan 1, 2018

3.56

4.36

3.42

3.97

256,630,000

9,883,750,000

Dec 01, 2017

1.31

1.49

1.23

1.45

141,192,000

3,639,440,000

 

Also Read: Complete Analysis of MIOTA | Live MIOTA (IOTA) Price Charts & Predictions

#5 - How is IOTA Different from other cryptocurrencies?

There exist some fundamental differences between how IOTA operates when compared to other cryptocurrencies. Take Bitcoin for example, which is the model for how many cryptocurrencies operate.

  • Bitcoin miners process its transactions in sequential units - called blocks, on its blockchain. This adds a restriction on the number of transactions that can be processed in a block, which leads to slower transaction times and clogs the network if there are too many in the queue. 
  • IOTA’s architecture works differently. First off, there are no miners securing the network. Instead, for every IOTA transaction, the transaction originator is supposed to approve 2 previous transactions on the IOTA network by performing some computations. 
  • This negates the need for fees, as the transaction originator himself is incentivized to process his transactions and verify previous ones.

What this also means is that as the network grows, it can scale faster as many transactions get verified at a quicker rate.

 

#6 - Should you buy IOTA? 

Support & Regulation

The IOTA Foundation is leading the way for cryptocurrency adoption, largely due to the plethora of partnerships it has forged with major brands and institutions. Some of its partnerships include:

  • Microsoft
  • Bosch
  • Volkswagen
  • Fujitsu
  • Accenture. 

Caution

In the context of all this, it may be wise to also keep in mind some red flags. In August of 2017, an MIT team discovered vulnerabilities while investigating IOTA. IOTA’s cryptographic hash function was found to be delivering the same output with different inputs after hashing, which is a big security risk and ideally has no place in the crypto world. The vulnerability was later patched. 

Future Prospects

Being the first one to guarantee zero transaction fees, IOTA certainly seems to have an interesting future. Currently under development stages, if it achieves all its objectives, it has the potential to dominate the market. It is predicted that around one billion objects will be connected by IoT technology by the year 2020. That’s a big market IOTA is targeting.

The IOTA team is working on meeting the expectations of long-term investors. They have introduced their brand new technology - called ‘Tangle’, and are setting new goals in this crypto world. The IOTA team continues to attract highly talented people and works on a humble marketing strategy.

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