Everything You Need to Know About IOTA

IOTA is a popular blockchain platform and cryptocurrency, and if you’re debating on how to get involved, this guide is for you. We have another guide on the basics of cryptocurrency to check out if you’re new to industry as a whole. This guide is specifically geared toward IOTA.

What Is IOTA?

IOTA was created by David Sonstebo, Sergey Ivancheglo, and Dominik Schiener with the intent of reinventing the blockchain. It removes the blocks and mining, along with transaction limits and fees.

Instead, IOTA’s Tangle platform uses Directed Acyclic Graphs to validate transactions using previous transactions within the chain. It’s faster than traditional blockchains and the goal of the IOTA Foundation is to power M2M microtransactions for the Internet of Things.

Using IOTA, your solar panels could sell electricity to smart bulbs, for example, or your sensors and security cameras would transact automatically without your intervention.

How Much Is IOTA Worth?

IOTA has a market cap of $2,857,635,084, as of April 1, 2018. This is based on a circulating supply of 2,779,530,283 MIOTA, with each MIOTA token being worth $1.03. Over $39 million in MIOTA is traded each day.

The peak price of MIOTA so far occurred on December 20, 2017, at a price of $5.24.

MIOTA can not be mined, and the maximum supply is 2,779,530,283, which was all created at launch.

Who Supports IOTA?

IOTA was mistakenly connected to Microsoft in late 2017, although both organizations later clarified there is no partnership. Bosch, however, purchased a large number of IOTA tokens.

Sweden’s central bank Riksbank is considering an IOTA-based cryptocurrency called E-Krona, and the IOTA foundation is also working with several other international organizations.

MIT’s Digital Cryptocurrency Initiative discovered a vulnerability in IOTA’s Curl implementation in 2017, leading to a months-long dispute. It eventually changed to a more standard Keccak algorithm, although the team managed to anger several crypto and cyber experts in the process.

Where Can I Buy/Sell IOTA?

If you want to buy IOTA coins, it can be done on most popular crypto exchanges, including Binance, although you’ll need to exchange your fiat money to a crypto like bitcoin or ethereum at CoinBase first. A full list of exchanges supporting MIOTA can be found at IOTA.org.

If you have any other questions about IOTA’s cryptocurrency, standards, or blockchain not covered above, please feel free to leave a comment below.

Versability

Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower, troll, and freelance writer.

3 thoughts on “Everything You Need to Know About IOTA

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: