What Is IOTA (MIOTA)?
IOTA is a decentralized network that removes blockchain staples like mining to create an efficient network capable of powering the Internet of Things (IoT). Automation, smart homes, and smart cities depend on the ability of machines to talk to each other machine-to-machine (M2M). Tokenizing microtransactions and adding a digital ledger creates an ecosystem where all our machines can communicate and be tracked to the tiniest iota.
Who Is IOTA?
The IOTA network was created in Berlin by David Sonstebo, Sergey Ivancheglo, Dominik Shiener, and Serguei Popov. The team later formed the IOTA Foundation, a non-profit organization that now maintains and operates the network.
Use Cases of IOTA
IOTA can be used to power anything, from smart vehicle transactions like paying for gas or tolls, to tracking solar generation, utility usage, and more. Any IoT-related function can be tokenized through this platform
How to Mine MIOTA
MIOTA is mined using a Proof-of-Work (PoW) consensus, although mining is removed, so the “work” in this case is network participation. It can also be purchased on popular cryptocurrency exchanges like Binance and HitBTC.
Notable IOTA Partners and Investors
The IOTA Foundation formed several partnerships to integrate its technology into partner technology. This includes Car Wallet, a MIOTA token wallet that enables automatic parking/fuel/toll payments using the Tangle network. There’s also a Volkswagen partnership that may integrate IOTA into all future VW automobiles.
Learn More About IOTA
If you want to learn more about IOTA, I wrote a full coin intro guide at Crypto Briefing. Or you can learn more about other cryptocurrencies across Thought for Your Penny.