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IOTA is an open-source distributed ledger that is focused on developing the foundation for the “Internet-of-Things”. The number of devices that are connected via the Internet is rapidly growing. IOTA’s aim is to provide an infrastructure that facilitates machine-to-machine transactions between all the different devices that are hooked into the Internet.
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| Icon | Symbol | Initial release date | Algorithm type | Max. supply |
|---|---|---|---|---|
 | IOTA | June 13, 2017 | DAG | 2779530283277761 |
At the core of IOTA is an innovative new spin on the blockchain, called “Tangle.” IOTA’s Tangle architecture is designed to manage transactions in the rapidly growing digital economy that forms the basis of the so-called Internet-of-Things. Here’s how it works:
Bitcoin introduced two fundamental concepts to the world: decentralized digital currencies and the blockchain. IOTA has built upon both of those ideas to create a new kind of infrastructure designed for the expanding network of internet-connected machines, or smart devices. Instead of focusing on peer-to-peer transactions, like Bitcoin, IOTA is designed primarily for transactions that happen on a machine-to-machine level.
Iota is also the name given to the native cryptocurrency of the IOTA platform. It is usually distinguishable by its lowercase lettering. Designed with mass adoption in mind, IOTA hopes to provide a foundation for digital transactions to occur throughout the Internet-of-Things. The iota cryptocurrency is intended to serve as a universal method of payment for the future of machine-to-machine transactions that happen on the IOTA network.
One single iota is the lowest unit of the cryptocurrency, comparable to a satoshi for Bitcoin. All iotas were created during the first transaction executed on Tangle. Often, it is common to see Miota listed on exchanges. One miota, meaning mega-iota, is 1 million iota. This is often the unit that is purchased and sold.
One of the most unique and exciting parts of IOTA is Tangle. Building on the idea of a distributed ledger, a central component of today’s blockchains, the Tangle has emerged as a new kind of data structure. The Tangle is a decentralized, peer-to-peer network that does not rely on “blocks,” mining, or an external consensus process. As such, it is not technically a blockchain. However, it still allows secure data transfers to happen directly between digital devices, without transaction fees, in a self-regulating manner.
Thanks to the ongoing development of the protocol, many popular cryptocurrency exchanges now list iota tokens. As the project has not reached large scale adoption, it’s possible that early investors may earn a profit as the technology develops. As with any cryptocurrency, it’s important to be aware that there’s significant risk involved. There are no guarantees, as the cryptocurrency market is notoriously unstable.
The IOTA network has most recently completed its Chrysalis Phase Two launch which means the platform is now ready for enterprise level solutions. As the number of patents grow that use IOTA’s underlying technology, and the number of outside partners grows, the demand for the iota cryptocurrency may increase accordingly.
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“One of the biggest problems for many existing blockchain-based applications, including bitcoin, is scaling. IOTA is confronting this challenge by using a method called “snapshotting” to handle data on the tangle ledger in a way that enables the network to efficiently process many transactions at once.” I read a article on https://iota-news.com about the snapshot, too. But there was also the info, that the new trinity wallet will do the snapshot reattachment automated. Is that true? Would be great
Hi Adrian,
Thank you for reaching out to us.
For the IOTA Trinity Wallet, one of the features of its Beta release is the Snapshot Transition wherein the wallet will have snapshot.
One of the disadvantage of the snapshot is that, if you will access your IOTA wallet after the snapshot and your balance shows 0, you may not be able to see the transaction history as it has been deleted.
I hope this helps.
Please do not hesitate to reach out to us again if you have additional questions.
Cheers,
Ash
Hi, thanks for the insight.
Just curious after reading your post – will Bitfinex accept ETH from Coinmama? I’ve read Bitfinex do not accept ETH from Coinmama as it is a smart contract. If not, do you know if Binance will or alternatively, will it accept bitcoins instead of ETH? Do you recommend other exchanges that I can buy IOTA. Will I need to set up an intermediary wallet or can I transfer bitcoins or ETH directly from Coinmama to Binance or Bitfinex?
I would like to transfer funds from Coinmama to these exchanges but prefer it be painless and learn from others who’ve actually gone through the process. Thanks in advance.
Hi Rampers1,
Thanks for your inquiry
You may contact Coinmama’s support directly about this as many exchanges have that issue. However, it’s relatively quick and painless to set up a wallet if needed.
Hope this information helps
Cheers,
Arnold