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IOTA (MIOTA) price, chart, coin profile and news
Find the latest IOTA (MIOTA) price, coin profile, news and history to get you started with IOTA trading and investing.
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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What is IOTA?
|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:
- If you think about all of the devices that are connected to the Internet, such as computers, the vast majority of them are not running at their full capacity most of the time.
- Many people use computers for things like checking e-mail or browsing the web, but behind the scenes their computers could be doing a lot more without impacting performance.
- Part of IOTA’s vision is to provide a secure way for people to earn money by letting others access some of that unused power.
- In the real world, the potential for this new machine-to-machine economy spans far beyond personal computers. IOTA plans to be the backbone of a new kind of sharing economy designed for a wide variety of smart devices.
Where to buy, sell and trade IOTA?
How is IOTA different from Bitcoin?
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.
Is IOTA a cryptocurrency?
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.
The IOTA Tangle
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.
Can I make money with IOTA?
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.
What to watch out for
- IOTA has gained considerable traction over the years. The project is now extremely close to mainstream implementation, with multiple partnerships already in place. Whether mass adoption is acheived remains to be seen.
- The Tangle architecture, which is central to IOTA, is a new kind of data structure. As with any new technology, there is no way to know how it will work in the real world until it’s implemented.
- While very close to a ‘finished product’, there are still several protocols, such as Coordicide, and applications, such as Chronicle and Firefly, that IOTA needs to complete.
What’s on the roadmap for IOTA?
- Protocol upgrades. IOTA 1.0 was first launched back in 2017. Since then the mainnet has undergone several upgrades to prepare for the Internet-of-Things. IOTA 1.5, or Chrysalis, was the first upgrade and was aimed at improving the usability of the IOTA network. Chrysalis was recently completed in Q2 2021. While IOTA 1.5 has been completed, the Iota Foundation are now focused on IOTA 2.0. This is called the Coordicide Net. This final step for the mainnet will realize permissionless and scalable distributed ledger technology for the Internet-of-Things. The IOTA 2.0 Devnet, Nectar, was released in Q2 2021. A mainnet launch date has not yet been announced.
- Smart contracts. IOTA plans to implement smart contracts capabilities on the network, which will allow the development of decentralized applications. Termed the IOTA Smart Contract Protocol, the protocol will include support for the Ethereum Virtual Machine and Solidity programming language. The Alpha release of this protocol took place in Q1 2021. This update will eventually make its way to the Coordicide mainnet.
- Applications. Alongside infrastructure upgrades, IOTA continues to focus on associated applications to help users onboard into the ecosystem. Firefly, a secure point of entry for users, is scheduled for mobile release in the near future. Bee, the node software for connecting to the IOTA network, is currently under development so that it is compatible with the IOTA 2.0 Devnet. Finally, Chronicle, that stores Tangle’s history, is currently integrating with the Chrysalis mainnet. Advancements of all applications should be watched closely.
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