Know Your Crypto: IOTA (MIOTA)
- IOTA is a distributed ledger that handles transactions between connected devices in the IoT ecosystem.
- Its native token is known as MIOTA.
IOTA is the “internet of everything”, in that it is a network for exchanging value and data between humans and machines. It aims to solve scalability and performance issues with other blockchain networks like Bitcoin. MIOTA is the native cryptocurrency of IOTA.
Sergey Ivancheglo, Serguei Popov, and David Sønstebø are the initial founders of IOTA. Dominik Schiener, the most prominent of them, joined later. He is currently the chairman of the IOTA foundation based in Germany.
IOTA is a distributed ledger that is designed to record and execute transactions between machines and devices in the Internet of Things (IoT) ecosystem. It does not use miners to verify transactions instead uses nodes that issue a new transaction on the network and must approve two previous transactions. These transactions can be done without fees unlike the Proof of Work and Proof of Stake algorithms. These problems include scalability, low network speeds, and centralization of mining to a specific group.
Scalability: the problem of an increasing number of transactions processed by a blockchain without affecting other metrics
Currently, IOTA has a market cap of $700 million placing it as the 57th largest cryptocurrency, while the price of one IOTA is at $0.02 after reaching an all-time high of $5. There are a total of 2,779,530,283 MIOTA tokens in circulation which is the maximum supply.
To buy MIOTA you can purchase it directly from Binance using a debit or credit card and can also be traded for other cryptocurrencies on the Binance exchange. Today there isn’t a wide selection of wallets that support IOTA, so many people prefer storing it on exchanges.
IOTA has been criticized due to its unusual format. It was rewritten from the ground up for a network update called Chrysalis, or IOTA 1.5. Controversial decisions such as ternary encoding and quantum proof cryptography were replaced with established standards.
IOTA intends to become the standard mode of conducting transactions on devices and will enable interoperability between multiple devices. In simple terms, this means it will enable transactions between two connected devices and anyone will be able to access it.