How & Where to Buy IOTA (MIOTA)
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Use IOTA: Ways to send & spend MIOTA
IOTA Price & Information
Current MIOTA price and historical price chart
What is IOTA?
Iota is an open-source, lightweight and decentralised cryptocurrency which was created to facilitate real-time micro transactions within Internet of Things (IoT) and is denoted by the symbol MIOTA.
History of IOTA
Serguei Popov published the white paper on April 3rd, 2016 where he introduced the idea of a blockless blockchain – the backbone of Iota, called Tangle. Iota was launched via an Initial Coin Offering (ICO) on June 11, 2016. It was made available worldwide.
The core team of Iota consists of Sonstebo, Sergey Ivancheglo, Serguei Popov and Dominik Schiener.
How IOTA Works
The backbone of Iota is the ledger called Tangle. It is similar to the blockchain of Bitcoin in the sense that it is a distributed ledger and offers secure transactions, but unlike the Bitcoin architecture, Tangle doesn’t work with block. Iota utilises a blockless blockchain which is basically a Directed Acyclic Graph (DAG).
When a node (a sender, in simpler words) initiates a payment, it can verify the payment by itself. However, to verify, it needs to verify two previous transactions by other nodes.
Iota aims to become the currency of Internet of Things and beyond, for example, Internet of Everything (IoE). Some very futuristic and inherent advantages of Iota are:
- Zero Transaction Charges: In Bitcoin, miners earn a small fee. However, as there are no miners, no third party and no validators except the sender himself, there can be no mining charges. Transactions are free.
- Infinitely Scalable: Because there is no blockchain and every transaction is basically a blockchain itself – which is initiated and verified by the sender, the system is infinitely scalable as there is no blockchain congestion. This means that irrespective of the number of users, the system will always remain equally fast.
- Faster, Advanced Security: Iota uses Winternitz hash-based cryptography signatures instead of ECC (Elliptic Curve Cryptography) which is faster and more secure. This means that transactions are faster without compromising security.
- Micro and Nano Transactions: Iota allows micro and nano transactions to be done more easily because there are no transactions fees.
- Everything is a Service: Iota allows every resource to be treated as a service, whether lending your idle computer or renting a drone or even the free bandwidth. With IoT covering the whole of world, this can be the new mode of instant, hassle-free and automatic payments between ‘things’.