IOTA operates under the technology of a system known as Tangle which involves the confirmation of transactions by nodes. Even though the cryptocurrency operates under the distributed ledger system used by blockchain technology, it is not actually a blockchain.
According to the foundation behind the creation of IOTA, it states that the distributed ledger system used by the IOTA system offers greater speed and efficiency than the regular blockchain. Using this system through Tangle also provides the platform with a proper digital footprint over the ever-growing internet ecosystem.
The IOTA system is one of the most distinct cryptocurrencies in existence. Unlike it’s predecessors and contemporaries, there is no mining operation being executed on ts network. The absence of miners also implied an absence of fees on the network. Based on the statement of the IOTA website, the network’s aim is the provision of cryptocurrency-related services at minimal expenses.
In it’s broad goals, the network plans to become the go-to platform for the execution of IOT related transactions between the supported devices. According to study projections carried out by the network, by 2024, there could be about 20.4 billion IOT devices that will need these services. In essence, it could become the next big thing in the world of IOT transactions.
According to the IOTA creation team, this is just one of the variety of use cases for which their creation could be applied. The distributed ledger system used by the cryptocurrency could be used in several other applications as it can facilitate the delivery of digital identities to several parts of the economy. It’s application could range from usage-based vehicle insurance policies, determination of authenticity in products to the facilitating of the development of smart cities.
Who are the Founders of IOTA (MIOTA)?
The IOTA system was originally known as Jinn. In 2014, a crowd sale was held for the platform before its launch later in 2016.
The platform was jointly founded by four individuals named Dominik Schiener, Sergey Ivancheglo, David Somstebo, and Serguei Popov. According to the network, it has grown exponentially from its original four starting parties to having teams with members in over 20 countries.
The chairman role for the board of directors of the IOTA network is co-occupied by both Sonstebo and Schiener. Popov, a member of the board is also the director of research for the foundation.
In 2019, one of the founding partners, Ivancheglo resigned from his position on the Berlin-based project and currently acts as an unofficial advisor. According to Ivancheglo, he stated that he no longer believed the IOTA foundation was the best environment for him. He added further that he would be working independently on different aspects of the IOTA software and hardware.
What is IOTA (MIOTA) used for?
The IOTA uses a data structure known as tangle which is responsible for uniquely storing and managing number-based representations. The use of this system allows the IOTA system to be able to overcome major problems faced by it’s predecessor such as scalability. The network is able to do this by eliminating the topographical problems of using blockchain technology.
The whole network has it’s MIOTA tokens pre-mined, similar to the operations of the XRP system. However, in IOTA, transactions executed are validated by Tangle which applied the Decentralised Acyclic Graph (DAG) technology. Simply put, the technology is an interconnected series of non-sequential nodes. The system then allows each node to be connected to another on the network in the form of a tangle.
Although there is a blockchain system in existence that uses this same technology, however, they possess a parallel system of the same kind. This is what makes simultaneous transactions possible for the IOTA network.
What Is the Unique Point of IOTA (MIOTA)?
As was previously mentioned, the IOTA network does not operate under any blockchain, however, it applies a similar principle to blockchain technology to its execution. This, in itself, is an occurrence that is not very common in the world of cryptocurrencies.
In 2015, one of the network’s founders Sonstebo stated in a blog that the technology used by the IOTA system retains the blockchain ability to carry out transactions while maintaining the highest level of security. The only major between it and the regular blockchain technology is that it does not operate in the form of blocks.
Sonstebo also stated that the IOTA system should not be considered an alternative coin to first-generation cryptocurrencies like Bitcoin. According to his statement, the IOTA network is an addition to the ever-evolving blockchain ecosystem. This is because the network was made to work in unison to provide a combination of solutions that were previously not available in the world of cryptocurrencies. These solutions include the execution of secure lightweight microtransactions in real-time with zero fees.
Another novel principle used by the network is the validation of two previous transactions by different nodes before new translations can be validated.
As is the predominant operation of other cryptocurrencies to be run for financial purposes, the IOTA is strongly a non-profit system.
How many IOTA (MIOTA) coins are in circulation?
The IOTA network has a total supply of 2,779,530,283 tokens. Currently, the entire available supply is in circulation.
At the time of the IOTA crowd sale, the digital currency was pegged as a valid method of payment across the network rather than a sharing system that is profit-oriented.
During the 2014 crowdsale, there were exactly 999,999,999 tokens that were sold and they generated a total of 1,337 Bitcoin for the IOTA foundation. At the time of the sale, Bitcoin was only worth $325 which could have led to a substantial loss for the team in later years.
It is noteworthy to mention that the supply of MIOTA tokens increased a few years after its launch. According to its creation team, this was aimed at making a support system for devices that support the execution of IOT transactions.
Is the IOTA (MIOTA) Network secured?
The IOTA system is not operating under blockchain technology, as such, it is generally expected that the system would not require a consensus mechanism. However, this is not the case as they kept protected by a somewhat uncomplicated proof-of-work system.
The proof-of-work consensus mechanism is a security measure that required that the nodes on a network solve a puzzle before a new transaction can be validated. The proof of work system is currently used by major networks in the cryptocurrency ecosystem such as Bitcoin.
Over the years, there have been general concerns about the security measures used on the IOTA network. These concerns are a result of research experts claiming to have found weaknesses in its code.
How do I buy IOTA (MIOTA)?
IOTA is generally different from most of the other cryptocurrencies available. This has piqued the interest of people all over the world and led to an increased adoption rate. MIOTA tokens are available on several platforms including ptpwallet.com. To buy the tokens, follow the steps below.
* Open an account with the trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy MIOTA through your account.
Which Cryptocurrency Wallet Supports IOTA (MIOTA)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as MIOTA. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their IOTA wallet because offers a simple and interactive interface making it easy for people to navigate its system.