What is Iota (MIOTA) How It Works & Where To Buy It?

IOTA is an innovative distributed ledger network that facilitates data and value transfers. It’s custom-built for the Internet of things (IoT) and boasts feeless transactions and, in addition, its functionality requires very little resources.

Iota (MIOTA) has quickly become a prominent project in the crypto space and MIOTA is currently the 61st largest cryptocurrency in the world by market capitalization.

How IOTA (MIOTA) Works

IOTA introduces a novel tangle network that allows the Iota network to achieve scalability and process transactions uniquely. MIOTA tokens are pre-mined similar to XRP tokens.

Transactions are validated using a Decentralized Acyclic Graph (DAG). The efficiency of the network is reliant on nodes becoming part of the tangle network, as more nodes join, the network becomes more scalable and optimized.

Another novel implementation is that a full node isn’t required to validate a transaction. Instead, a transaction can be validated by referencing two previous transactions, the last two purchases.

This positions the Iota network as an energy-efficient network that utilizes a validation mechanism that ensures there are no transaction fees. A host of connected devices or machines can be used to facilitate Iota’s processes.

An additional benefit of the mechanisms used by Iota is that MIOTA can be implemented across an array of systems, without the need for excessive power.

What Is IOTA (MIOTA) Used For?

Iota doesn’t have a blockchain but rather incorporates blockchain technology. Iota tokens (MIOTA) are at the heart of the network and are used to facilitate value and data transfer across the network.

MIOTA isn’t really considered to be a currency as such but it is accepted as a fiat currency alternative by some establishments.

The Iota Foundation has pioneered the adoption of the distributed network, encouraging multiple businesses and individuals to participate in its parallel system, where transactions are processed simultaneously, rather than sequentially.

The Iota network is highly scalable and feeless which has contributed to the network’s growth and the adoption of its systems over recent years.

Additionally, MIOTA tokens are frequently traded on most centralized exchanges. MIOTA, like most cryptocurrencies, experiences significant price fluctuations – this makes it favorable for swing or arbitrage trading.

Where To Buy IOTA (MIOTA)

IOTA (MIOTA) tokens are commonly available on most cryptocurrency exchanges. The MIOTA token saw its most significant trading volumes on June 17, when the 24-hour volumes exceeded $2 billion.

Popular crypto exchanges include:

• OKX
• HTX
• KuCoin
• Kraken

It’s also very common for individuals to keep their tokens off-exchange in digital or hardware wallets. Many people consider this to be the safest option because most exchanges experience hacks at some point.

Trust Wallet has been voted as one of the most popular wallets and it is used and trusted by people around the world.

About IOTA (MIOTA)

How long has IOTA (MIOTA) existed?

IOTA was co-founded by Sergey Ivancheglo, David Sonstebo, Dominik Schiener, and Serguei Popov in October 2015.

The project was formerly named Jinn but rebranded to IOTA in 2015. An ICO was held in 2015 and the team managed to raise $250,000 in token sales

The MIOTA cryptocurrency has seen significant price fluctuations since its listing, and MIOTA’s price reached an all-time high of $5.02 on the 21st of December, 2021.

What’s controversial about IOTA (MIOTA)?

The crypto space is constantly being flooded with new projects, increases in trading volumes, and formidable projects that are revolutionizing financial systems. However, due to the sheer speed at which the crypto space is growing, individuals should be cautious when investing in a project.

It’s crucial to do a substantial amount of research on any project, its history, its founders, and any other important factors involving the project.

Iota (MIOTA) has had its share of controversies too; let’s look at these below:

• Technical flaws – Iota, like many other projects, has previously fallen victim to hacks. Certain technical flaws in the Iota system led to a $3.94 million hack. Many members of the community have raised concerns about certain aspects – citing that the network isn’t as ”safe” to use as it is being advertised.

  Another instance of exploits occurred in a similar fashion where more than $1.6 million was stolen from 10 top wallets.

• Competitors – IOTA has definitely developed a strong digital identity for the project but multiple projects are dominating the space. One of the most notable competitors to IOTA is Ripple (XRP). Ripple is currently one of the most-used distributed ledger technologies in the world, and the XRP cryptocurrency has the 6th largest market cap of any cryptocurrency.

  Another influential competitor to IOTA is Stellar (XLM) which is a very promising project that has seen explosive growth recently. The project has amassed a significant amount of users and the XLM cryptocurrency currently has the 30th largest market cap of all cryptocurrencies.

How many IOTA (MIOTA) tokens are there?

At the time of writing, IOTA (MIOTA) has a circulating supply of 2.78B MIOTA.

The total supply of IOTA (MIOTA) is 2,779,530,283.

The max supply of IOTA (MIOTA) is 2,779,530,283.

Can IOTA (MIOTA) be mined?

IOTA (MIOTA) is not a mineable cryptocurrency. Unlike Bitcoin which uses a proof of work consensus mechanism and runs on its own blockchain – IOTA doesn’t have a blockchain.

MIOTA tokens have all been pre-mined since the launch of the project and the tokens are used to power the transfer of data and value across the network.

Some centralized exchanges also offer staking rewards for users who lock up their MIOTA tokens for a duration – typically 30-365 days.

What is the market cap of IOTA (MIOTA)?

The market cap of any cryptocurrency can be calculated by taking the total amount of coins in circulation times and then multiplying this number with the current market price of the coin.

IOTA (MIOTA) Market Cap = 2.78B MIOTA x $0,4953 = $1,38 billion (61st largest cryptocurrency by market cap).

Biggest Competitors Of IOTA (MIOTA)

The data and value transfer protocol, IOTA, boasts the ability to verify transactions using the IOTA token (MIOTA) at zero cost. It achieves this by using smart contracts and innovative purchase/transaction history – making the network energy-efficient.

IOTA network is essentially a data marketplace where devices can communicate to reach a consensus quickly and securely. It’s positioned for use in IoT devices, and the IOTA Foundation believes its project has the ability to provide the globe with a new and novel system.

However, the IOTA project is one of many projects offering similar distributed ledger solutions. As previously mentioned, IOTA’s top competitors are Ripple and Stellar which offer similar features.

What Are The Future Plans Of IOTA (MIOTA)

IOTA Foundation has made it evident that it believes in the ability of IOTA systems to revolutionize payments globally. The IOTA foundation has also reiterated the energy efficiency of the network, citing how other blockchains use excessive amounts of electricity and have a larger carbon footprint.

IOTA technology continues to be adopted globally but the progress of the project has been hindered by notable competitors in the crypto space. The competition among distributed ledger technology providers is very tight, and many of the top projects in the sector have already amassed large communities and strong partnerships.

If IOTA hopes to become the top project in the sector it will need to increase user adoption and the adoption of its technologies in the Internet of things (IoT). IOTA developers will also need to continuously build and improve the current network infrastructure – making the network and its systems as easy-to-use and convenient as possible.

The current system does use a novel system, whereby a transaction can be validated by considering the previous two transactions. This system, however, is yet to be tested on a global scale. Any implications that might occur still remain unknown until adoption increases, and scalability is tested.

Pros And Cons Of IOTA And MIOTA Token

Pros:

• No transaction fees – IOTA uses a tangle network to achieve an optimal network, where transaction validations require minimal resources and transaction costs are zero.
• 3rd largest distributed ledger project – IOTA is the 3rd largest crypto project specializing in distributed ledger technologies. It is behind only Ripple and Stellar.
• Scalability – This is a topic of concern for many individuals but the IOTA Foundation claims that the IOTA network is capable of scaling globally. As the Internet of Things (IoT) continues to expand, IOTA’s network can scale accordingly.

Cons:

• Competition – Quite possibly the biggest issue with the IOTA project is that it’s up against giants in the crypto market. The IOTA project saw most of its success during the 2016-2017 bull run but the hype surrounding the project has diminished since then. Other projects have already cemented their spots as the most popular distributed ledger projects in the crypto space.
• Hacks – The IOTA network has suffered its fair share of hacks that have led to millions of dollars being lost. The community was outraged by these events and many IOTA community members abandoned the project citing notable security issues. The IOTA foundation has addressed the concerns but many people feel that IOTA’s network is still not safe enough.