IOTA (IOTA) Live Price

Do you want to satisfy your curiosity with respect to MIOTA? Of course, MIOTA can be purchased on top cryptocurrency exchanges, and you’ll find them on Binance, Bitrue, OKX, XT.com, and more. Let’s dive deeply into other things you need to know about MIOTA. 

What is MIOTA?

Commonly known as MIOTA, IOTA is a distributed ledger designed to promote easy and seamless microtransactions on the Internet of Things (IoT) ecosystem – recording and performing transactions between machines and humans. IOTA has a significant difference compared to other coins as it isn’t a blockchain. 

Instead, IOTA is built with a proprietary technology named Tangle, which helps it confirm transactions. IOTA is a platform that boasts excellent speeds compared to other conventional blockchains, thus becoming a unique trailblazer for the rapidly expanding and advancing world of the Internet of Things and its ecosystem. 

As mentioned earlier, IOTA isn’t blockchain; thus, there are no minders. Consequently, the absence of miners also means zero fees. For many established networks, cost ballooning, especially during congestion, is a significant problem, but the case is different for IOTA as it provides unlimited throughput at minimal expense. 

Interestingly, the primary objective IOTA has set out to achieve is to stand out as the de facto platform that promotes easy and seamless execution of transactions between IoT devices, regardless of the number of available devices. Though, several research studies have identified more than 20 billion such devices expected to be out by 2024, being the de facto platform for transactions within the IoT devices is a game changer and ultimately a big business for IOTA. 

According to the Team, there is a big vision behind establishing IOTA beyond achieving its primary objective. They believe that IOTA, as a distributed ledger, would spread its tentacles to deliver digital identities to everyone in the future. Also, they believe that IOTA can result in car insurance policies based on actual usage, thus creating an avenue for cutting-edge smart cities, ultimately delivering seamless international trade while proving the authenticity of products. 

Who Are the Founders?

IOTA was founded in October 2015 through the efforts of four significant individuals. The principal co-founders are Sergey Ivancheglo, David Sønstebø Sergui Popov, and Dominik Schiener. According to the IOTA Foundation, the initiative was conceived, and the announcement was made via an online Bitcoin forum promoting token sales. After that, IOTA has snowballed since then with team members across the length and breadth of the world with a strong presence in 25 countries. 

According to the Whitepaper, Sonstebo and Scheiner were made the co-chairman of the board of directors. At the same time, Popov takes the portfolio as the board member as well as the research director of the foundation. 

Ivancheglo later resigned from the project in June 2019 to continue as an unofficial advisor. According to his statement at that time, he claimed that he no longer believes that the IOTA Foundation is the best setting for him to realize what was set out to create back in 2014 and 2015. He further said, “I have always done my best work in a less rigid environment.

I am looking forward to continuing the work on both hardware and software development of IOTA independently.”

Reports also revealed that the crowdfunding from the Bitcoin forum raised $500,000 while the community donated about 5% of the proceeds of the tokens as a form of support for the foundation, which helped them secure the long-term viability of the project. 

Why Is IOTA Unique?

The uniqueness of IOTA since its inception can be attributed to its effectiveness as a blockchainless blockchain nature. As stated earlier, this is somewhat unusual, and the growth has been unprecedented. 

Apart from that, one of the co-founders, Snstebo, also explained in a 2015 published blog post that this Berlin-based project has a more technical name known as Directed Acrylic Graph. In his explanation, he said the IOTA technology aims to retain the ability of blockchain to executive safe and secure transactions. However, the only significant difference is that it is unique in its own way by eliminating the concept of blocks. 

Snstebo also writes that “IOTA should not be regarded as an alternative coin (altcoin) to existing cryptocurrencies such as Bitcoin, rather it is an extension of the growing blockchain ecosystem. It’s meant to work in synergy with these other platforms to form cohesion and symbiotic relationships. IOTA is designed to provide one solution that no other crypto does; efficient, secure, lightweight, real-time micro-transactions without fees.”

By implication, IOTA employs a system where new transactions are automatically confirmed through the immediate approval of previous transactions from another node. This is revolutionary as the speed, and the network size largely depend on the number of individuals using the platform. 

Another point of uniqueness about IOTA is that it is run for free without any monetary gain, ultimately achieving the goal of creating a prosperous network in the long term. 

Summarily, IOTA stood out from other competitors in the crypto exchange industry by establishing strong, solid, and high-profile partnerships with the famous vehicle manufacturer, Volkwagen, thus facilitating the pursuit of smart projects in the city of Taipei. 

How Is IOTA Network Secured?

Since the IOTA network is blockchainless, many may not consider its need for a consensus mechanism. However, the system is kept efficient and secure with the help of a highly straightforward Proof-of-Puzzle, which helps to validate transactions. 

Although, there have been a series of concerns regarding the security of transactions using IOTA and the safety of its users, the foundation is in top gear to address all these security issues, especially the vulnerabilities found in the project’s code. 

Where Can You Purchase IOTA (MIOTA)?

Like other cryptocurrency coins, MIOTA has been listed for purchase on various exchange platforms. However, many prefer to purchase MIOTA on popular exchange platforms like Binance, Bittrex, and OKEx. The project supports a wide range of trading pairs as the coins can be linked to other coins like Ethereum, Bitcoin, Stablecoins, and even fiat currencies, including Euro, Dollar, Pound, Japanese Yen, etc.