IOTA is a peer-to-peer network and cryptocurrency. It aims to facilitate, maintain, and provide a means for a machine to machine economy. IOTA can initiate quick and scalable transactions through its value and information transferring system. Most cryptocurrency networks rely on blockchain technology as their foundation. However, IOTA uses a system called Tangle, or directed acyclic graph (DAG) instead of a blockchain. IOTA’s use of the DAG offers a scalable system, completely free transactions regardless of their size, an unlimited frequency of transactions, and notably fast transaction times.
David Sonstebo, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov founded IOTA in 2015. They continued beta testing in 2016 while users traded before it was listed on an official exchange.
In May of 2017, Iota announced that they had put together a $10 million fund to support their growth in the community, corporate, and technology endeavors. Soon after, Iota received a substantial investment from venture capitalist firm, Bitfinex Outlier Ventures. Additionally, Iota had started creating significant attention in the press. Micropayment processing company, SatoshiPay, publicly announced their transition to Iota from Bitcoin due to their skyrocketing prices and desire to move on to more “superior technology.”
By the end of 2017, IOTA had become the fourth biggest cryptocurrency in the market with a market capitalization of $13 billion.
The founders of IOTA raised an equivalent to 500k in USD of different cryptocurrencies. This capital was donated by genesis token holders and used to put together a non-profit company called the IOTA foundation (IF). IF was chartered in Berlin, Germany on November 3, 2017.
Iota teamed up with several large corporations as well as other non-profits to increase their involvement in international crises. They worked with companies like Volkswagen and Microsoft as well as non-profit organization, REFUNITE. They used Iota’s distributed ledger to help connect missing persons with their families.
IOTA aims to be the underlying protocol that supports the internet of things. IOTA works on a consensus-based system. Thus, to participate in the IOTA network, users must first approve two prior transactions on the ledger. This helps to make sure that the entire ledger is both up to date and accurate.
IOTA is entirely free to use. It allows for two kinds of specific features that differentiates itself from other cryptocurrencies. First is microtransactions. Microtransactions are merely transactions that can be worth small fractions of cents. The relevance of the ability to conduct microtransactions with IOTA is based around the practical, real-life applications they provide. It allows token holders to use IOTA to purchase online games, articles, or even a cup of coffee. The second feature is speed, or transactions per second (TPS). TPS on the IOTA platform correlates directly to the number of people using the system. In essence, the more users who are on the platform, the quicker the transaction speed is for everyone.
IOTA token is IOTA’s native cryptocurrency, which can be purchased, sold and traded. The token itself is often written as “MIOTA.” MIOTA is the official ticker symbol that it is listed as on portfolio trackers and cryptocurrency exchanges. Like some other cryptocurrencies, IOTA cannot be mined, as all tokens that will ever exist have already been pre-mined. Some argue that this is a security concern and that the best way to validate transactions is through the mining process.
On June 13, 2017, IOTA began trading on public exchanges. Its starting trade price was at $0.63. Over the lifetime of the coin, it has stayed relatively stable within the $0.50 to $0.60 range. As of September 2018, it traded at $0.53.
IOTA can be bought with other cryptocurrencies like Ether or Bitcoin. Ether might be a preferred method to purchase IOTA because of lower transaction fees. Coinbase can be used to obtain your desired trading coin. Exchanges like Binance are common platforms used to buy IOTA. While IOTA can be stored in other cryptocurrency wallets, using an IOTA wallet can be a safer option for storing your tokens.
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