IOTA surged to its highest value on December 20th 2017 by peaking at $5.26 to the USD. At the time it made its entry to the market, it was selling at 0.63 to the USD, and this was as at June 2017.
It also held its place on the list of the Top 10 cryptocurrencies by capitalization over the course of the last 8 months. It currently trades at $3.59 as at mid-day (GMT) on 15 January 2018.
What is IOTA?
Dominik Schiener is reputed as a co-founder of Project IOTA. He worked with Dr. Segueil popov, David Sonstebo, and Sergey Ivancheglo to innovate IOTA.
He has been involved on decentralized identity projects, Blockchain voting technologies as well as e-governance initiatives. He has taken interest in how distributed ledgers work in alignment with the Internet of Things.
The IOTA ( (Internet of Things Applications) platform has several real-world uses that can position it as the most suitable technology for IOT (Internet of Things.)
Since IOTA debuted in 2014; it made it possible for micro transactions to be supported on the Blockchain.
It also boasts of supporting nano-transactions that are tiny in nature, and measured like 0.0001 BTC. One point of note is that IOTA is not a Blockchain.
IOTA also functions as a distributed ledger of lightweight, highly scalable and decentralized tool for use on a machine–to-machine basis, and for human applications.
IOTA is vaunted as capable of making anything leasable so that all assets can become income-earning just by embedding a chip.
How IOTA Works
- IOTA is driven by Tangle, which is able to provide instant transaction confirmations and without any fees payable
- All transactions can go through the network at an instant as it works as a public ledger that is decentralized and optimized
- IOTA makes the best use of the Blockchain, and blocks can be added in a non-linear manner unlike Bitcoin that attends to one transaction at a time
- Blocks addition on IOTA does not go with a chronological order as it is not centralized
- IOTA Tangle makes it possible for transactions to happen even on an offline mode, and they will be merged to the network as soon as the online mode is available
- The support structure for IOTA Tangle covers mobile phones, computers, and other devices as well as IOT –linked appliances.
What is IOTA Token?
IOTA tokens are called IOTA or M-IOTA. Mega IOTA is the traded form of IOTA in its million range while IOTA is the smallest unit.
It is the currency that is linked to the IOTA network and it has a fixed supply of 2,779,530,283,277,761. The supply of the tokens has already been determined and no expansion will take place at any time.
IOTA Tangle also supports other cryptocurrencies in such a way that does not make M-IOTA exclusive on the network. By allowing access to its network from other Blockchains and tokens, the worth of the IOTA backbone is deepened by usage.
How to Buy IOTA
- Use Binance or any exchange of your choice to open an account
- A credit card or cash deposit can be used to fund your account
- Buy ETH or BTC on an exchange
- Get your ETH or BTC swapped for the IOTA value you want
- Use the market tab to make your entry and confirm transactions
- Check your balances to confirm that the transaction was completed
- Hardware IOTA wallets are available but many complaints have arisen on its supposed loopholes
- The errors arise when users forget to add their new address to IOTA tangle. You will be notified if this succeeds.
Always wait for correct address confirmation before sending an M-IOTA request.
The value of IOTA lies in its utility value in a world that is inching daily towards an IOT mode. It is poised to soar in value in the days ahead.
To trade IOTA at any time, here is what to do:
- Forward your M-IOTA to an exchange
- Convert it to ETH or Bitcoin
- Cash out in your currency of choice.