“The use case for IOTA is to create a transaction agreement for the Internet of Things (IoT). IoT is a network where we can find home appliances, cars, software, all these and more devices connected, exchanging data, individually identifiable: something like 30 billion of these objects will exist in the IoT in the next couple of years…”

Statistics

Coin Name: IOTA
Token: MIOTA
Birth of project: 2015
Project Status: Pending
Circulating Supply: 2,779,530,283 MIOTA
Validation: Proof-of-work

Official Links

Official website: https://www.iota.org/
Official Wallet: https://github.com/iotaledger/wallet/releases
Explorer: https://thetangle.org
Other: https://blog.iota.org/

Introduction to IOTA (MIOTA)

IOTA was founded in 2015 by Sergey Ivancheglo, David Sonstebo, Serguei Popov, and Dominik Schiener, all of them have been working in blockchain since 2010, giving the project the necessary experience.

The use case for IOTA is to create a transaction agreement for the Internet of Things (IoT). IoT is a network where we can find home appliances, cars, software, all these and more devices connected, exchanging data, individually identifiable: something like 30 billion of these objects will exist in the IoT in the next couple of years.

It is and it will be more and more an internet of smart contracts and devices, a permanent expansion of the IoT that requires interoperability, shared resources, and IOTA wants to give answer to these needs, addressing the existing blockchain issues: scalability, fees and hardware requirements.

IOTA has a unique architecture because of its Tangle system, which retains the features existing in the blockchain (distributed ledger and secure transactions), without blocks, chain or miners. Tangle proposes to solve scaling issues that exist with other blockchains, which make operations slow and expensive.

IOTA transactions simply mention the two previous transactions to be validated. This fascinating technology verifies transactions with new transactions, so along with no sending/receiving fees, there are no miners either.

There are no limits to the growth of the IOTA network, so the more transactions exist, the more stable the network becomes, given the existence of more reference material to validate transactions. It operates unlike Bitcoin or Ethereum blockchains, for example, which get slower and more expensive according to the increase of their activity.

IOTA is not only fully decentralized, but it’s also possible for branches of the Tangle Network to operate offline, using Bluetooth, for example. Offline transactions are re-tangled back to the network for further verification.

One of the major features of IOTA is the interoperability with other blockchains and cryptocurrencies, using a technology named Oracle, currently being tested. IOTAs Directed Acyclic Graph, a Quantum Resistant technology used by IOTA, unlike the hash-cryptography used by other blockchains, is also under development.

Despite this testing scenario IOTA has important partnerships and investments, where we can name the Bosh Group, something that gives other level of credibility to the project. IOTA is a coin that aims high and could make a revolution in the smart economy, but for now is still one beta phase.

The experienced team and the confidence they have in the project, as well as the existing partnerships and investments, just might be enough for IOTA to reach their goals and transform the IoT. One of two things will happen, they will achieve greatness, or fail trying.

This is a brief introduction to IOTA, but if you want to know more about the coin, what people are saying about it, technical details, jump right in any of the links we present below. They are well worth reading before investing!

Price:   

Price History
Feb 19, 2018: $1.99
Jan 19, 2018: $2.75
Dec 19, 2017: $4.24
Nov 19, 2017: $0.816643

8 Comments

  1. jaymish

    Interesting technology behind this, but still very confusing.More confusing than blockchain. I like the fact that it has zero transaction fees. This should draw the crowd in. People like a deal where they can get it.However how will the company make it’s money to keep the network working and upto date? Bitcoin has heralded the start of so many things, it will be interesting to see what the future holds.

    Reply
    • Martins

      I think that one good thing about IOTA is that it’s linked to work in between other cryptocurrency and blockchain in data processing and it attracts zero fees as well, so this is a win-win situation from where I stand. I haven’t made use of IOTA but I think it’s definitely worth it.

      Reply
    • avsf

      Yeah, it’s hard to get. The distinctive feature from IOTA is tangle, allowing cheap scaling and validation, enabling unlimited growth and offline use of the blockchain. Huge companies are investing on IOTA, they might be on to something! 🙂

      Reply
  2. Vinaya

    When I think about crypto currency the main idea that gets into my mind is decentralization. Since IOTA is fully decentralized, we can trust this digital currency. I also believe that the creator behind this crypto currency have enough experience. Bitcoin was launched in 2009 and the creator of IOTA are working on this project since 2010.
    “One of the major features of IOTA is the interoperability.” I will have to find out what interoperability actually is.

    Reply
    • Martins

      In as much as Bitcoin has been on top of cryptocurrency and digital currency for ages, other decentralized coins are popping up with good offers and features that even Bitcoin couldn’t offer. So therefore, IOTA project is going in the right direction if I’m to access how it’s moving.

      If Bitcoin happens to be the only cryptocurrency, blockchain or digital currency, the extent of how hard it is to acquire the coin would be 100 times harder compared to what we have now.

      Reply
    • avsf

      Interoperability just means IOTA will cover digitization of every single item (can be a toaster or a mobile phone) into the blockchain. It’s a transaction agreement on the Internet of Things (IoT). Have you seen DGD article @Vinaya? Gold is digitized there. So, IOTA wants to do that with everything. Pretty ambitious stuff!

      @Martins, it’s not just about the price, but the different features each coin has. Bitcoin played the noblest role for blockchain, by making the code open source. It’s like Adam and Eve at the same time of cryptocurrency. 🙂

      Reply
  3. Martins

    IOTA is backed by the use of cryptocurrency and blockchain, so it’s really a good thing because it helps with integration and exchanging of data after it’s processed and validated to be authentic. IOTA is still a new technology as it came into existence in 2015, let’s see how long it stays in business.

    Reply
    • avsf

      IOTA is a cryptocurrency and a blockchain, and yeah, let’s see if they can achieve what they propose themselves to do.

      Reply

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