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MIOTA
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IOTA
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The price IOTA today is 1.16 USD, and the trading volume in 24 hours - 68,235,413 USD. The crypto asset has grown by -6.67% over the day. Currently, the coin’s market capitalization is 3,233,877,862 USD, and has 2,779,530,283 coins in circulation with the max supply of 2,779,530,283 coins MIOTA.

What is IOTA (MIOTA)?

IOTA is a distributed ledger with one big difference: it's not really a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation of this platform states that it offers much higher speeds than conventional blockchains, and is an ideal location for the ever-expanding ecosystem of the Internet of Things.

Since there is no blockchain, there are no miners, and since there are no miners, there are no commissions. In many established networks, costs increase as congestion increases, but IOTA aims to provide limitless bandwidth at minimal cost.

Over time, IOTA's goal is to become a de facto platform for performing transactions between IoT devices. Given that an estimated 20.4 billion such devices could be available by 2024, this could be big business.

The project team believes that the possible use cases do not end there. They believe that their distributed ledger can provide digital identification for everyone, lead to actual-use auto insurance policies, pave the way for cutting-edge smart cities, enable seamless global commerce, and validate the authenticity of products.

Originally known as Jinn, the project's crowdsale was held in September 2014, and the network was officially launched in 2016.

Who are the founders of IOTA?

IOTA has four co-founders, and their names are Sergey Ivancheglo, Sergey Popov, David Sonstebo and Dominik Shiner.

According to the IOTA Foundation, the initiative has grown rapidly, with team members now working in more than 25 countries.

Sonstebo and Schiner are co - chairs of the board of Directors together, and Popov is a member of the board of Directors and Director of Research at the foundation.

Ivancheglo left the Berlin project in June 2019, but continues to work as an unofficial adviser. 

What makes IOTA unique?

Well, as we mentioned a bit earlier, the fact that this is an efficient blockchain without blockchains makes it unusual to say the least.

The more technical name is Tangle-this technology is aimed at preserving the ability of the blockchain to perform secure transactions. The only difference is that it lacks the concept of blocks.

IOTA should not be seen as an alternative to existing cryptocurrencies such as Bitcoin. Rather, it is an extension of the growing blockchain ecosystem. It is designed to work in synergy with other platforms to form cohesion and symbiotic relationships. IOTA is designed to provide a solution that no other cryptocurrency can offer: efficient, secure, easy, real-time microtransactions without fees.

New transactions are confirmed by the approval of two previous transactions from another node, and this is a new approach, since it means that the size and speed of the network will directly depend on how many people use the platform.

And while some cryptocurrencies operate as a business, the IOTA Foundation firmly states that it is not for profit, adding that the only goal is to make the network as prosperous as possible.

Finally, IOTA has distinguished itself from many other cryptocurrency competitors by establishing high-profile partnerships with automaker Volkswagen, and helping Taipei City implement smart projects.

How many IOTA (MIOTA) coins are in circulation?

MIOTA has a maximum number of 2 779 530 283 tokens, and they are all in circulation.

When the crowdsale was conducted, this digital asset was billed as a service token that could be used to pay through its network, rather than as a coin for profit sharing.

999,999,999 tokens were sold during the 2015 crowdsale, and this brought the fund an income of 1,337 BTC. Given that Bitcoin was only worth about $ 325 at the time, this could be a significant plus for the team in the following years.

It's worth noting that in the years that followed, MIOTA's supply did increase, and the team argued that a higher level of supply would make the token suitable for the "tiny nano-transactions" that we're likely to see through IoT devices.

The IOTA Foundation was launched in October 2017, and at that time it owned approximately 5% of the tokens in circulation, and they were donated by the community to create an army of developers and researchers.

How is the IOTA network protected?

Given that the IOTA network is not a blockchain, you might think that it does not require a consensus mechanism. However, to ensure the security of the network, a relatively simple Proof-of-Work task is included in the transaction verification process.

Summary

  • To own your crypto assets, you need to manage your own private keys.
  • Ledger hardware wallets make private key management easy and secure.
  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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