What is IOTA?

IOTA is a platform that, according to the developers, should become the basis for the further development of the Internet of Things (IOTA for IoT). The basis for payments on the site is the eponymous cryptocurrency, which is unique in its kind.

The founders are confident that due to minimal transactions, IOTA coin will be able to become a means of payment, which will ensure the operation of automated systems both at home and at work. Relatively speaking, for one Miota coin you can turn on the light, open the water or light the stove.

Unlike traditional cryptocurrencies, IOTA does not actually use blockchain, as it is said in IOTA crypto news. It uses a new technology, which is called Tangle. In fact, it is a magazine. To store information, the so - called DAG-directed acyclic graph is used.

If in traditional cryptocurrencies transactions are stored in blocks that connect and represent a chain, then in Tangle a completely different system is used. In fact, here one transaction is confirmed by the previous two. Instead of a chain of blocks there is an infinite web. Moreover, the system can also indirectly confirm financial transactions depending on where they originated in the system. With the help of the web, the developers have protected the system from double spending, as well as significantly increased efficiency. Simply put, the more transactions are carried out in the system, the higher is the speed of their execution.

What are the advantages of the IOTA coin?

  • No fees. One of the key ideas of the IOTA cryptocurrency was the absence of any commissions for financial transactions, and the developers have successfully implemented it. For transactions in the system, not a single percent i is charged.

  • Possibility of making micropayments. Actually, it is the main idea, which in the future will allow the IOTA cryptocurrency to become one of the leaders when choosing a means of payment for the Internet of things. Here you can carry out even the smallest transactions, regardless of their purpose.

  • The presence of major strategic partners. First of all, we are talking about German companies, as the IOTA Foundation is based in Germany. In particular, the project partners are such giants as Volkswagen, Deutsche Telecom, Samsung, Fujitsu, Microsoft, etc. Because of such partners, the IOTA price is actively going up, as you can read at IOTA Bitcointalk or any other resource. You can track the IOTA value by checking the IOTA tracker.

Where to store the IOTA?

There is only one official wallet for IOTA and it runs on mobile devices. You can download it on Github. Download the installer, and then install on your phone. By itself, the IOTA wallet looks very modest, and it has only four tabs. You can check your balance, send a transfer, confirm the receipt of funds and view your history.

In order to make a transfer, you need to open the “Send” tab, specify the wallet address, the amount of the transfer and, if you want, add a comment. You can receive the transfer in just two clicks. First come to the “Receive” screen, select the transfer and press the corresponding button.

How to purchase IOTA?

To date, IOTA is traded on one cryptocurrency exchange. This is Bitfinex. Here it can be purchased for other cryptocurrencies, such as bitcoin or Ethereum, or for dollars. IOTA is not listed on other marketplaces yet, and there is no information, if other big crypto exchangers consider the cryptocurrency. Still, if you are interested in how much is an IOTA, you can always check the IOTA coin price at Coinmarketcap.

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