A MIOTA is 1,000,000 IOTA and has been chosen by the project to be used as the unit of account for the time being. If you want to invest in IOTA, you will right now always buy MIOTA. If in the future the value increases and 1 MIOTA is no longer small enough for a micropayment, the team will drop the MIOTA and start using the IOTA as a unit. The total IOTA volume is 2.8 billion coins, all of which were put into circulation during the ICO. The founders did not keep anything for themselves at the time.
The IOTA Foundation was established once it became clear that more funding was required to advance IOTA. The community then freely gave the creators 5% of the total amount of coins. This demonstrates unequivocally how strongly the community believes in the potential of this cryptocurrency and how willing they are to actively support it.
IOTA: blockchain.. no, cryptocurrency.. yes
IOTA (MIOTA) is a well-known cryptocurrency participant. It makes use of DAG (Directed Acyclic Graph), also known as Tangle, rather than blockchain technology. Internet of Things is often referred to as IOTA (IoT). This technology was created specifically for this purpose. Scalability is a must, especially when dealing with large numbers of microtransactions. The Tangle is already being utilised for this reason by software developers in the automobile business, and that is just the beginning of the trip, so this has been successful.
IOTA’s competition
The Tangle technology has no direct competitors. That is not possible, because the technology behind the Tangle differs in every way from the standard blockchain. Tangle is open source software and is being further developed together with other technology companies such as Microsoft. So far it is IOTA that is the competitor itself. Complications and research that takes longer than expected. Open source also means that the software can and may be used by others, such as the relatively unknown IOT chain. This new project also focuses on IoT, but they are not nearly as big as IOTA.
The application of the technology in real life situations is very important for further development and implementation. Collaborations with Volkswagen, BOSCH and Sirin Labs are considerable pillars on which IOTA can rely. The number of partnerships is still increasing. Especially with the development of the self driven car and other autonomous decision computer systems, there is a growing demand for a system that can process millions of microtransactions at the same time. And IOTA can do that without any problem.
Will it change the future?
IOTA has a number of disadvantages. For example, the network is not yet completely stable and relies on a coordinator and there is a lot to say about safety (although a lot of work has been done on it lately). The fact that Tangle technology does not enable smart contracts is a real weakness. Had this been possible, IOTA could have been a comprehensive solution, where now it must be combined with other (blockchain) applications.
However, the advantages now have the upper hand. Because it doesn’t use a traditional blockchain and there are no transaction fees, it is very scalable. These two elements are crucial. This needs to be done promptly and securely at a time when millions of microtransactions (think of all payments under a euro) are being conducted globally. And since paying for each transaction is more closely related to the banking system than to digital money, it must be done nearly for free. IOTA has a bright future, but it is heavily reliant on the development of the Internet of Things. There is possibility for a significant increase in digital devices if we truly go digital, including our automobiles, lawnmowers, and refrigerators.
IOTA is a cryptocurrency to watch due to the advancement of IOTA itself, the Tangle technology, but more so because to the explosive expansion of the IoT business. If you want to ensure that you don’t lose out when the value of this currency significantly climbs, add these coins to your portfolio right now.
