IOTA - cryptocurrency overview. What is MIOTA?
Two years ago, a new cryptocurrency for the Internet of Things (IOTA) appeared on the exchange market. This currency runs on Tangle technology, which sets it apart from the blockchain concept we are used to.
Features of IOTA
To understand the difference between the old system and the new one, let's clearly compare the two concepts - blockchain and Tangle.
Blockchain differs in terms of the time it takes to confirm transactions and the high commissions that result from the presence of miners in the transaction chain;
Tangle is based on a system of nodes that confirm transactions. Due to the autonomous mode of operation of this technology, a commission-free payment environment was created within the network.
IOTA development process
So far, MIOTA is losing to the blockchain system cryptocurrencies, but the founders are making plans to develop new software, make transactions to further develop the currency and prepare securities for exchanges.
Next, they plan to upgrade the functionality by extending the modules. It will also increase the number of transactions.
The next step is to create new cryptocurrency microprocessors, thanks to which it will be possible to process thousands of transactions per second.
The organization's management cooperates with several crypto-exchanges and has signed agreements with a number of associations (for example, Microsoft Azure), thus confirming its high ambitions in the currency's formation. The rate of IOTA is similar to Litecoin, but experts predict the growth of the currency in the near future.
Now the cryptocurrency is presented on the following platforms:
- IOTA Exchange
You can buy IOTA for ethereum, bitcoins or dollars, and the commission is correlated to the selected currency and transaction amount.
Creating a wallet
To work with IOTA, the user will need a paper, desktop, mobile or web wallet.
So far, the web wallet and mobile version are in beta-testing stage.
At the same time, the desktop wallet is already working in full force.
For the older generation, the paper wallet type will be more convenient to use - you will need to print it out after you receive money.
Many experts promise great prospects for the IOTA cryptocurrency, so quite a number of users are watching its development with great interest.