What is IOTA?
IOTA is a distributed ledger with a significant distinction: rather than being a blockchain, IOTA's proprietary technology is a system of nodes that confirm transactions, known as Tangle. This platform's founders claim this offers much faster speeds than conventional blockchains and is an ideal footprint for the ever-expanding Internet of Things ecosystem. Since there's no blockchain, there also aren't any miners. Without any miners, there are no fees. When congestion intensifies, many established networks struggle with ballooning costs, but IOTA's goal is to offer limitless throughput at minimal expense.
IOTA's ultimate goal is to become the de-facto platform for providing transactions between various IoT devices. When you think about the estimates suggesting there could be 20.4 billion devices like that on the market by 2024, this could be a big idea. IOTA's founding team doesn't believe the buck stops there for potential use cases. They strive for the distributed ledger to deliver digital identities to everybody; IOTA can allow for car insurance policies based on actual usage, paving the way for innovative smart cities, prove the authenticity of products, and deliver seamless global trade.
IOTA Key Points
As we discussed above, the fact that IOTA is a blockchain less blockchain makes it stand out in the market. Directed Acyclic Graph is Tangle's technical name. While not a blockchain, IOTA still aims to keep blockchain's ability to execute secure transactions. IOTA validates new transactions by approving two previous transactions from another node, a novel approach since it means that the network's speed and size will be directly related to the number of people using the platform. The only difference is that IOTA doesn't use blocks. IOTA works as an extension of the growing blockchain ecosystem and is designed to offer a solution no other
cryptocurrency currently does: secure, real-time micro-transactions without additional fees. Moreover, the IOTA Foundation says it is not for profit and has the sole objective of advancing the feasibility of the network.
What are IOTA Frequenty Asked Questions?
Where does IOTA (MIOTA) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, IOTA currently ranks in position 37 out of the thousands of cryptocurrencies. It is also important to consider IOTA‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. IOTA has a market cap of $ 1,116,927,209, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 580,282,138,516, Litecoin at $ 8,424,850,670, Ethereum at $ 146,724,163,963, Tether at $ 25,422,039,508, and XRP at $ 11,664,193,282.
What is the price of IOTA (MIOTA) today (updated in realtime)?
The current price of IOTA is $ 0.402472 in USD. (The price in Euros is 0,331437 €; and the price in Bitcoin is Ƀ 0.00001300 BTC.)
What is IOTA‘s (MIOTA) market supply?
The total available supply of IOTA is 2,779,530,283 MIOTA. The total supply of IOTA is 2,779,530,283 MIOTA.
What is the 24 hour volume for IOTA (MIOTA)?
The 24 hour volume for IOTA is $ 40,236,148.
How has IOTA (MIOTA) performed recently?
IOTA‘s price has decreased in the last 24 hours by -2.78%. This compares with a seven day change of -14.53%. The trading volume over the last 24 hours was $ 40,236,148. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is IOTA (MIOTA) official website?
Links to IOTA‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has IOTA (MIOTA) performed well historically?
Here is a chart showing how IOTA has performed historically.
Where Can I Buy IOTA (MIOTA)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
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