IOTA

What is IOTA?

MIOTA is the native IOTA token that distributed ledger built for Internet of Things (IoT) devices. The coin can also be simply called IOTA as MIOTA actually means one million IOTA. However, IOTA is a unique type of distributed ledger because it is not a blockchain and its native token is not altcoin like other crypto assets (at least the founders of IOTA do not think so).

Additionally, IOTA does not charge transaction fees and does not require miners to complete transactions. However, sending a transaction to users requires some computational effort. Thus, MIOTA is ideal for IoT devices that can be used as a currency or a distributed communication protocol..

If you are interested in the current price of IOTA, check out the MIOTA price chart above.

Additionally, note that IOTA aims to eventually become the primary platform for conducting transactions between IoT devices. Although, according to the IOTA team, there are still use cases that can be explored. Ultimately, this could provide access to digital identity, pave the way for the development of revolutionary smart cities, facilitate international trade, and so on.

Founders of IOTA

IOTA was founder Sergey Ivancheglo, Sergey Popov, David SønstebøAnd Dominic Shiner in 2015. In 2017, the team also established the IOTA Foundation. It became the first legal non-profit organization in Germany fully funded by IOTA crypto assets. He is tasked with managing IOTA tokens and is committed to developing the technology and keeping it open source.

The IOTA token was officially launched in 2017. At that time, the price of IOTA was $0.40 and began to show fluctuations from the first days on the market. It hit a major milestone in December 2017 when it crossed the $1 mark for the first time.

How does IOTA work?

IOTA uses a quantum-resistant protocol called Tangle, or to be more technical,Directed acyclic graph. Essentially, it creates a network of nodes that verify transactions. This is similar to how it works with blockchains, but there are no blocks. In addition, it aims to offer much higher transaction speeds and minimal costs.

So if there are no blocks, how do transactions happen? In fact, new transactions can be approved as soon as two previous transactions from another node have been approved.. This is a revolutionary strategy because it means that network size and performance will directly correlate with platform usage.

Speaking of consensus mechanisms, although it is not a blockchain, it still uses it to ensure the security of transactions. Transaction verification process IOTA includes a Proof-of-Work (PoW) mechanism.. It involves a set of mathematical equations that must be solved to confirm transactions. The main advantage of this mechanism is that it eliminates the need for miners and validators.

If you are looking to purchase IOTA tokens, please be aware that the price of IOTA may fluctuate. This is due to the volatility of the entire cryptocurrency market, especially influenced by major cryptocurrencies such as Bitcoin (BTC).

Tokenomics of MIOT

The maximum supply of IOTA coins is 2,779,530,283 MIOTA and all tokens are already in circulation. Since the tokens cannot be mined, the supply of IOTA will never increase. The burning can only happen through a community vote. Therefore, IOTA can be considered a deflationary token, and the burning process is one of the methods for controlling the price of MIOTA.

IOTA is a moderately volatile asset and tends to follow general bearish and bullish trends. If you are interested in the current price of IOTA, you can find the relevant data in the chart above.