IOTA is a completely unique platform with a cryptocurrency that works with the concept of Internet of things (IoT).
What is IoT? Today, more and more equipment can be controlled via the Internet. It’s not only PCs and laptops that connect to the web, but also fridges, TVs, irons and even kettles. To ensure an optimal interaction between these subjects is the task of IOTA.
Yota is created in order to connect all things to a single network and manage them. With its help it is possible to build a global structure, linking even huge enterprises.
What are the origins of favor?
IOTA is one of the most popular cryptocurrencies, that managed to draw ahead of Ethereum, Ripple and EOS. Its image is positive even among the main critics of the cryptocurrency. It is exactly IOTA that received the best reviews from them.
The positive reputation necessary for the promotion of the new cryptocurrency is built on social media. However, the company management claims that it receives threats in its address right up to physical assault.
The popular edition Financial Times published information, according to which it can be assumed that in order to control IOTA reputation the whole army of social media trolls working has been created. It is exactly them who create a positive image for this cryptocurrency. Such tactics cannot but draw attention.
What is IOTA?
More and more often users resort to micropayments. However, commission fees are often too high. IOTA allows for micropayments without commission. In this case, the transaction is conducted in its own system, where 1 coin = 0.001 cent in dollar. This is what drastically distinguishes IOTA from other cryptocurrencies.
As a result, users are able to hire any specialist for performing small tasks (for example, minor repairs or housekeeping), paying for their services with cryptocurrency.
Short story of IOTA
2015 is considered to be the year when IOTA was created. During the crowdfunding process 1337 bitcoins were collected, a small sum for those days. The new currency was tested in 2016, and it was released only in early 2017.
The debut of the IOTA cryptocurrency is June 2017. It appeared on one of the world's largest stock exchanges then. Two or three months later, its owners managed to sign a number of profitable contracts with the largest companies in the digital industry – Samsung, Fujitsu, Volkswagen, Microsoft, Deutsche Telekom.
IoT development fund was created in Germany, it is called IOTA Foundation and is supported by the giants of industry.
How does IOTA work?
When carrying out transactions through blockchain, there is a delay in time. It is needed in order to have time to join the block. This requires a huge amount of resources. IOTA transactions do not pass through the blockchain. Instead, Tangle is used for them. Due to the fact that there are no miners and you don′t need to wait until the block is formed, the transaction speed in Tangle increases rapidly. Add to that the absence of any commissions, and it becomes clear why the popularity of IOTA is constantly growing.
Important! IOTA cannot be mined! The emission of all coins occurs all at once
In Tangle, the equivalent of a commission fee is the action of the user sending the currency – he must confirm the other two transactions. This takes a minimum of technical resources and time. A complexly built system allows to protect the network from double expenditure. And with the increase in efficiency and speed of processing, their number also grows.
IOTA in the Internet of Things
The popularity of any product is determined by the sphere in which it is going to be used. As is the case with IOTA, this is the network where, unlike a virtual component, there are physical things.
Here’s a small example. A smart home in which everything is controlled with the help of digital technologies. But what if it is taken not as a single copy, but we build an entire village of such houses? In this case, we get a network.
Thanks to IOTA it is easy to do. By connecting all processes to one system, it becomes possible to perform multiple transactions. The platform should allow any interaction without restrictions. Tangle is able to expand and scale, unlike the block.
And one more important thing. You cannot always get a stable Internet connection. But it is not that critical for interaction in IOTA-network. For most “things” on rare occasions a short-term connection will be enough. And this means even more energy saving.
Where and how you can buy IOTA?
You can′t buy IOTA itself. You can purchase MIOTA, which is a million coins. And you can do it through Bitfinex and Binance exchanges. For those who work with the cryptocurrency in the USA, Binance will be preferable.
Bitcointalk is the second option. Here, the purchase takes place hand-to-hand – P2P. It’s important to know exactly whom you are buying MIOTA from.
Projections and prospects
For the cryptocurrency that managed to capitalize 3% of the cryptocurrency market for half a year, the prospects are bright. If it continues to grow at this rate, then by December 2018 its capitalization will be $12 trillion. In this case 1 mIOTA will cost $150. If its growth is very rapid and 10% of the market is not a problem, then the cost of IOTA will be around $500, just like Ether. Experts believe that such optimistic forecasts are quite feasible.
And taking into account the support of such companies as Samsung, Bosch and Fujitsu, they seem even more real.