IOTA was launched with the aim of improving Internet of things applications, that is for all devices with internet conncetivity like smartphones, TV’s, thermostats and so on. Many cryptocurrencies are launched for different purposes but IOTA has come up with different feature giving a strong competition to the existing currencies. This cryptocurrency is developed to provide the best features like scalability, security, economic charges and decentralized applications.
More than a digital currency, it is getting attention of people due to its technological and digital applications. Read the review to learn everything about this unique cryptocurrency right here.
What is IOTA?
IOTA is a cryptocurrency which encourages transactions on internet of things. The aim behind developing this currency is to resolve the issues like high transaction fees, lack of scalability which other coins face. The blockchain and features of IOTA is different than the blockchains of other currencies.
How IOTA works:
It is claimed that IOTA is different and does not follow the same blockchain technology like the others. Then what is unique in IOTA? How transactions get processed, recorded and verified in the IOTA framework? These are the natural questions which come to the mind. IOTA is a distributed ledger framework where the transactions are recorded in a ledger which is highly scalable. Also to submit the transaction for recording, you have to verify your previous two transactions. This recording does not need any central ledger. The devices verify each other’s transactions and it becomes a graph.
This system is designed for making the payment transactions quicker. IOTA is now promoting free, quick and scalable transactions. On small networks, lots of transactions can occur. This tangled nature of transaction depending on other two transactions solves the scalability issues!
Important points about IOTA at the time of writing:
Market capital: $11,261, 683,871 USD
Current value: $3.29- $4.12
Total supply: 2,779,530,283
What are the major features of IOTA?
Free to use:
Compared to the other currencies, IOTA simply allows avoidable transaction fees. It is free to use which makes it very affordable and profitable option to choose.
IOTA allows parallel verification and completion of transactions through which, time is saved and quickly the transactions get completed.
In IOTA, there are no miners. Each and every person involved in making transactions is contributing in making the technology more decentralized.
Competitive analysis of IOTA:
Here are a few things which separate IOTA from the other cryptocurrencies
- It is completely free. You can make the transactions using IOTA without paying heavy amounts as transaction fees. With this, it becomes a very cheap and affordable currency to use for small or large transactions
- IOTA does not have mining blocks which makes it even more simple and easy to use
- It is completely different from the traditional Blockchain system and has its graphing system for transaction verification
- Scalability is improved with IOTA as the transactions are verified by other transactions
- IOTA is not just a currency but also the backbone of IOT applications
Team behind IOTA:
When you feel confused about the performance and scope of any emerging technology, one of the aspects which can solve your dilemma is the team behind the project. A project can get successful if the developers, advisors and team members are passionate and experienced in their jobs. The team of IOTA consists of some of the renowned members like Prof Serguie Popov, David Sonstebo, Sergey Ivancheglo and many more.
These founders, developers and team members come from an engineering background with experience in start-ups, cryptocurrency, business development and other areas.
How strong is IOTA as a currency?
This Berlin currency was launched in 2014. By November 2017, the value of this cryptocurrency rose up to 800%. Since its launch, it has achieved milestones in different areas. In the beginning, it reached the market capital of around $12 B and became the 5th top currency of the world. Despite all this, it provides free transactions, no speed limit and quick verification which makes it quite usable.
Thus, as a currency as well as a platform to implement IoT, IOTA appears quite strong.
Should you invest in IOTA?
Here are top reasons why people prefer this currency and why you should consider investing in this powerful currency:
- The transactions are quick and free. No blockchains, no verification and no miner’s fee to bother you!
- List of investors, partners and team members make it more reliable and strong. As a strong example, Microsoft has invested in it! ICO investors have also invested a huge amount in this project!
- It is an innovative and fresh technology which is quite convincing. It seems promising enough to revolutionize the digital payments, identities and much more
- Its prices won’t rise like other currencies with the increase in its value
- It also offers offline transactions and secure storage for the coins!
IOTA is the cryptocurrency with innovative touch and multiple uses. With low price and transaction fees, it gives you opportunities to save a lot of money and get involved into multiple future technologies!