Over the past nine days, MIOTA has been increasing in value, helping IOTA reach a market cap of over $2.3 billion USD, one of only ten cryptocurrencies to hold that distinction.
What is IOTA?
IOTA is a blockchain without blocks. Structurally, it is a revolution to create a new kind of blockchain. In terms of the importance of change, it can be compared to the creation of Ethereum. IOTA is working not only with Volkswagen, but also with BOSCH and Innogy. In IOTA transactions are not confirmed by the “miners” and by other network participants performing their transactions. There is no need for “miners”. As the system is cheap, there is no need for transactional fees.
The IOTA Foundation has been hard at work putting their protocol, the Tangle, to the test. The team started their project with lofty goals, to create a distributed-ledger based ecosystem devoid of transaction fees and absent the transaction bottleneck experienced by traditional blockchains, and is actively working to demonstrate the power of their platform in real-world applications. The smallest unit of account on IOTA is an Iota, after the smallest letter in the Greek alphabet. Larger unit names are created by adding metric system-like prefixes to the word Iota. Hence a thousand Iota are called a KiloIota. In order of size, unit names.
Where to buy IOTA?
BitFinex has followed IOTA since its earliest stages of development and supports the project’s innovative approach toward a blockless distributed ledger. The underlying technology can lead to a new ecosystem of applications built upon this decentralized and self-regulating peer-to-peer network. You can also buy IOTA at Binance.
For an IOTA user to send out a transaction, the user must validate two other, randomly selected transactions. A sent transaction must accumulate a sufficient level of verification in order to be accepted as confirmed by its recipient. IOTA works with a single administrator called the Coordinator which confirms all transactions in a set of released milestones. Without the Coordinator, the IOTA DAG is not considered sufficiently secured in its early stages. The Coordinator is meant to be removed when network is sufficiently large.