The name stands for Internet of Things, very creative. The projection is that in the next decade or so there are going to be more than 50 billion internet enabled devices. And that each of them will offer different ways to make micro transactions on these devices. The goal of IOTA is to give these devices the opportunity to make micropayments for technological reasons and resources in real life applications. They will be done on an open market with zero fees.
Why IOTA Vs. Bitcoin?
With IOTA the Ledger of Things is the backbone that gives the users the ability to make transactions with little no fees. It becomes an entirely new process for anyone who is attempting to find an attractive resource that anyone can use. The IOTA uses an innovative Tangle Ledger that is not only scalable and lightweight, but can be used for the purpose of transferring exact amounts of resources that users can easily settle on without having to charge a bunch of fees.
A major difference is that the tangle ledger is 100% blockless. Instead it’s distribute as a self-regulating and decentralized, peer to peer based network. If you want to learn more about the Tangle Ledger used by IOTC, then simply go to the company site and read their White Paper release.
What Makes IOTA Unique Vs. Other Cryptocurrencies?
There are several things that make the currency different. Just to name a few, you can make microtransactions, with no fees that are fulfilled with completely secure data transfers. And not only that, but there is also the availability to lease out other connected devices as well.
One of the best things about IOTA is that there is the option for frictionless, easy to complete microtransactions. There are no fees that would otherwise make these microtransactions to expensive to complete. It’s called the true holy grail of monetary transfers and opens up businesses to entirely new avenues.
The Tangle Ledger, used by IOTA gives users an easy way to complete secure data transfers on a party to party basis. Data is transferred through the ledger is only shared on authenticated devices. It’s a secure method that is said to be completely impervious too exploitation.
One more advantage of using IOTA is that it works as an e-governance system. And it works best for e-voting. Not like actual ballots in physical shape, it can’t be tampered with. The use of e-voting on the Tangle Ledger makes the IOTA Network one of the most accurate voting systems.
A concern about the system that is had by many people is that whether or not individuals can send messages to each other without it being compromised. The core of IOTA is based on masked messaging that gives a way to exchange data in a fully authenticated and encrypted manner.
There’s another service of IOTA that is quite revolutionary, it helps the organization stand out from the pack. They offer a highly profitable way to lease out just about everything that has a chip in it. An example is appliances and tools or drones, computers and even wi-fi bandwidth. All of these can be used and leased out to other people to give the individuals more power. And the ones who lease them out will earn value depending on how many interconnected devices that have in operation that they are just letting sit in idle on the side lines.
Live IOTA Price Chart
Best IOTA Trading Strategies
The first step is to get an IOTA wallet, they aren’t very user friendly since it’s such a new project. Many of the new users are simply storing their IOTA on exchanges. But for beginners who don’t know the technical details of how it all works, it doesn’t mean that exchanges are the way to go. A desktop wallet of paper wallet is still the best option, even if you have to spend a little more time learning the ropes so to speak.
You can buy the currency on the many of the different exchanges. Bitfinex probably offers the best liquidity for the currency. And it can be purchased there with BTC, USD and ETH. The problem with Bitfinex right now, is that they’re no longer verifying United States Users. So, if you live in the United States, it’s not really an option. You can also purchase them on Binance and the IOTA exchange as well as Bit520. Lastly, if you’re considering IOTA – it may be in your best interest to use a paper wallet at this is the best way for long term storage.