Do you want to know why investors are bullish about IOTA.
Find out why this project is getting so much attention.
And all about it's unique advantages here ↓
#IOTA $IOTA #shimmer
This thread will cover but not be limited to the following scope:
1. What IOTA is all about.
2. How does does it work?
3. Token
4. The vision
5. Seven (7) unique Features of IOTA
6. Advantages of #IOTA
7. Conclusion and recommendation.
Let's get started right away 👇
1// What IOTA is all about
#IOTA is a blockchain solution platform and a cryptocurrency which is formed as the Internet of Things.
It is different from any other cryptocoin or blockchain project as it does not make use of the traditional blockchain system.
It ensures the application of smart contracts with its ability to become the transactional fuel.
#IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain.
2 // How does does it work?
Instead, it's proprietary technology is known as Tangle, a system of nodes that confirm transactions.
The foundation behind this platform says this offers far greater speeds than conventional blockchains.
An ideal footprint for the ever-expanding Internet of Things ecosystem.
Because there’s no blockchain, there are no miners, and because there are no miners, there are no fees.
Many established networks see costs balloon when congestion intensifies, but #IOTA aims to provide limitless throughput at minimal expense.
3// Token
The IOTA token (MIOTA) is a powerful tool for value transfer among humans and machines.
The Foundation created the #IOTA token to solve a real-world challenge:
How do you allow humans and devices to exchange data and services in a future economy?
With this bold vision, it was important for the #IOTA token to be created fairly.
There were no locked tokens, no early corporate investors, and no tokens were awarded to founders.
MIOTA has a maximum supply of 2,779,530,283 tokens — and all of them are in circulation.
It is ailable on multiple exchanges — many people choose to buy MIOTA on
• Binance
• Bitfinex and
• OKEx.
A range of trading pairs are available, linking the token with Bitcoin, Ethereum, stablecoins, and fiat currencies including the Japaneseyen, euro, pound, and dollar.
4// The vision
In time, #IOTA ’s goal is to become the de facto platform for executing transactions between IOTA devices.
Given how estimates suggest there could be 20.4 billion such devices out there by 2024, this could end up being big business.
The team behind #IOTA believe that the potential use cases don’t end here.
They believe their distributed ledger could deliver digital identities to all.
Resulting in car insurance policies that are based on actual usage.
Paving the way for cutting-edge smart cities, to deliver seamless global trade and prove the authenticity of products.
5// Seven (7) unique Features of #IOTA
Some other features that IOTA offers to its users include:-
i). Micro -Transactions – It helps in executing small transactions with the help of its tangle architecture.
As a result of this feature new opportunities have popped up for companies and allowed them to do business with fewer transaction fees.
ii). Data Transfer – With the help of #IOTA, authenticated and secure channels are established between the devices.
The data is fully tamper-proof and authenticated via tangle.
This marks no space for the attackers to access data.
iii). Voting – $IOTA uses internet of things which allows the transmission of data for e-Governance organizations to to securely vote online.
iv). Masked Messaging – Data is exchanged via #IOTA's Tangle with the help of masked messaging (MAM) in an encrypted and authenticated manner.
We can say that with the help of smart devices you can transfer sensitive and valuable data with a quantum proof security.
v). Everything as a Service – $IOTA converts anything into a service.
You can lease anything in real time which has a chip inside it.
For examples drones and tools.
Apart from this, computational power, computer storage, Wi-Fi bandwidth, etc can also be leased.
vi). Zero Transaction Fees – #IOTA does not charge any transaction fees from their users.
vii). No Miners Involved – It is a decentralized cryptocurrency as there are no miners involved in the network.
$IOTA
6// Advantages of IOTA
IOTA is a very interesting project which has an infinite limit in the market to showcase its potential.
IOTA could be used in every possible thing from smart cars to home home appliances.
As the technology is scalable and fees less, it makes it a promising project to be adopted by a large number of traders.
#IOTA currently has a Market Cap of $673m and it's priced at 0.242.
It provides a possibility of allowing microtransactions along with the operations at high speed.
This is possible only with the help of Tangle.
$IOTA is different from any other regular blockchain which makes it a strong community as the traders have full faith in them.
7// Conclusion and Recommendations
IOTA protocol has been built specifically so that it does need to rely on a scaling solution to solve this issue.
Hopefully this introduction to the #IOTA protocol has helped you understand how it is an alternative to blockchain technology.
Before making any decisions regarding the IOTA protocol or any crypto project/network ensure you do adequate research.
2xnmore
@2xnmore
Demystifying DeFi & Web3—insights, analysis, and strategies for the future of crypto.