We are surrounded by IoT (Internet of Things) devices such as mobile devices and more. These devices are often connected via a cellular network or WiFi. Although these devices are common, transacting payments via these devices is often challenging for the users. IOTA (COIN: MIOTA) is a distributed ledger and a proprietary technology that facilitates micro-transactions. IOTA aims to enable secure and scalable data transfer between IoT devices
What is IOTA?
IOTA is simply different from other traditional blockchains. The project was developed in 2015 and has four co-founders. According to IOTA, the team has grown rapidly and is now spread over 25 countries. The project is more secure, fast, and reliable than other blockchains and one of the best possible networks for upcoming IoT (Internet of Things) devices.
Furthermore, the network is also useful for investors who are looking to monetize their data feeds data for IoT devices. The project aims to continue innovations for upcoming IoT devices and more.
According to a report by Statista, there will be approximately more than 29.42 billion IoT devices around the world. This could lead the IOTA business in an extravagant ride.
Dan Simerman, the Head of Financial Relations of the IOTA foundation, mentions, “We actually see the IOTA token as the connective tissue between the human economy and the machine economy, creating interoperability between the two.”
Moreover, IOTA has recently launched IOTA 2.0, a new version of the platform. It is redesigned from the ground up to overcome scalability issues in the previous version. The account output features help you validate the platform, delegate voting power, and claim Mana rewards. The Mana rewards can be generated once a user holds IOTA tokens in their account.
How IOTA Works?
IOTA is a ledger that uses a directed acyclic graph (DAG) structure called the Tangle. Moreover, the Tangle eliminates the need for miners and allows for feeless transactions, making microtransactions more feasible. The DAG neglects scalability and cost issues, making the platform more affordable by enabling no fees for the users and providing a path to connect with different IoT devices. It helps IOTA become a more flexible, feasible, and scalable platform for users.
As mentioned, there are no charges for transactions on the IOTA platform, unlike other traditional blockchains and cryptocurrencies.
Advantages of IOTA
There are many reasons why IOTA stands above other blockchain networks. Let’s check them out.
Cost-Free Transactions
As mentioned above, unlike other blockchain-based cryptocurrency industries and protocols, IOTA is completely free of charge. The users on the platform are also able to transfer a small amount through IOTA without any fee. This is particularly beneficial for microtransactions, which are common in the IoT ecosystem.
Quick Process
IOTA is much faster than the Bitcoin and Ethereum blockchain. Standard blockchains can get slow because it takes a while to make new blocks, but that’s not the case with IOT. The Bitcoin blockchain can handle only seven transactions per second (TPS), whereas the Ethereum blockchain can handle approximately 15 TPS. In contrast, IOT can handle 10,000 TPS.
Offline Transactions
IOTA allows for the possibility of offline transactions. Devices can generate transactions without being constantly connected to the internet, and these transactions can later be validated when the device reconnects to the network. This feature is advantageous in scenarios where constant internet connectivity is not guaranteed.
Scalability
IOTA is a well-organized and structured protocol network that has excellent scalability. IOTA’s Tangle structure is inherently scalable. As more transactions occur, the network theoretically becomes faster because each new transaction contributes to the validation of previous ones. This makes IOTA an ideal platform that can handle a large number of transactions.
Tokenomics
At the time of writing, the IOTA token MIOTA is currently trading at $0.3271 with a discount rate of 48.78%. It holds a market cap of $99 million with a 24-hour trading volume of $28 million. The volume is down by 51.89%.
Additionally, the IOTA token has surged 99% this week and reached a price of $0.3637.
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