IOTA IOTAPrice $ 0.214

IOTA is a network that is specifically built for the next generation of a digital revolution, termed the Internet of Everything. Co-founded by David Sonstebo, Dominik Schiener, Dr. Serguei Popov, and Serge Ivancheglo in 2015, it has the overall aim to democratize and power the Internet of Things (IoT). 

Essentially, it is designed to exchange data between machines and humans without any hindrance. Its native cryptocurrency is known as MIOTA.

What are IOATA’s key features and how does it work?

IOTA uses a unique innovation, Tangle, for confirming transactions. Tangle is a DAG, Decentralized Acyclic Graph (DAG), and works with a system of nodes. IOTA claims that Tangle is faster and more efficient than typical blockchains used in cryptocurrencies.

Tangle provides a solution to Bitcoin's scalability issue by removing the topographical hurdles of using a blockchain. Tokens are pre-mined and transactions are validated using Tangle. Simply put, it functions as a network of non-sequential nodes which allow each node to be connected to several other nodes in sort of a 'tangle’. Nodes are connected in one direction only, therefore any node cannot refer back to itself.

IOTA’s DAG mechanism works differently from that of other blockchains. On IOTA's network, transactions can be processed simultaneously due to its non-sequential architecture. This means that transactions are not bound by a queue, but can occur and be validated in any order. As more nodes are added to the network, the speed of validating transactions will only increase, and become more secure.

What is noteworthy about IOTA?

Since IOTA doesn't have a blockchain, there are no miners. Its decentralized distributed ledger works where each new transaction validates the previous two. This means that the Tangle network does not need to spend resources to verify transactions as users on the network do it for them. This both solves the scalability problem as well as results in zero transaction charges. As such, using the Tangle network does not cost anything. It does not matter if a user sends a million dollars or one cent, the recipient will receive the exact amount.

Where can you buy MIOTA?

MIOTA can be bought from any of the DEXs and CEXs as listed here.