What is IOTA (MIOTA)
IOTA bills itself as a Distributed Ledger Technology (DTL) —mainly concerned with the transfer of data and value.
As a DLT, it hosts a ledger maintained by a network of nodes that propose, validate, and update IOTA transactions in a synchronized manner. Its distributed nature means that data control is not vested in the hands of one authority. No one can tamper with or destroy it, which enhances trust.
The core features of MIOTA include data transfer and value transfer. IOTA tokens are used for value transfer transactions. Applications or wallets can use the data transfer function. Additionally, developers can use the network to deploy dApps and DAOs.
The demand for secure, free, immutable, and fast data transfer is in high demand in several industries. IOTA's technology may fit into the following use cases:
Internet of things
The network is purpose-built to allow the exchange of data and value between machines to enable machine economies;
MIOTA will open access to data silos with information gathered from sensors—providing insights to residents and officials to improve the quality of life;
The network will revolutionize supply chains by improving collaboration and trust between governments, traders, and logistic companies. For instance, they can use its tamper-proof ledger to exchange documents and enhance data integrity;
MIOTA hopes to build an identity framework that anyone or anything can use to prove its identity.
Who Are the Founders of IOTA?
David Sønstebø, Dominik Schiener, and Serguei Popov are credited with kick-starting the project. Dominik serves as the board chairman. The IOTA Foundation is now located in over 25 countries consisting of software engineers, supervisory board members, UI designers, and research scientists.
The project has implemented some of its use cases with partnerships and projects; for instance, it powers Pact —a project that promotes sharing health data between institutions and patients. EnergieKnip is a local token-based currency built on IOTA used to power energy efficiency for more than 50,000 homes in Emmen. More examples can be found on their blog and user case pages.
What is the difference between IOTA and other cryptocurrencies?
The IOTA network embraces the DAG (Directed Acyclic Graph) protocol to maintain its distributed ledger. Bitcoin, Ethereum, and other popular cryptocurrencies use blockchains. The common ways to implement a distributed ledger include Blockchain, DAG Holochain, and Tempo.
DAG is better in some respects as blockchains have some inherent limitations:
- Bottleneck effect: Blockchain networks mainly process one block at a single time. Not all transactions may fit into one block resulting in delays.
- Variable transaction fees: Block validators may prioritize transactions willing to pay higher gas fees.
- Energy wastage: In proof of work networks, energy is wasted when a single node is selected to add their block to the chain.
- Centralization of rewards: The biggest stakers or powerful miners claim more rewards.
The DAG protocol overcomes all these limitations by facilitating parallel processing of transactions where new messages reference one to eight older messages.
There's no need to have block producers, which gives MIOTA other unique benefits.
- It is feeless.
- The network can quickly scale with no network bottlenecks.
- It's adapted to fast microtransactions.
- With no need for miners, MIOTA has less energy demand and achieved carbon zero.
How many IOTA coins have been issued?
About 2.8 trillion iota coins were issued during the Genesis block, meaning that new coins cannot come into existence.
The ecosystem likewise consists of other tokens, including:
- SMR - Used on the Shimmer network. It runs parallel to the main net and is used as a staging network to test new changes before they are formally introduced in IOTA.
- ASMB - The native token for the Assembly trustless smart contract network.
What to do after buying IOTA
Traders can take the following actions after they buy iota coin:
Holders can stake MIOTA tokens for ASMB and SMR;
Transacting on the distributed Ledger
The tokens are the primary means of transacting and transferring value on the mainnet.
Selling for profit
Once the IOTA price increases, holders can sell tokens for monetary returns;
Traders can deposit funds into a crypto trading platform and execute various types of orders or trading pairs.
Why buy IOTA?
Investors should consider various factors before purchasing MIOTA, such as their interests, preferences, and goals. It's also important to assess If the project is generally useful, reliable, and promises to tackle pressing problems. Here are more reasons why it may be a good purchase:
- Highly applicable in many verticles: IOTA supports the frictionless transfer of data and value. Its solutions may transform verticles such as automotive, global trade, border management, digital identity, smart cities, and e-health.
- Unique value proposition: IOTA aims to play a leading role in the coming industrial revolution that will see the development of the internet of things and the emergence of the machine economy;
- Immune to blockchain weaknesses: The network overcomes many inherent challenges plaguing blockchains, such as network congestion and energy wastage.
Can you buy IOTA in the US?
US residents can buy iota in the US. There are no legal restrictions against retail investor accounts. However, it's paramount to work with regulated cryptocurrency exchanges, ATMs, and brokerage for the highest levels of safety. Changelly.com works with authorized on-ramp partners such as Moonpay with money transmitter licenses in more than 30 US states and jurisdictions.
Is IOTA a good investment?
Good investments make money over the long term and fit into a personal investment strategy. Now, MIOTA provides solutions for emerging industries and may become an integral technology soon. It may be a worthwhile long-term investment.
Note that this doesn't constitute professional investment advice. Conduct a thorough evaluation of the project and keep track of its performance before investing.
Is IOTA reliable?
The project has so far demonstrated reliability, as it has been running for over 5 years since 11th July 2016. In 2017, MIOTA rose by 464%, reaching its first all-time high of $5.69. The price search was attributed to its unique underlying technology. It also attracted the attention of big companies in the internet of things (IoT) sector, such as Microsoft, Samsung, and Cisco. While the price has since decreased from 2017 to 2022, the project is still young compared to projects such as Ethereum.
Where to store your IOTA?
Don't know where to store iota tokens? Changelly will recommend wallets from freewallet.org during the purchase. It only takes a few minutes to create one. Other suitable IOTA wallets include:
- Ledger hardware wallet
- Firefly Beta wallet (Official IOTA wallet)
- Iota Trinity wallet
- Atomic desktop wallet
- Nostalgia Light
Can I buy IOTA with credit card?
Buy IOTA with credit card on Changelly.com. When paying with a card, the transaction is processed by our third-party partners. It's paramount to use a 3D secure card if the card provider wants to confirm the transaction's validity by asking for another confirmation. Fortunately, most modern cards have this feature enabled.
Can I buy IOTA with debit card?
Yes, it's quite easy to buy IOTA token with a debit card. Generally, merchants that can process credit card payments can also hand handle debit cards. Just provide the correct card details and pass the verification step when requested.
Do I need bank account to buy IOTA?
It's not necessary to have a bank account to purchase MIOTA tokens. Use other alternative payment methods such as:
- Prepaid credit cards —may be bought for cash.
- Credit cards – linked to a credit line.
- Apple Pay – using the Apple account balance.
Can I buy IOTA with a bank transfer?
Wondering where to buy Iota coin with bank payments? Changelly's partners allow customers to make purchases with the following bank transfer methods:
- SEPA – Mostly for buyers in Europe.
- Swift – International customers can make a wire transfer.
The payment method has lower transaction processing fees than credit cards but a long processing time.
Can I buy IOTA with the app?
Download the Changelly app and use it to buy IOTA with the same steps as on the website. It offers several advantages, such as quick access to the buy page and a simple navigation process. The app is popular with iOS and Android users and rated highly.
Can I purchase IOTA with Paypal?
It's a bit challenging to buy IOTA with PayPal. That's because it's not one of the supported tokens on the PayPal app that users can buy with their balance. Similarly, few crypto exchanges support the payment method. Even though Changelly doesn’t support this payment method, there are several other options to choose from on our platform.
How quickly will I receive MIOTA after purchase?
Under normal market conditions, customers receive their tokens within 5 to 30 minutes of completing the transaction. Note that this applies to instant deposit methods such as credit or debit cards. Bank transfer payments may take longer to process, consequently delaying the token's arrival time.
Can I sell IOTA for USD?
MIOTA may be sold for USD and other fiat money. Just find a platform with a payout feature.
Selling IOTA directly may not be possible as the project is not quite popular. It may be necessary to convert it to other cryptos before cashing out.
Can you get IOTA for free?
Try the following ways to get iota for free:
- Complete online tasks such as filling out surveys, watching videos, or playing games on get-paid-to sites to earn coins redeemable for IOTA;
- Look out for any airdrops or giveaways.