IOTA (MIOTA) Cryptocurrency Guide
What is IOTA (MIOTA)?
IOTA (or MIOTA) is an open source distributed ledger and cryptocurrency developed to provide secure communications and cryptographic payments between machines on the Internet of Things. Its distributed ledger uses a new data structure technology based on the Direct Acyclic Graph (DAG) called the “Tangle” instead of a conventional blockchain.
Full name: IOTA
Chinese Name: 埃欧塔
Ticker Symbol: MIOTA
Coin Price: Latest MIOTA Price
Co-Founders: Dominik Schiener, David Sønstebø, Sergey Ivancheglo, and Serguei Popov
Prominent Group: IOTA Foundation
Protocol: Proof-of-Work (PoW) to validate transactions
Max Coin Supply：2,779,530,283,277,761 MIOTA
Block Explorer: thetangle.org
Dominik Schiener, David Sønstebø, Sergey Ivancheglo and Serguei Popov founded IOTA cryptocurrency and ecosystem in 2015. Token sale took place from 25 November to 21 December 2015 and Bitfinex was the first major cryptocurrency exchange to list MIOTA coin in June 2017.
Transactions on IOTA
Proof-of-Work (PoW) consensus algorithm is used to validate transactions on the IOTA ledger of the Tangle but not used to mine or mint new coins. The team explained that “The Tangle” can easily scale and is a form of directed acyclic graph (DAG) applied to a distributed ledger protocol instead of a blockchain.
Transactions on IOTA are free on a decentralized network regardless of the transaction size. IOTA system is reported to be able to handle unlimited number of transactions simultaneously and operates without the need of miners and blockchain. The goal of MIOTA is to enable fast and secure micropayment transactions between connected devices with zero transaction fees except to pay the PoW validation cost.
The native cryptocurrency coin of the IOTA ecosystem is the MIOTA token and was designed to have zero inflation. All 2,779,530,283,277,761 MIOTA were created on the genesis transaction and it is reportedly impossible for anyone to mine or create new MIOTA tokens.
Either IOTA or MIOTA may be used as ticker symbol depending on the preference of the cryptocurrency exchange. MIOTA reached cryptocurrency market capitalization of more than $665 million USD with a total coin circulating supply of around 2.7 billion as of 9th September 2019.
Co-chairman of the Board of Directors: David Sønstebø
Co-chairman of the Board of Directors: Dominik Schiener
Member Board of Directors: Jeff McDonald
Director of Research: Moody Alam
[Rating: 2.0 ]
The internet of things is the next big thing. But is IOTA the next big thing? For now, I see little evidence that IOTA can do what no other cryptocurrencies can do, that is to provide a cryptographic decentralized network for IoT.
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