Introduction
IOTA stands out as a distributed ledger, deviating significantly from the traditional blockchain paradigm. Instead of relying on a blockchain, IOTA harnesses its proprietary technology known as Tangle—a network of nodes tasked with validating transactions.
Advocates for this platform assert that Tangle not only provides markedly higher transaction speeds compared to conventional blockchains but also boasts scalability, positioning IOTA as an optimal framework for the ever-expanding Internet of Things (IoT) ecosystem.
For an in-depth exploration of the IOTA project, we invite you to delve into our comprehensive analysis.
The absence of a conventional blockchain structure results in the elimination of miners and, consequently, the absence of transaction fees. In contrast to established networks where costs escalate during congestion, IOTA strives to maintain unlimited throughput at minimal expenses.
The IOTA team extends the scope of their vision beyond IoT, asserting that their distributed ledger has the potential to revolutionize various domains.
They propose applications such as providing digital identities for all individuals, establishing usage-based car insurance policies, fostering the development of cutting-edge smart cities, facilitating seamless global trade, and ensuring the authenticity of products.
Originally known as Jinn, a crowdsale for the project was conducted in September 2014, culminating in the official launch of the network in 2016.
What is IOTA Coin
IOTA stands as an open-source, public distributed ledger designed to facilitate secure payments and communications among devices within the Internet of Things (IoT).
The IOTA ledger employs a unique structure known as a Tangle, a directed acyclic graph, to store transactions. In contrast to the blockchain structure prevalent in other cryptocurrencies like Bitcoin, the Tangle sets IOTA apart.
This distinctive architecture plays a crucial role in allowing IOTA to maintain fee-free transactions irrespective of their size. Furthermore, the confirmation process is nearly instantaneous, and the system’s capacity is deemed limitless.
What is the full form of IOTA?
IOTA, an acronym for ‘Internet of Things Application,’ represents both a cryptocurrency and an open-source protocol.
It is meticulously crafted to facilitate various applications, showcasing the innovative vision of Drew Bermudez.
The Founders of IOTA
IOTA boasts a quartet of co-founders, namely Sergey Ivancheglo, Serguei Popov, David Sønstebø, and Dominik Schiener.
As per the IOTA Foundation, the undertaking has experienced rapid expansion since its inception, with team members now dispersed across over 25 countries.
What Makes IOTA Unique?
IOTA, known for its distinctive Tangle technology, stands out as a blockchainless blockchain. In contrast to conventional blockchains, IOTA employs Directed Acyclic Graph (DAG), aiming to maintain secure transactions without the concept of blocks.
Unlike traditional altcoins, IOTA positions itself as an extension of the blockchain ecosystem, fostering synergy with other platforms. Noteworthy is its unique feature of efficient, secure, lightweight, real-time micro-transactions devoid of fees.
The network’s scalability relies on user participation, as transactions are validated by approving two previous ones.
The IOTA Foundation, a not-for-profit entity, prioritizes network prosperity over profit. Notably, IOTA’s strategic partnerships with Volkswagen and Taipei distinguish it from competitors.
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How Many IOTA (MIOTA) Coins Are In Circulation?
MIOTA has a fixed supply of 2,779,530,283 tokens, all currently in circulation. Initially positioned as a utility token for network payments rather than a profit-sharing coin, 999,999,999 MIOTA were sold during the 2015 crowdsale, generating 1,337 BTC.
Despite later supply increases, the IOTA Foundation, launched in October 2017, retained around 5% of circulating tokens, donated by the community.
These funds were earmarked for building a robust community of developers and researchers, emphasizing the foundation’s commitment to network development and advancement.
Is IOTA Network Secured?
Despite IOTA’s departure from the traditional blockchain structure, it incorporates a consensus mechanism to ensure network security.
The validation process for transactions includes a relatively simple Proof-of-Work puzzle. Despite its innovative approach, IOTA has faced security concerns in the past.
Researchers have raised alarms, asserting the discovery of vulnerabilities in the project’s code, highlighting the ongoing importance of addressing and mitigating potential risks to bolster the platform’s overall stability and trustworthiness.
Iota Coin Price Prediction Today
As of our real-time update, the current IOTA (MIOTA) to USD price stands at USD 0.224104. Our IOTA price prediction suggests an anticipated decrease of approximately -20.09%, with the price projected to decline by December 01, 2023.
It’s essential to note that cryptocurrency prices are subject to market fluctuations, and predictions should be approached with caution, considering the dynamic nature of the crypto market.
IOTA Price Prediction for 2023
In their 2023 IOTA price predictions, PricePrediction.net anticipates a decline to $0.708939 by December.
WalletInvestor also foresees a decrease, projecting the IOTA price to reach approximately $0.494109 during the same period.
Conversely, TradingBeast diverges in its forecast, predicting an upward trajectory for IOTA, with quoted prices hovering around ~$1.025992 in 2023.
It’s important to note that cryptocurrency price predictions are speculative and influenced by market dynamics, and actual outcomes may vary.
Investors should exercise caution and consider multiple sources when assessing future price movements.
IOTA Price Prediction for 2024
IOTA’s price projections for 2024 remain largely optimistic.
Certain analysts anticipate prices within the range of $0.802032 to $1.122143, as indicated by forecasts from reputable sources such as WalletInvestor and TradingBeast.
Conversely, PricePrediction.net offers a contrasting perspective, suggesting a potential December 2024 price of $0.587202.
Where Can You Buy IOTA (MIOTA)?
MIOTA can be found on numerous exchanges, and a considerable number of individuals opt to acquire MIOTA through platforms such as Binance, Bitfinex, and OKEx.
As outlined by the project, a diverse array of trading pairs is at users’ disposal, establishing connections between the token and various cryptocurrencies like Bitcoin and Ethereum, stablecoins, and fiat currencies such as the Japanese yen, euro, pound, and dollar.
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Final Analysis
In Final Analysis, IOTA was co-founded by Sergey Ivancheglo, Serguei Popov, David Sønstebø, and Dominik Schiener.
The project was introduced in October 2015 through an announcement on an online Bitcoin forum, accompanied by a token sale that garnered around $500,000 in crowdfunding.
To ensure the project’s enduring stability, the community generously contributed 5% of tokens to support the foundation.
A significant milestone occurred in January 2020 with the release of a research paper authored by members of the IOTA Foundation.
This paper delved into Coordicide, a decentralized consensus mechanism utilized by IOTA.
Furthermore, Serguei Popov made a notable contribution to the project by publishing a Tangle research paper on April 30, 2018.
These collective efforts reflect the ongoing commitment and advancements within the IOTA ecosystem.