Are you tired of this song yet? Hope you’re enjoying our 12 Days of Crypto blog series.
Today’s talk of the town is IOTA, a top pick for most of our staff in London HQ.
As always, we encourage the Wirex community to develop a strong understanding of projects before investing (don’t succumb to FOMO!).
Let’s jump straight in…
What is IOTA?
IOTA (Internet of Things Application) is a decentralised cryptocurrency with no fees and unlimited scalability. The IOTA application will primarily be used to transact data and be the currency for machine to machine transactions when the ‘Internet Of Things’ takes over.
A little more about IOTA:
- Founded in 2015,
- ICO launched in 2016,
- Trading on Exchanges commenced on 13th June 2017.
- Price start of trading: $0.56 (ICO price reports as low as $0.01 per MIOTA)
- Circulating and Max Supply: 2,779,530,283 MIOTA
- Current Market Cap: $10.5 Billion USD
- David Sønstebø
- Dominik Schiener
- Sergey Ivancheglo
- Serguei Popov
When trading started in June 2017, Iota(MIOTA) started at $0.56 US dollars.
Today it’s close to $4.35 USD
That’s a 776% increase in the space of 6 months!
Source: Coin Market Cap
Why the Hype?
IOTA was the first cryptocurrency to stray away from the blockchain. Instead, it’s built on something called the ‘Tangle’.
This technology allows the IOTA network to be infinitely scalable(in theory), lightning fast, and best of all(for us), completely free!
That’s right when making transactions with IOTA, you will be able to transact with 0 fees. This is because, unlike Bitcoin, you can’t mine IOTA. Each transaction, to successfully attach itself to the Tangle, has to verify two other randomly chosen transactions on the network. This is what allows its infinite scalability and fee-less transactions. It also means that when the network is fully up and running, more transactions means a FASTER network.
So you can forget about clogging up IOTA’s network with cats. In fact, the more kitties the merrier. It would just make IOTA more powerful.
This is all without mentioning IOTA recently announcing partnerships with 20+ huge companies including Microsoft to test a data marketplace running on the tangle.
If that isn’t enough to get you excited about this project, have a look at the ‘Internet of Things’ – IOTA’s primary target.
Imagine a world where machines are paying for their own repairs and upgrades. Cars are driving themselves to the gas station and paying the
gas pump solar powered charger to fill them up.
This is the world in which IOTA aims to be the foundation. Unlimited amounts of data and transactions can be completed using this technology.
What are your thoughts on IOTA? Join the discussion in our community forum below.
And stay posted for Day 5 of our 12 days of Crypto blog series.