IOTA (MIOTA) Price

Designed for the world of Internet of Things, the IOTA cryptocurrency (MIOTA) facilitates transactions between devices connected to the Internet making use of the IOTA network. Learn more about the currency, its features and price trends here.
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What is IOTA?

IOTA is a cryptocurrency that is designed for Internet of Things (IoT). The technology facilities transactions between two devices that are connected via internet. With IoT, physical objects like home appliances, hospital devices, microchips, cars and other physical objects can collect and exchange data using embedded sensors. The IOTA cryptocurrency aims to become a universal method of payment for the future of transactions between IoT devices that take place on the IOTA network.

IOTA is fundamentally different from other cryptocurrencies as it does not use the traditional blockchain technology. Instead, the currency uses a new data structure called as Tangle that is based on a Directed Acyclic Graph (DAG) technology. In case of Bitcoin or Ripple, miners verify transactions using a blockchain whereas, with IOTA, two previous transactions are verified by users to make a transaction.

History of IOTA

IOTA was co-founded by Dominik Schiener and David Sønstebø in 2014 following which it was formed in 2015. The payment system that does not include blocks, chains and miners was created in 2017.

Features of IOTA

As mentioned before, IOTA works on DAG technology. The IOTA implementation of DAG is called Tangle. DAG Tangle approves two previous transactions in other IOTA wallets to make its own transaction valid. This procedure removing miners thereby making buying and selling fast and seamless.

Here are some of the important features of IOTA:

  • Scalability: Increased network activity decreases transaction settlement times. IOTA is capable of doing up to 1500 transactions per second.
  • Decentralization: OTA has no miners as the currency is already pre-mined. Every participant in the network that is making a transaction, actively participates in the consensus. As such, IOTA is more decentralized than any Blockchain.
  • Zero Transaction Fees: IOTA has no transaction fees thanks to Tangle. In case of blockchain, the network is distributed among the miners while in case of the Tangle technology , the network is distributed among every participating node on the network.

Where to buy IOTA?

The market capitalisation of IOTA as of April 2018 is $4,434,573,795. As per CoinMarketCap.com, IOTA is available for trade on Binance, Bitfinex, Coinone, and others.

IOTA Wallets

IOTA tokens can be stored in own IOTA wallet on Android in addition to Trinity as well as Nelium. The total supply of IOTA is (3^33 - 1) / 2 = 2,779,530,283,277,761 tokens. This value is optimized for ternary computation.

IOTA Mining

IOTA tokens cannot be mined as they are already pre-mined.

IOTA Price Trends

DateOpenHighLowCloseVolumeMarket Cap
5/30/20181.591.641.521.57442206000081370200
5/29/20181.361.651.341.593766360000115233000
5/28/20181.461.471.351.35405494000054854700
5/27/20181.481.481.421.46410327000053187200
5/26/20181.491.541.461.48414950000047325400
5/25/20181.541.581.461.49426682000060063900
5/24/20181.491.551.41.53413277000069067300
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IOTA Recent News and Development CarVertical - an online platform which enables users to see the history report of a car, has signed up with IOTA to take Internet of Things to the next level. It has created a solution for automated car parking with IOTA and uses its distributed ledger and Tangle technology to maintain and store the data. The primary application here is to manage and monitor car parking costs. Considering the performance of IOTA token, the cryptocurrency peaked at levels slightly above the $5 mark in late December 2017. This was around the time when the entire cryptocurrency space was enjoying a phenomenal run. However, this period of high was accompanied by extreme volatility. By early January, the token had shed some of its previous gains to dip below the $4 mark. The virtual coin continued to exhibit its bearish behavior through the course of February as well. By the second week of February, IOTA tokens had lost as much as 60% to drop below the $2 mark. By April, the same had gone done to $1.2 mark. In May, the token showed hints of recovery as it managed to ascend back to its previous levels above the $2 mark. However, once again, this rise was soon followed by another gradual drop over the course of June and July. Eventually, the token found itself being traded at levels close to $0.5. As of early November, the IOTA token was being valued at slightly less than half a dollar.

Risks associated with investing in IOTA

 

It is important to note that you should conduct detailed research before investing in cryptocurrencies as they are extremely volatile in nature. Investing in mutual funds instead is a safer option to multiply your hard earned cash.

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