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Some crypto projects are developed to address some specific problems associated with traditional payment methods. But some revolutionary crypto platforms are working on cutting-edge and state-of-the-art technological development. An excellent example of such a project is IOTA which is particularly designed and developed for IoT (Internet of Things).
IOTA is considered to be a unique project that has the potential to become the very fuel for online transactions. It focuses on connecting hundreds of millions of online devices in a revolutionary manner around the world. If you’re interested in this project, especially IOTA cryptocurrency, then continue reading this article till the end. It discusses everything about IOTA (MIOTA) in detail that will allow you to understand how it works and whether you should buy IOTA or not.
What is IOTA?
IOTA, in its essence, is a next-generation distributed ledger that was initially released back in 2016. It’s specifically designed to process and confirm online transactions taking place between devices and machines connected to the internet. In other words, it stores and executes online transactions in the IoT ecosystem. The project focuses on supporting the IoT, machine economy, and upcoming industrial revolution. It’s important to note that IOTA, unlike most cryptocurrencies, doesn't operate on the blockchain. It's a ledger also known as IOTA Tangle, which is developed by using DAG (Directed Acyclic Graph) technology. This technology is different from blockchain as it doesn’t follow a chain-like straight pattern. However, the platform follows the P2P (Peer to Peer) protocol in a fully decentralized way.
Developers and Governance
The IOTA network is considered to be a central entity that is strictly governed by German rules and regulations for non-profit organizations. Moreover, there are no mining rewards on this platform as well. That’s because each device connected to the internet on the IOTA platform operates as a node and processes two transactions. It allows the network to consume far less power as compared to the proof of stake and proof of work algorithms.
All the code of the IOTA network is open-source, and you can view it anytime you want by joining IOTA’s social groups and channels such as Discord. Moreover, sometimes the developers allow community members to vote in order to decide upcoming functionalities. There are basically three different boards that describe the whole governance model of the IOTA network.
Governance Board: This team comes up with the ideas for new development and runs the platform’s operations.
Supervisory Board: This team keeps an eye on the governance board to observe the development performance and guide them accordingly.
Advisory Board: This team consists of highly qualified team members and provides direction, perspective, and independent advice.
What Problems Does IOTA Fix?
IOTA is a unique crypto platform that comes with a range of advantages. Most of the benefits of this platform are because of its DAG (Directed Acyclic Graph) technology. Here we have mentioned some of the most significant ones.
Free and Fast Transactions
As mentioned earlier, mining isn’t possible on the IOTA platform, which also, at the same time, means that you don’t need to deal with any type of transaction fee. Moreover, all the transactions taking place on this platform are validated by users entirely. Therefore, the platform doesn’t require any intermediary authority, and transactions are processed and completed in a record time.
Resource and Energy Efficient
Cryptocurrencies such as Bitcoin, Litecoin, and Ethereum that allow mining cause energy consumption in enormous amounts. Moreover, the miners also need to upgrade their mining systems which are also known as rigs, to compete. But because of IOTA Tangle, all the inefficiencies are eliminated.
Ternary Logic
Instead of using binary logic, IOTA uses ternary computing, which is more effective and efficient, especially when it comes to cryptography, graphical processing, vector processing, artificial intelligence logic, artificial neurons, and neural networks.
No Inflation
The total number of IOTA coins is now constant, and no more tokens can be created. It means that the platform is free of inflation, and the coin value can never decrease because of an increase in coins.
Quantum Proof
IOTA has the potential to compromise the traditional cryptography systems because of quantum computing that possesses unprecedented computing power. It’s claimed that the IOTA network is quantum-proof, and it’s not possible to hack the system.
Lights, drones, fridges, cars, and many more objects now can connect to the internet. Moreover, once a machine or device is connected to the internet, it can further communicate with other connected devices. In simple words, the interconnection of devices and machines on a bigger scale is called IoT (Internet of Things). This technology has become a reality, and its future implications will greatly affect how people deal with their daily routines.
One of the biggest challenges to operate and control IoT properly is that with time devices and machines are getting more and more intelligent and smart. It means that they generate more information and data than ever, and it's very challenging for the traditional networks to manage all that information. That’s where the IOTA platform comes into place.
According to Fortune Business Insights, the IoT market will reach nearly $ 1.5 trillion by 2027. Thanks to technical innovations, IOTA can become an important part of the new global ecosystem.
What is IOTA (MIOTA) Cryptocurrency?
As mentioned, IOTA is a unique distributed ledger, and its native cryptocurrency is known as MIOTA. It’s an official coin that’s used on the IOTA platform, and it's created to achieve efficiency in IoT. Moreover, the creators of MIOTA aim to go beyond blockchain by expanding the use cases and applications of cryptocurrency.
The underlying protocol of the IOTA platform is known as the IOTA Tangle, which, as already mentioned, isn't blockchain. Moreover, the Tangle consensus mechanism doesn’t rely on blocks and miners in order to approve new transactions. Other than saving transactions cost, energy, resources, Tangle is also environmentally friendly. Generally, you can opt for two of the available options to generate IOTA coins.
Run and maintain IOTA node and earn coins against your services
Use mining faucets or platforms to earn second-hand IOTA tokens.
Running and maintaining an IOTA node is too technical, and it won’t suit investors and traders. However, you can use the following steps to earn IOTA coins through Faucets by going to the IOTA’s official GitHub portal. Keep in mind that if you're not technically sound, then you might also find this option a little intimidating as well. That’s why the best method to own IOTA coins is to buy them from any reputable and reliable crypto exchange.
Once you own IOTA, the best way to secure them is to use a crypto wallet that supports MIOTA tokens. One of the best options for that purpose is the Trinity desktop wallet. Moreover, if you want to keep your IOTA coins in your smartphone, then you can also use Ledger Nano S or IOTA Nelium Wallet.
Uses for IOTA (MIOTA)
There is a vast range of projects that IOTA is developing or already launched. Other than that, IOTA has also undergone multiple partnerships with popular multinational brands. The following are some of the most popular projects based on IOTA and some partnerships as well.
Qubic
Qubic is a platform that works on quorum-based computations for the IOTA network. These constructs include smart contracts, outsourced computations, and oracle machines. The main goal of this project is to make the IOTA network compete with Ethereum.
AutoPeering
This project is developed to analyze automatic peer discovery and determine all the associated risks. Moreover, it also focuses on providing better and easy-to-use alternatives.
Consensus Specification
This project aims to come up with a detailed consensus mechanism specification. It will improve the decentralization of the IOTA network as it’s intended for peer review.
Attack Analysis
In order to determine all the possible attacks that can take place on the network, Attack Analysis analyzes all the attack vectors that exist on the network.
Exchange HUB
This project aims to provide an infrastructure that will help exchanges to integrate the IOTA network within days rather than spending months.
Member of IOTA Working Group
As mentioned, IOTA has managed to partner up with many renowned organizations, and some of the most significant ones are as follows:
Dell Technologies
Software AG
STMicroelectronics
Calypso Network Association
Energinet
Object Management Group
ENGIE Lab CRIGEN
Geometric Energy Corporation
IoTIFY
IOTA (MIOTA) Performance
IOTA (MIOTA), since its creation in 2016, has been performing exceptionally, and within a year, it reached the market capitalization of 10 billion US dollars. At that time, the value of a single MIOTA was more than 5 US dollars. It was the all-time high value of a single MIOTA. The decline continued, and IOTA started 2020 with a market capitalization of 447 million US dollars, where one MIOTA stood at 0.16 US dollars.
MIOTA Performance
Just like most cryptocurrencies, IOTA rose again in 2023 with a market cap of 7 billion US dollars. On 16th January 2023, the value of one MIOTA was 2.18 US dollars. Currently, the cryptocurrency is again on the decline where the single MIOTA (on 1st January 2023) values 0.8 US dollars, and the market capitalization is about 2.4 billion US dollars.
MIOTA Performance
The long-term behavior and performance of IOTA show multiple factors, but the most important one is its high volatility. You can see the following chart that shows the overall performance of IOTA since its creation. The dramatic spikes and dips explain that this crypto asset is highly volatile, just like other cryptocurrencies. Undoubtedly, it increases the chances of earning more profit, but it also increases the associated risk.
MIOTA Price Chart
MIOTA
1m return
-28.95%
1y return
129.67%
Should You Buy IOTA (MIOTA)?
According to 2017 stats, the IoT sector produced more than 100 billion US dollars which shows an unprecedented potential for the IOTA platform. Moreover, what the IOTA network has already shown ensures that this platform is not only about claims.
IOTA truly has the potential to revolutionize the whole IoT sector with its innovative initiatives. So, buying IOTA (MIOTA) can be a great investment. But at the same time, you must keep in mind the volatility of the asset, as explained above. So, determining whether it’s the right option will take more than just knowing about the platform. You must understand its current market performance, underlying technology, and historical data to make sure whether investing in IOTA is in your interest or not.
Once you have determined that buying IOTA (MIOTA) is the right option for you, the next step is to choose the right online crypto exchange. There are tons of options available in the market, and it's critical to choose only a reliable and reputable platform. The best option so far is undoubtedly Binance because of its current performance. It's considered the biggest crypto exchange in the world that flaunts the largest daily trading volume. Moreover, using this platform is also very easy, and the crypto trading conditions are also very good.
How to Buy IOTA (MIOTA): 3 Steps Algorithm
Following the right course of action is very important in order to buy IOTA (MIOTA). Not only will it allow you to make an informed decision, but it’ll also keep you from all the unwanted situations. You can follow the steps mentioned below to buy IOTA (MIOTA) from Binance.
Step One: Performing Market Analysis
Just like any other asset, your first step to buy IOTA (MIOTA) must be performing your due diligence. You don’t want to just jump in without understanding how cryptocurrency works and what are its future plans. In order to determine whether buying IOTA (MIOTA) is the right choice depending upon your financial goals, consider going to any reliable online price tracking tool. One of the best examples of such platforms is CoinMarketCap, where you can analyze and understand all the important information such as historical data, current performance, future predictions, and more regarding IOTA (MIOAT).
Step Two: Creating and Funding Binance Account
After performing the market analysis, the next step is to create and fund your Binance account. For that, you’ll need to go to the official Binance website and click on the “Register Now” button to create your crypto trading account.
Funding Your Binance Account
Once your Binance account has been created, you’ll need to add funds that you’ll use to buy IOTA (MIOTA) coins. Binance allows you to fund your account with both Fiat currency and cryptocurrency.
With the same initial steps, you can achieve it by clicking on the “Wallet” button at the top right corner of your main Binance account page. After that, you’ll need to click on the “Fiat and Spot” option to proceed.
Step Three: Buying IOTA (MIOTA)
You can also download the Binance app on your smartphone, which is available for both Android and iOS. Using the app is a lot easier, and you’ll need to open your Binance app and tap on the yellow button available on the bottom with double arrows, as shown below.
Buying MIOTA
Now you’ll see multiple options in a small menu, and you’ll need to tap on the “Buy” option.
Buying MIOTA
The next page will ask you to select your cryptocurrency, and you'll need to choose IOTA. Moreover, you'll also need to enter the amount that you want to buy and tap on the "Continue" button. Then you'll need to choose "Binance Cash" as your payment method, and the entered amount of IOTA coins will be added to your account.
Top 10 Best Cryptocurrencies to Invest In
Buying any asset is not an easy task. There are multiple steps that you need to take, and there's also a bundle of considerations that you need to keep in mind. When it comes to investing in cryptocurrencies, the first step is to analyze and study the whole crypto market.
For your convenience, our crypto experts have selected the top 10 best cryptocurrencies to invest in after performing comprehensive and in-depth market research. We considered the popularity, technology, and overall performance of each asset, and the following table only includes the digital currencies with the highest probability to increase in value in the future.
IOTA is a revolutionary platform, and the price of MIOTA is directly linked to the crypt network. This cryptocurrency may prove itself as one of the most valuable assets of the future because of its unprecedented potential. We hope that this guide will help you to understand every important detail about IOTA (MIOTA) that you need to determine whether it’s the right option for you to invest in or not. We recommend you buy only a few IOTA coins at first in order to observe their behavior and performance. It’ll allow you to make an informed decision before involving your real capital.
FAQs
Can I trade MIOTA tokens?
Yes, you can buy, sell, as well as trade your MIOTA tokens by using any popular crypt exchange such as Binance, Huobi Global, and Bitfinex.
Can MIOTA reach 100 US dollars?
For that, the platform needs to reach a market capitalization of about 278 billion US dollars. Theoretically, such a growth in cryptocurrency is possible, but it will be extremely difficult to achieve.
Do IOTA and MIOTA mean the same thing?
IOTA is basically the distributed ledger, and MIOTA is its cryptocurrency. Moreover, one MIOTA token values one million IOTA coins because “M” is MIOTA stands for one million.
How is the price of MIOTA determined?
The price of MIOTA tokens is determined by their demand. The more the demand, the higher the value of the token.
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Over the past four years, Alamin has been working independently and through online employment platforms such as Upwork and Fiverr, and also contributing to some reputable blogs. His goal is to balance informative content and provide an entertaining read to his readers.
His motto is: I can dream or I can do—I choose action.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.
