- Digital currency built for the machines and the Internet of Things, MIOTA is the official coin of the IOTA platform which was built around its proprietary Tangle technology. It aims do develop instant processing of numerous machine-to-machine transactions between the Internet of Things devices, with unlimited scalability and nonexistence of fees.
|Market Cap||Volume 24h||Circulating Supply||Maximum Supply|
|2,779,530,283 MIOTA||2,779,530,283 MIOTA|
What Is IOTA?
Internet of Things (IoT) may only be a buzzword for some, but it is increasingly winning ground in the field of technologies we call smart home and smart cities. Simply put, this concept revolves around connecting all connected technical devices to the internet and allow them to exchange data among themselves to achieve synergy. Since the IOTA platform stands for the “Internet of Things Application”, it’s no wonder that its primary task is to enable transactions between devices which are the part of IoT network. Built to overcome the shortcomings of blockchain when it comes to rising transaction fees and transaction processing scalability, IOTA has no need for the central ledger or the miners to run its network.
Instead, the transactions are handled by the devices on the IoT network itself, with the obligation for two earlier transactions to be verified in order to submit a new one to the platform’s ledger. The consensus amongst the validators is ensured through the system called the Tangle which uses the Directed Acyclic Graph (DAG) cryptographic verification.
As the number of connected devices can be enormous, the creators of IOTA have found the existing blockchain technology to be lacking when it comes to handling the scalability for the hundreds of transactions per second. Instead, IOTA uses its native system for machine-to-machine (M2M) transactions. It allows these devices to improve the IoT itself by purchasing resources and selling them. These resources include bandwidth, electricity, data, and others.
However, MIOTA can also be used as a regular cryptocurrency for daily payments. Here, you can find a list of merchants that accept this coin.
IOTA coins are not mined and each participant in the network contributes to it by validating transactions. In this manner, the need for transaction fees is removed, with the only cost being the one relating to electricity.
IOTA project was launched in June 2016 by Sergey Ivancheglo, David Sontesbo, Serguei Popov and Dominik Schiener. MIOTA has a market cap of USD 1.46 billion as of September 2018. The total coin supply of MIOTA coins is 2,779,530,283. The historic peak price for MIOTA coins was USD 5.23 per coin, which was reached in December 2017.