IOTA’s cryptocurrency product came on the cryptocurrency market quite recently and immediately ranked high in the ratings, which provided good predictions about the further development of the project. In this article, we will consider the mechanism of the operation of the IOTA cryptocurrency, the main features, and differences from other crypto-tokens.
Acquaintance with the newcomer in the cryptocurrencies market – IOTA
For the first time, this cryptocurrency appeared on the general market just 2 years ago. High demand and popularity among users was provided by a unique mechanism of the system, not based on the Blockchain. The entire system operations are built on the Tangle accounting journal concept.
IOTA currency rates (MIOTA) for exchange
How much at the moment is one IOTA token worth – an urgent issue, since the user is inclined to invest only in promising coins. To begin with, it should be noted that immediately with the entry to the general cryptocurrencies market, IOTA took 6th place in the overall ranking by the amount of capitalization, considerably outperforming such well-known tokens as Litecoin and Dash. Comparing this result with many other cryptocurrencies, we can say that this cryptocurrency is unique in its prospects and is precisely suitable for profitable investment.
To date, February 06, 2018, MIOTA is on the 10th place in the rating of cryptocurrencies, and its value is 1,38 US dollars. If to speak about bitcoin-equivalent, then 1 MIOTA is currently equal to 0,000020582 BTC.
The main opportunities of IOTA cryptocurrency (MIOTA)
The main advantage of the IOTA cryptocurrency (MIOTA) is the ability to conduct a large number of micropayments. The system is able to handle all requests without hanging and long waiting.
Also, the system of cryptocurrency provides the ability to make transactions without commission. Using the YOTA tokens, you will not pay any additional costs for carrying out the digital payment itself. Since now almost all cryptocurrencies have a system of commission fees for operations, the possibility of free money transfers is a very beneficial advantage of the IOTA.
This became possible due to the separation of the procedure for verifying and confirming transactions from the actions of the users themselves. It’s also worth noting that tokens cannot be earned with the help of mining. All IOTA coins were issued immediately, and no new releases are expected – but the number of tokens fully satisfies all current user requests.
During the existence of the IOTA cryptocurrency in the market, there were practically no shortcomings. It is important to note the fact that developers constantly improve the performance of the system and their work can be praised. They have provided IOTA network with virtually uninterrupted operation and are constantly monitoring the main trends of the market and the desire of the users’ audience to realize and integrate as many new and useful ideas as possible.
Useful opportunities of the IOTA
The functions of cryptocurrency provide great opportunities for carrying out transactions between users with the highest level of data confidentiality. So, the system is protected from all third-party interventions, since it is based on the Tangle database protocols, and not on the standard blockchain algorithm.
Prospects for the work of the IOTA electronic payment system today can be very well estimated. Developers constantly introduce new functions, and the system itself is open and flexible enough to be improved in the nearest future.
The IOTA (MIOTA) system operation mechanism
Next, we’ll look at the basic mechanisms of the system, a personal application for conducting transactions and its use for personal purposes of users.
Since the network is organized on a unique basis, the IOTA wallet (MIOTA) is not standard in the client’s understanding. You can buy IOTA (MIOTA), but for this, you need to understand the essence of the system, which will be discussed further.
For detailed and confirmed product information, please visit the official IOTA website (MIOTA) – https://iota.org.
On the official website of the project, users can familiarize with the main advantages of the system. The source code of the project is constantly being improved and is open to new ideas. This allows us to continue to improve the mechanism of the system, based on the unique Tangle protocol, which is significantly different from the standard Blockchain technology.
This technology is a type of acyclic graph with an own protection system against quantum interference. Thanks to the unique work of Tangle, all transactions occur very quickly and no commission is charged for them.
To better understand the essence of the work of IOTA (MIOTA), we can briefly and easily describe the main options provided by the developers:
- Microtransactions – nano- and microtransactions equal to even few American cents are available in the mode of simultaneous multiple sending and instant processing in the absence of commissions;
- Data transmission – Tangle provides information transfer, so communication between devices and users is completely protected;
- Heading – electronic government voting provided with a high level of security. This option is already becoming more popular all over the world;
- Message encryption – MAM, as the first extensible IOTA kernel module, provides the ability to exchange information through the Tangle. Encrypted and authenticated channels guarantee security and confidentiality, excluding quantum attacks;
- Rental capacity – it is interesting that the system provides users with the opportunity to rent and lease not only digital devices but also any equipment with the installed chip.
It is interesting – the activity of the system increases in direct proportion to the increase in the number of users of the network. Developers have warned of centralization, which allows to provide reliable protection against hacking and stealing assets.
Prospects of the IOTA project (MIOTA)
Leading experts of the cryptocurrency market positively assess the prospects for the development and expansion of the use of IOTA. The highest level of security of the system and a unique core allow users to completely control electronic payments and exclude the possibility of hacking wallets. The underlying technology of the system – Tangle – has no analogs in the world of cryptocurrency at the moment and is very flexible for the implementation of all new ideas. The ratings of the IOTA cryptocurrency in the general market are very high, and the unique functions are very in demand and are relevant at the moment.