Are you knowledgeable about the Internet of Things concept? The ground-breaking latest concept of the Internet of Things will go beyond the various parts of every life of an individual, which will allow your devices soon. This is ranging from your refrigerators to your thermostats, to make you feel smart, and allow you to connect with various individuals and things to satisfy their works. But, we cannot deny the fact that we need to have a well-organized transaction layer and communication for all of these devices to communicate with the others, and that is when IOTA will come.
The Basics of IOTA
- IOTA is one of the cryptocurrency tokens that is the arrangement of blockchain technology and the Internet of Things.
- The IOTA blockchain will enable your entire dealings to happen in between with the IoT devices, which will help you to quicken the adoption of IoT all over the world.
- You, as a user, can also make your own dealings in IOTA without any fees to be paid. One of the great things that you can get from IOTA is that it will enable you to make your transactions even if you are offline.
- Even though that IOTA is still in the stage of development and is not completely ready to be implemented on a larger scale, it has been constantly included in the top ten best cryptocurrencies. The slogan of IOTA is like this; “The backbone of IoT is here!” and is reliably showing it in the real world.
The Development of IOTA
- Way back in 2011, the main development team of IOTA has been continuously working to develop its blockchain technology.
- Way back in 2016, the development team of IOTA was constructed the IOTA Foundation and company. As a result, looking back will not happen to them.
- David Sonstebo The CEO, was being praised when it comes to his marketing approach at various times. His technique for the marketing approach emphases the stronger strategic network as well as on establishing sustainable growth. The IOTA’s blogging, as well as the activities of PR, is being controlled by David the CEO.
The Advantages of IOTA
- It makes use of its own technology to make its operation work. The technology they are using is called Tangle. This technology is endorsed by the foundation to be one of the reasons to have free dealings that will take its place in a friends-to-friends manner.
- The payment that will be given to IOTA will only be processed after the two transactions will be confirmed by the transactions’ originator. It only implies the needs for the fees in every dealings or transactions. Since this verification will have a wider range throughout the entire network, it only means that the network has been tangled totally. Thus, it explains why “tangle” is the name of IOTA’s technology.
- Since the IOTA does not have any fees for every transaction, and it is coupled with the dealings in a peer-to-peer manner, we can say that it does not face any scalability issues. We can consider that the growth and speed of IOTA are exponential. It only means that we can have a network that has a higher speed if there will be a number of people who will start to use it. It is because to make a single dealing works, at least two of these transactions must be confirmed.
How to Store and Buy IOTA?
- You can purchase IOTA cryptocurrency in various exchanges all over the world. For you to purchase IOTA, you can choose from the various exchanges, such as Shapeshift, HitBTC, and Binance.
- The trades can be implemented through the pairings of various cryptocurrencies. For instance, you can purchase your own IOTA with the use of USDT, ETH, and BTC balance away from USD.
- One of the most vital things that you should consider when buying an IOTA cryptocurrency is that the price rate shown is only meant for only one MIOTA and not for a single IOTA. A single MIOTA only means that you have a million. It is a must for you to be aware of this fact if you don’t want to spend more money compared to what you have already planned.