- What is IOTA? It's a cryptocurrency that specialises in making transactions. How is it different from bitcoin, litecoin and dozens of other cryptocurrencies? It's completely free, you don't have to pay a fee for making a transaction.
- It's not built on blockchain, it's built on a system TANGLE.
TANGLE is a system, that requires you to check 2 other transactions in order to make your own, which makes the system much faster, because there is no miners that decide what is your position in queue based on the amount of money that you want to transfer. Basically everyone is a mini-miner. That makes IOTA quantum secure, because every user entering the system enhances its' speed instead of lowering it.
Right now IOTA is able to fullfill 400 transactions per second (Bitcoin 4-7 transactions per second).
- IOT - Internet of Things. Those are all the devices connected to internet. Those devices will be communicating with each other and they will be able to make financial transactions between each other. Sounds like Sci-Fi right? It's not.
In 2016 there were more devices connected to the Internet than people living on Earth.
It is estimated than in 2020 there will be ~50 billion devices connected to the Internet.
What has IOTA to do with it? It aims to become a system of payment for those devices - for example: your car will automatically pay for a visit in a carwash. Sounds less like Sci-Fi right?
We've got main technical stuff behind us so let's focus on what you like the most:
- IOTA launched on 13th of June 2017
- Circulating amount of coins: 2,779,530,283 which is also maximum amount of coins, there will be no more of them. What doest it mean? There is no inflation (Bitcoin 4,1% per year, ETH 15.1%, LTC 10.7%)
- Starting price $ 0.63
- Lowest price $0.14
- Highest price $1.10
- Current price $0.76
- Investment aspect:
- IOTA is avaiable only on Bitfinex, Binance, IOTA Exchange, Exrates, CoinFalcon. What does it mean? That price might go up as soon as IOTA enters new markets.
- IOTA's team doesn't really spend money on marketing. It means that If they start the price might go up, but if they won't start, building the hype is completely on users' shoulders.
- There is no official IOTA wallet
That's all for today's cryptocurrency review. Let me know what do you think about this kind of short cryprocurrency showcase and whether you would like more of them. Looking forward to your feedback!