IOTA has seen a mammoth rally this week, earning its place as 'number 4' on Coinmarketcap by market capitalisation. But the real questions are: Why is IOTA in demand? What makes IOTA a powerful technology? What does it even do? IOTA has been labelled a blockchain killer - what does that even mean? I will aim to address all these questions below.
HOW DO I BUY IOTA? I DON'T LIKE READING...
To buy IOTA in Australia check out: https://steemit.com/cryptocurrency/@banglasteve/how-to-buy-cryptocurrency-in-australia
If you are from elsewhere in the world you can buy bitcoin/ethereum on Coinbase and transfer it to either Binance or Bitfinex to begin trading - see links below (ETH/BTC pairs are required for these platforms). There is a USD option in the event that applies to you. My personal opinion is that Binance is the better exchange of the two.
Coinspot - https://www.coinspot.com.au?affiliate=UCZKE
Coinbase - https://www.coinbase.com/join/593e073fa1e75263bdd076e5 (Free $10 BTC for those that spend > $100 USD)
Binance - https://www.binance.com/?ref=10231577
Bitfinex - https://www.bitfinex.com
- To be a part of my FB group to keep updated on all things crypto check out: https://www.facebook.com/groups/cryptoladsinvesting/
- IOTA FB group: https://www.facebook.com/groups/iotatokens/
WHAT IS IOTA?
IOTA is a cryptocurrency that leverages on something different to the blockchain known as the 'tangle'. It is a data structure based on 'Directed Acryrlic Graphs'. This means no miners, no chains and most importantly NO FEES!
Taking it directly from the IOTA Organisation and paraphrasing - IOTA achieves consensus in transactions by having each participant that wants to make a transaction "actively participate in the consensus of the network by approving 2 past transactions".
Wow - information overload? Basically approve two transactions and you form part of the network. The diagram below is a nice visual representation making it highly scalable and unlike blockchain tech which becomes congested with more users. The tangle strengthens with more users!
IOTA focuses on the 'machine to machine economy' as opposed to some of the other cryptocurrencies. No this doesn't quite mean Autobots versus Decepticons from Transformers, instead imagine your car is able to pull into the petrol pump/EV station and pay itself? This is just one of the applications. Check out: https://www.cryptocoinsnews.com/iota-based-student-project-places-second-porsche-innovation-contest/
BENEFITS OF IOTA?
- Scalable and fast transactions (Strengthens with each new user based on the 'tangle')
- Quantum computing proof (Not an issue for most cryptocurrencies yet but future proofs the system from quantum computing hacks)
- Decentralised (Consensus through tangle)
- Zero transaction fees (No miners)
- Partnerships with big corporations i.e. Microsoft, Fujitsu, Bosch and Accenture (https://thenextweb.com/hardfork/2017/11/28/iota-microsoft-data-marketplace-cryptocurrency/?amp=1)
- Rumours of a partnership with Tesla? This could be pure speculation shhhhhhhh
DISADVANTAGES OF IOTA?
- Price can be highly volatile (normal for cryptocurrency)
- Applications yet to be applied on mass scale for general public (this is what we are investing in and development takes time)
WHO WAS WALLET?
Always remember...safety first: https://github.com/iotaledger/wallet/releases
TLDR - GIVE ME A SIMPLE SUMMARY
For those that prefer videos:
FUN FACTS
The smallest unit of account on IOTA is an Iota, after the smallest letter in the Greek alphabet. The supply of IOTA is fixed as noted.
Cryptoshaf
FREE BITCOIN GENERATING FAUCET: https://freebitco.in/?r=5345367
DONATIONS:
BTC - 1M5anDbT4HAuA6XkJekbMfSTFR1ippEkch
ETH - 0xC1f258BeD748F03130edc6D3A07320C882eD8862
LTC -LWx8U7j5Y4vo8jq8CpqWKwWMXKrByaNW6s
IOTA - LINRTBQAATTRWXYYGLGCASPOTLNGMHDGUTNLYKLCVAITPNXGIDEGREXBLGSAMXHEAUWDLKVOYNHUCFFPWVLKICFOVA
DISCLAIMER: Everything stated here are my opinions and my research. Always invest with money you can afford to lose and do your own research - these are VERY risky investments. A lot of groups and people will misguide you so be sure you know what you are doing. Always remember all these investments can erode significantly in value as these are VERY volatile markets.