There is lesser-known a crypto in the vast cryptocurrency world today, and its name is IOTA. You might be wondering what is so special about IOTA. Well, let me tell you something about it, like where it came from, how to buy IOTA and IOTA wallet. Moreover, then you can decide if it’s unique or not.
The story of IOTA
Four visionaries developed IOTA; those visionaries are David Sonstebo, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov. They launched IOTA in 2015 with a fixed supply of coins. They made IOTA so that it can make transactions on the Internet of Things (IoT) system much more comfortable and more productive.
By June of 2017, IOTA gets listed in the first exchange by Bitfinex. Also, Bitfinex Outlier Ventures invested in it directly. They formed a great partnership with REFUNITE and Sopra Steria by the end of August. Swift nano payments became possible when they activated their Flash Network.
After, IOTA made an agreement in November with a company LATTICE80 to open an IOTA lab for IoT. After the capitalization of IOTA, it had made an amount high as $14 billion.
IOTA cryptocurrency: less-known but strong
The not too popular cryptocurrency IOTA used for transactions between devices inter-connected in the IoT. Also, it focuses on secure payments and operations for the devices connected on IoT as an open-source.
The meaning of IOTA is Internet Of Things Application. Furthermore, the name of the coin is MIOTA.
If their project becomes successful, then a link between almost every device is the result, and isn’t that amazing! Can you imagine every device linked on the electric grid and able to communicate with each other?. All commands and instructions get stored and analyzed more productively.
How does the IOTA cryptocurrency work?
Many people think that IOTA works in the blockchain system, but the intriguing thing is that it works in a new data structure called “Tangle.” Well, Tangle got developed based on the Direct Acyclic Graph. It is different from the blockchain system. Thus, it can refer to as an interlinked system of chains, hence the name “Tangle.”
IOTAs transactions are free thanks to Tangle. All made operations need to be approved by two previous transactions. If IOTA wishes to complete with the electronic requirement, fees transactions are required. Now, if the devices are inside the system, each tool helps the condition of the previous operation, thus making the system free.
For Bitcoin, some people allow their computing power to be used to approve other people’s transactions, which will, in return, give them some Bitcoin. This system is called Proof of Work, and this system is becoming more and more expansive with the increase of transactions. So the IOTA system has less cost, and the same process gets executed in a more connected and secured Tangle process.
By increasing the number of users on the IOTA platform, the network expands more and more. The number of transactions can be infinite, but only if it grows to a certain level where there isn’t a single person using IOTA for making transactions.
How to buy IOTA?
Currently, there are only two ways that one can buy IOTA, and in none of those ways, you can use regular currency like the dollar, euro, and others.
If you don’t already own a cryptocurrency what you need to do is purchase Bitcoin or Ethereum so you could buy IOTA. After you bought one of those cryptos, what you need to do next is send them to the following exchanges and exchange it for IOTA:
- Bitfinex– it is based in Hong Kong, and their trade volume for all cryptocurrency exchange is one of the largest. Sadly investors from the U.S can’t trade in Bitfinex, because it has recently stopped serving U.S customers.
- Binance- it is a newcomer in the exchange world. On July of 2017, Binance had raised the amount of $15 million via their ICO, in just 3 minutes! Afterward, the exchange went live in less than two weeks.
- Since it is reasonable to be careful about such a young exchange, it has gathered a significant user base in a short amount of time. Also, Binance has continuously been in the top 10 daily trade volume of all cryptocurrency exchanges.
Top 6 IOTA wallets:
11) IOTA Wallet Trinity
You can use IOTA Wallet Trinity both on your mobile and your desktop. Also, it is effortless to use, and it has all the upgraded technology. Everything gets automated, and all you need to do is enter a correct address and amount. Trinity is a well-protected wallet, so there are no worries there.
22) GUI IOTA Light Wallet
GUI IOTA light wallet is perfect for beginners, because it has an easy user interface, and it is fast simultaneously with being complete. You can choose whether if you want to run a full node or a light node after you downloaded the wallet. I recommend that if you are a beginner to choose a light node.
33) Guarda Wallet for IOTA cryptocurrency
Guarda has high device compatibility that helps it be on top of IOTA wallets. Also, it doesn’t store any of your information, private keys, or your wallet’s data. Guarda makes it easier for you to shift your assets from one coin to another, without any limits, registrations, and complicated verification process.
44) IOTA Wallet (Android)
Designed to give you a fast and easy to your cryptocurrency IOTA assets; this wallet is free to use and download. It is easy to use, and you’ll start sending and receiving your IOTA coins in no time. Also, it has live Tangle explorer with the search function.
55) Nellium Wallet
Nelium is a user-friendly wallet which is currently in the making. You can use this wallet with both iOS and Android, making it a wallet impossible to use on a desktop version. The best thing about Nelium is that it is excellent for beginners. For security, or your seeds only held on your mobile device.
66) IOTA Wallet Ledger Nano S
Moreover, last but not least of top IOTA wallet is IOTA Wallet Ledger Nano S, which has become famous as a hardware wallet. The Ledger wallets integrate with the IOTA Trinity and Romeo Wallets. Also, it separates its user’s seeds from their devices, which helps provide another layer of protection from hackers’ attacks.
Should you invest in IOTA?
IOTA has new projects in mind always, like autonomous cars, automated robots, and others. Their ideas are undoubtedly brilliant and have great potential, but there aren’t many services that accept IOTA or any device that uses their technology.
Also, IOTA cryptocurrency has a great team that has managed to create, and no can deny this, amazing new projects becoming significant in the world of technology.
So the answer if you should invest in IOTA or not? I can’t tell you that because the answer is not clear. IOTAs growth solely depends on how people accept it, and to know you have to take the risk.
It depends on you if you can afford to take the risk or not. Though this is a great idea, different and having good chances to become successful, it is just too early to tell.
IOTA is maybe young, but as you can see, it had tremendous growth in such a short while. It is different than your usual cryptocurrency, and that is what makes it unique. So if you are willing and able to take a risk on it, maybe one day you can generate a substantial profit.