MIOTA (IOTA) Cryptocurrency is a distributed ledger with one big difference, and it is not a blockchain. Instead, IOTA cryptocurrency is a proprietary technology known as Tangle, a node system that confirms various transactions.
The foundation behind the IOTA platform says that this offers far more speeds than the conventional blockchains and an ideal footprint for the ever-expanding internet of things ecosystem.
What Is Miota (Iota) Cryptocurrency?
Because there is no blockchain here, there are no miners, and because there are no miners, there are no fees. Many established networks witness the costs balloon when the congestion intensifies, but MIOTA Cryptocurrency focuses on providing limitless throughput at minimal expense. The main goal of IOTA is to become the de-facto platform for executing the transactions between various IoT devices. The estimates suggest that there could be around 20.4 billion such devices out there by 2024 and could end up being the big business.
The MIOTA team believes that the potential use cases do not end here. They think that their distributed ledger could deliver the digital identities to all, result in the car insurance policies based on the actual usage, paving the way for cutting some intelligent cities, and provide the global trade seamlessly while proving the authenticity of the products. Originally, Jinn, a crowd sale for the project, was held in September 2014, and the network of MIOTA (IOTA) Cryptocurrency was officially launched in the year 2016.
Who Are The Founders Of The Miota (Iota) Cryptocurrency?
IOTA has four principal co-founders: Serguei Popov, Sergey Ivancheglo, David Sonostebo, and Dominik Schiener. According to the MIOTA Foundation, the initiative has been increasing since then, and the team members are now based in more than 25 countries. Dominik Schiener and David Sonostebo are collectively the co-chairman of the board of directors, while Sergei Popov is a board member and the foundation’s director of research.
Sergey Ivancheglo has resigned from the berlin-based project in 2019 but is continuing as an unofficial advisor. At the same time, he has said that he no longer believes that the IOTA Foundation is the best setting for him to realize what they all set out to create back in 2014 and 2015. He further said that he has always done his best work in a less rigid environment and is looking forward to independently continue the work on IOTA’s software and hardware development.
What Makes The Miota (IOTA) Cryptocurrency?
As it alludes to a little earlier, the MIOTA Cryptocurrency is effectively a blockchain-less blockchain that is rather unusual. The more technical name is the Directed Acyclic Graph. As Sonetebo also explained in a blog post back in 2015, this technology focuses on retaining the ability of blockchain to execute some secure transactions. The only difference is that it does not get away with the notion of blocks.
Therefore, IOTA Cryptocurrency should not be considered an altcoin or an alternative coin to existing cryptocurrencies such as Bitcoin; instead, it is an extension of the growing blockchain ecosystem. It is further meant to work in synergy with the other platforms to form cohesion and symbiotic relationships.
Furthermore, IOTA Cryptocurrency is designed to provide one solution that no other crypto does, and that is secure, efficient, lightweight, and real-time micro-transactions without fees. The new transactions are validated by approving two previous dealings from the other node. It is a novel approach because it means that the size and speed of the network will be directly related to how many people are using the platform.
Whereas some cryptocurrencies are running as a business, the MIOTA Foundation says that it is firmly not for profit but adds that it has the sole goal of making the network as prosperous as possible. Finally, MIOTA (IOTA) Cryptocurrency has distinguished itself from many other crypto rivals by establishing some high-profile partnerships with Volkswagon, the carmaker, and helping the city of Taipei to pursue intelligent projects.