What is IOTA?
IOTA is a cryptocurrency platform offering something new: decentralized ledger technology applied to ‘The Internet Of Things’.
So in theory you could have your smartwatch talk to your smartphone over the IOTA network. What’s unique is that IOTA doesn’t use a fork of Bitcoin; nor was it built on Ethereum. IOTA sits on a bespoke blockchain called ‘The Tangle’.
What are IOTA's goals?
IOTA wants to be feeless and highly scalable.
The Tangle represents a unique project nicely timed with the advent of the Web 3.0.
IOTA promises to solve the problem of scalability and create a decentralized ecosystem ideally suited to the Internet of Things.
When compared with other blockchain projects, IOTA has one of the loftiest and most exciting goals of all.
How much IOTA/MIOTA is on the market?
MIOTA has a large supply. You can take this in two ways. First compared with Bitcoin, with its capped supply of 21 million tokens, IOTA is unlikely to reach such exalted prices.
There are 2,779,530,283 MIOTA on the market, with a total supply of 2,779,530,283. Unusually, there are no tokens locked up in a foundation.
What the bears are saying
- Is it too science fiction? It's all very well talking about machines interacting with humans and a blockchain, but it’ll be years before we see the reality.
- Security: The MIT media lab found an exploit in the Tangle resulting in the ability to produce a collision - a situation where a different input hash pointed to the same output, which could forge signatures on IOTA payments. IOTA has rectified the problem, but it shows developing new blockchains can be risky.
What the bulls are saying
- High profile partnerships: The IOTA Foundation has partnered with the likes of Samsung, CISCO & Innogy to name only a few. Such high profile partners demonstrate the caliber of the project.
- Value of IoT market: The Internet of Things could be worth $470 billion by the end of 2020, according to a recent study by Bain, the consultancy firm.
- Quantum proofed: When Quantum computing becomes a practical reality it could render a lot of cryptos redundant. IOTA has future-proofed itself by not using blockchain technology since it doesn’t require mining. Hence no fees, faster adoption.
How to buy MIOTA
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This article is for informational purposes only and takes no account of particular personal or market circumstances, and should not be relied upon as investment, tax, or legal advice. For investment, tax, or legal advice and before taking any action you should consult your own advisors. Note that digital assets such as cryptocurrencies present unique risks for investors. Please see our disclaimer regarding risks specific to holding digital assets before investing.
May not be available in all jurisdictions.
This content is correct as of October 2020
Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.
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