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📝 Project Overview 📝
IOTA is a distributed public ledger that was developed in order to power machine-to-machine payments in the “Internet of Things” economy.
With IOTA, all of the computing devices that are embedded in machinery throughout homes, businesses, and factories will be able to communicate.
⚙️ Technology ⚙️
IOTA does not use a blockchain but uses the “Tangle” and it is the name that IOTA has designated to their DAG based ledger.
With the IOTA tangle, all of the connected nodes hold transactional data, and consensus is built into the system.
Rather than using a Proof-of-Work blockchain where consensus is separated and miners are required to form a consensus, the Tangle requires each participant to confirm two other transactions in order to get their own transaction confirmed
Another central piece of the IOTA network has been the “Co Ordinator” or “Coo”. This was developed in order to protect the tangle in its early phase as a distributed network.
This is a centralised masternode that has been the subject of much concern. However, the developers are about to kill this Coo with coordicide.
💰️ Token 💰
IOTA has their own native token that has the ticker MIOTA
These will serve as the utility token within the IOTA ecosystem. They will be used to power the microtransactions between the devices.
There is a total supply of over 2 billion IOTAs and these were all generated with a premine at the genesis transaction.
IOTA did hold a crowd sale which took place back in 2015. They raised 1,337 Bitcoin, worth roughly $500,000 at the time.
There were no tokens that were reserved for the developers or investors so the project was not greedy.
👨💻️ Team, Partners & Development 👨💻
IOTA was founded in 2015 by two entrepreneurs and a professor.
David Sonstebo and Dominik Schiener have founded a number of businesses in the hardware and software space. Dr Serguei Popov who is a mathematics professor.
The broader IOTA team has been hard at work. On the development side, you can take a look at their GitHub repositories.
There have also been a number of partnerships that the team have entered into. These include the likes of the the government of Taipei, Volkswagen, Jaguar Land Rover etc.
📈 Trading & Wallets 📈
IOTA is currently listed on a number of exchanges. These include the likes of Binance, Bitfinex, Huobi, OKex etc.
Volumes appear to be pretty well spread out which means liquidity not a concern.
There are in fact quite a few wallets that support the token. Your best bet is to get a secure hardware wallet like a Ledger or a Trezor.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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