IOTA (Iota) is a cryptocurrency platform open source, running on a directed acyclic graph (DAG) in a distributed ledger (DLT) format. The main purpose is secure and fast transfer of information combined with the absence of commissions.
The IOTA cryptocurrency (ticker MIOTA) is an internal currency (token) for conducting financial transactions on the platform. Created in 2022 with limited issue. In the future, their number will not increase. You can buy cryptocurrency on exchange platforms, for example, Binance. After registration, they will be provided with a wallet for storing IOTA. The official wallet is Trinity, which is in beta testing. It is available for mobile and desktop devices.
Cryptocurrency IOTA (MIOTA)
One of these promising projects is the IOTA cryptocurrency (MIOTA). This coin was made specifically for IoT (Internet of Things), which is developing more and more every day in our world. It is this idea, as well as the unique development of the IOTA system, that allows this company to take pride of place in the top 10 best cryptocurrencies. In addition, it is worth mentioning the fact that IOTA is also a fairly profitable investment instrument. In just half of 2022, MIOTA was able to grow from US$0.4 to US$5.3, making a total gain of over 1300% .
Dynamics of the IOTA cryptocurrency rate (MIOTA)
In general, the IOTA cryptocurrency is a very interesting project with its own unique idea, which will definitely be in demand in the near future. And to convince you of this to the end, this article was written. In it we will analyze in detail what the MIOTA cryptocurrency is, talk about its history of creation, all the advantages, as well as growth prospects for 2022.
Market forecasts for the iota exchange rate for 2022
IOTA (MIOTA) is following a bearish wave trend. Analysts predict that IOTA will reach 50 cents by the end of this year if the bear market continues. But if the bulls appear, we will see the price much higher than $2.2. Below are some IOTA price predictions and IOTA forecasts.
-Trade animals
Trading Beasts predicts that the IOTA price forecast could reach a high of $1.2406768 and a low of $0.8436603 in early December. Bulls are expected to take over the market by the end of this year.
The price forecast is for a minimum of $0.6555731 and a maximum of $1.2681816 by 2024. If the trend continues, Trading Beasts predicts 2022 will start at $0.8486726 and end with a high of $0.9980413.
-Digital coin
Digital Coin predicts that IOTA could reach $1.24 before the end of 2021 According to Digital Coins, IOTA is a profitable investment. There is no downward reversal prediction like the Trading Beasts forecast. Experts believe that by the end of 2028, the price of IOTA could exceed $3.69.
-CryptoGround
Cryptoground predicts the IOTA price to be around $0.4469 in a year and $0.4792 by the end of 2022.
In 2022, we will see the price of Bitcoin hurt the price of Iota. The IOTA price forecast by the end of 2026 is $5.1541.
-Long forecast
Long Forecast has another IOTA price forecast for IOTA. Their forecast was initially bullish, but gradually weakened in value as prices fell. The long-term forecast contradicts other technical analysts that the IOTA price will continue to rise for a long time. In addition, price forecasts for the value of iota will not depend on the degree of its adoption.
The long-term price forecast predicts a market price of 90 cents early next year, which could rise to 1.74 cents by December 2022. However, IOTA price predictions and future prices are close to the $1.46-$1.12 range in 2023.
According to Long Forecast, the price of IOTA at the end of 2024 will be 1 US dollar. IOTA price predictions for its future price close at $0.39 in December 2024 and $0.28 in December 2025.
History of IOTA creation
At the beginning of 2015, the famous Norwegian entrepreneur David Sonstebo decided to create a large-scale platform for the Internet of Things using a unique technology called Tangle (which means tangle in English). As planned, this system would allow users to make small transactions without any commission.
Not long after, Sonstebo wrote a high-quality Whitepaper and began to attract a competent team of developers, engineers, and marketers to his Blockchain project for its further implementation.
After some time, the creator of IOTA decided to conduct a large-scale ICO, during which the project managed to collect only 1,337 bitcoins. At that time, the total amount of investments raised was not too high, but the developers decided not to give up and to implement their project with these modest investments at any cost.
The global development of IOTA began after the ICO, when David Sonstebo made a loud statement on his social networks that IOTA was abandoning the use of the familiar Blockchain and switching to using its unique Tangle technology . After this, the MIOTA coin began to develop and gain popularity in the market.
What is the IOTA cryptocurrency? How does Tangle work?
Initially, the IOTA project was created specifically for conducting multiple and fast transactions in the very promising field of the Internet of Things. The main difference between IOTA and all other similar projects on the crypto market is the Tangle system, which the developers specially created for their product. This development of a directed acyclic graph (DAG) allows for very high transaction speeds and an increased level of security. In addition, online transactions are completely free!
This is why IOTA is very convenient to use for micropayments, where, for example, it will simply be impossible to use Bitcoin, since the network transaction will be higher than the payment being made.
Feature, technical implementation
From a technical point of view, three aspects of the IOTA cryptocurrency :
- Tangle. IOTA does not use blockchain in its usual sense. Instead, a DAG is used, which is called Tangle (from English - to confuse). DAG is essentially a generalization of the Blockchain protocol.
- Transactions. In order to create a new payment in the Yota network, the user’s device must first confirm 2 other payments. If a transaction is currently certified by a certain number of random new payments, then it can be considered confirmed.
- Encryption. The cryptographic signatures used in the system are not based on the elliptic method, as in most cryptocurrencies, but on Winternitz. Thanks to this, signatures are completed much faster. The creators of IOTA developed their own hash function called Curl. However, it was criticized due to a possible vulnerability, so in August 2022 it was replaced with a new Kerl function that does not have this vulnerability.
IOTA makes it possible to use instant channels with increased bandwidth. They are characterized as fuzzy and bidirectional. Thanks to this, the parties can exchange payments as quickly as possible, without having to wait for the usual confirmation time. Once a channel is formed, each party pays the same amount of Yota to an address controlled by all parties and equipped with several signals. When initial deposits are confirmed, the channel does not immediately begin to interact with the system, but only after closing. Upon completion of the transaction, the final balances of the parties are posted publicly.
What is Tangle?
The essence of how Tangle works is as follows: in order to conduct a transaction, you need to confirm two third-party financial transactions within the system. This condition is necessary for the network to function correctly and safely. If, when checking a financial transaction, it detects any discrepancy, the system immediately suspends it.
A similar algorithm of actions is performed every time a new transaction occurs in the network, which, in turn, creates a new block in the chain and approves itself when two other transactions completed before it are confirmed.
Tangle technology
Such a system, in essence, makes each user a full-fledged miner who serves the network, allowing it to function properly. The only difference is that you do not receive a reward for opening a new block, but have the opportunity to transfer MIOTA coins completely free of charge without any fees.
This technology was created by IOTA developers as an alternative to the well-known Blockchain technology. Tangle is a new and not yet fully recognized technology in the world of cryptocurrencies. However, it has one undoubted advantage - the network can withstand a huge number of simultaneous transactions, while the Blockchain will be constantly overloaded.
Another advantage is the ability to conduct a transaction without completely connecting to the global IOTA network, which is also impossible in Blockchain. Tangle also has a downside - hackers can launch a 51% attack or a double-spending attack on the network using more powerful equipment than other users of the system.
In general, the unique Tangle technology is the main competitor to Blockchain, which has both its pros and cons. However, we can assume with 100% probability that this system will be used in the future in the IoT field and will try to be improved in some way.
Advantages and Disadvantages of IOTA
So, the IOTA cryptocurrency has the following advantages:
- Decentralization. The system operates using a specially written Tangle algorithm, which eliminates the possibility of hacking and network management in any way;
- No inflation. The number of MIOTA coins is clearly fixed in the system code and cannot be changed in any way;
- No commissions. Absolutely any user can make a payment within the IOTA system completely free of charge;
- Very fast transactions. Since confirmation of transactions occurs in real time, this makes it possible to complete transactions with maximum speed;
- High level of security. Up until this time, the IOTA system had not yet caused any failures in its operation and this is the best criterion for Tangle’s reliability;
- Technological advantage of Tangle. IOTA is a project with a truly unique revolutionary development, which will most likely be No. 1 in the field of the Internet of Things.
Project development plans
A startup does not have a standard roadmap with deadlines. Instead, the specialists decided to share current and upcoming tasks with the community of their project, while simultaneously revealing the degree of readiness of solutions for each issue. You can get acquainted with the working field of the IOTA team on the official website of the project.
Some of the projects and tasks on which the IOTA team is conducting research
Thus, IOTA is a project whose future largely depends on the development of IoT technology, which its developers have relied on. Considering the growth in the number of “smart” gadgets, it can be assumed that the developments of specialists will be widely used.
Development team
Developers of the IOTA project The
IOTA team is quite extensive, it consists of many talented developers, including: David Sonstebo - founder of IOTA, serial entrepreneur, leader of several projects for the development of processors for the Internet of Things; Dominik Schiener is the co-founder of the company. He began his career back in 2012, where, after creating a successful startup, he received 15 thousand euros and invested it in creating a mining service called BitShares. Some time later, he founded an online exchange for exchanging fiat money for cryptocurrencies. Since 2015, he has been involved in developments for the Internet of Things; Sergey Ivancheglo is a co-founder, previously worked in the NXT Blockchain project. Known for his development of a security method in digital currencies called POS; Serguei Popov is a co-founder, graduated from the Faculty of Mechanics and Mathematics of Moscow State University, and is a professor at a public representative university.
You can see the full composition of the team on the official website of the project.
Main events
Table 1. Main milestones in the development of currency.
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Where to buy cryptocurrency IOTA (MIOTA)
At the moment, the IOTA cryptocurrency is very popular. This coin is among the top 10 largest digital currencies by capitalization. This is why many trading platforms have recognized this asset by adding it to their trading list.
The largest trading volume for the IOTA cryptocurrency is located on one of the best cryptocurrency exchanges in the world, Binance. The Binance exchange accounts for the lion's share of MIOTA's daily trading volume—more than $12 million. IOTA can also be purchased without any problems on the following trading platforms:
- Bitfinex
- Binance
- Huobi
- HitBTC
- Cobinhood
Where to store IOTA
Many crypto users store this currency directly on the trading platforms where they purchased this asset. However, this is not the best option. Although today many well-known exchanges are safe resources for trading cryptocurrencies, it is still not recommended to store coins on them. This is associated with certain risks of losing your investment.
It is best to prefer the official desktop wallet for storing IOTA, which is called “IOTA Wallet”. To install it on your device and subsequently register an account, you need:
- download the proposal from the GitHub portal;
- select one of the wallet versions - “Full” or “Light”;
- then follow the simple installation instructions (you can select Russian in the menu).
As a result, having done everything correctly, you will receive a personal address to which you can transfer MIOTA coins for long-term safe storage. The “Full” and “Light” versions are essentially no different, except for the function of full synchronization with the IOTA network, which novice crypto users most likely will not need. Therefore, if you just need to create an address for storing cryptocurrency, then a simpler and more convenient version of the “Light” IOTA wallet will suit you.
