$2.2900 / $2.0200
What is IOTA (MIOTA)
IOTA defines its unique decentralized ledger technology, Tangle, as “an open, feeless and scalable distributed ledger, designed to support frictionless data and value transfer”. According to IOTA’s website, they are the first distributed ledger built for the Internet of Everything -a network for exchanging value and data between humans and machines. IOTA’s Tangle developed to handle transactions between connected devices in the IoT ecosystem.
With the rise of the IoT devices and development of 5G, IOTA aims to become the main crypto currency that settle transactions between smart devices. IOTA’s cryptocurrency mIOTA, is a pre mined crypto currency that its transaction consensus occurs differently than a blockchain.
On IOTA’s Tangle, transactions can be processed simultaneously, whereas on blockchains transactions processed sequentially. More systems are attached to the Tangle, it becomes more secure and efficient at processing transactions. So in the near future, IOTA aims to process so many transactions with IoT devices instantly, with no fee.