What is IOTA? All information about MIOTA token

Market247 has a lot of articles about coin/token in cryptomarket. In this article, let's find out about a rather different structured Blockchain project called IOTA. So what is IOTA and what does it stand out for? Let's find out with Market247.io.

What is the IOTA project?

First, let's find out an overview of what is IOTA platform.

The IOTA project is a Tangle Platform (a variant of Blockchain) built with the purpose of serving the network of things connected through the Internet of Things and based on a decentralized ledger protocol.

IOTA is a unique and different system because it does not rely on blockchain technology but uses acyclic graph technology. This means that the process of validating and executing transactions in the network does not have a certain process.

What problem does IOTA solve?

After exploring what is IOTA more clearly, let’s find out what is IOTA’s Solution.

Currently, Blockchain projects often face problems such as:

Limitations on scalability
The transaction fee is quite high but the transaction processing speed is relatively slow
High hardware and power requirements
The ability to transfer data between devices is not secure

Stemming from the above disadvantages, the IOTA project was born. IOTA has applied distributed ledger technology and Tangle to solve the problems. The advantages that the platform offers include:

High scalability
Free transactions made
Increase transaction processing speed
Not demanding in terms of resources, designed to support small devices like sensors can participate
All data is encrypted allowing for secure transmission and storage
Trade offline without having to be connected to the network

Advantages of Tangle technology

To better understand what is IOTA, Market247 will provide you with the Tangle technology that this project uses and its advantages. The difference of Tangle is that it has no blocks like the blockchain system and is unlimitedly scalable. Tangle can be developed in many different directions.

The IOTA project when applying Tangle technology has no separation between the participants in the system and the miners. With Tangle, users act as miners. As soon as the participant's computer appears on the network, the transaction confirmation process will automatically start.

IOTA is a network that does not charge users transaction fees because there are no separate miners. This makes IOTA a very useful platform for small transactions.

All operations on the IOTA platform are always highly stable, even if the system has many transactions taking place at the same time, the processing speed is always guaranteed.

IOTA has no limit on the number and amount of transactions on the system. All transactions are done offline, users only need to be unified into groups and do not need to synchronize with the network.

What is IOTA Framework?

Besides Tangle technology, IOTA Framework also plays a very important role, this is the frame on the upper surface of IOTA. The components of the IOTA Framework include:

Digital Identity: Establishes trust and contributes to increased interaction between individuals, organizations and devices, and helps developers establish identity solutions with open source code.
Stream: This is a tool for structuring and navigating data through Tangle
Smart Contracts: Smart contracts are responsible for storing evidence of activities taking place on the block. In addition, their automation also saves time and costs for stakeholders.
Access: The IOTA framework is designed to work with any IOT resource. Access is used to build an access control system for smart devices
Stronghold: This is a feature to deploy security software and has the purpose of protecting digital information against attacks from hackers.

Detailed information about MIOTA

MIOTA is the token used in the IOTA ecosystem. To better understand what is IOTA, let's learn about this token.

Key Metrics

Token Name: IOTA.
Ticker: MIOTA.
Blockchain: Tangle.
Token Standard: Updating...
Contract: Updating...
Token Type: Utility.
Total Supply: 2,779,530,283 IOTA.
Circulating Supply: 2,779,530,283 IOTA.

Token Allocation

All 2,779,530,238 MIOTA were born at the same time, so there is no token distribution like other projects.

MIOTA release schedule

The entire number of tokens was released at the same time, so the project has no plans to pay tokens. The amount of tokens issued at launch is paid to investors who buy the ICO immediately.

What is MIOTA used for?

As mentioned above, transactions in the IOTA ecosystem are completely free. However, the project team is informed that the system will charge in the ecosystem of Internet of Things.
MIOTA was created to serve the scale in the IoT world that the project team wants to aim for. MIOTA can be used as a transaction fee in the network.

Conclusion

Above is all information about the IOTA platform that Market247.io has compiled. Hopefully with this article, you have had an overview of what is IOTA project. If you have any questions about what is IOTA, don't forget to send us a question for a timely response. And follow Market247 to not miss the latest news and knowledge of the crypto market.

Disclaimer: This article only provides information about what is IOTA project. This is not investment advice at all.

Follow IOTA:

Discord: https://discord.iota.org/

Twitter: https://twitter.com/iota

Reddit: https://www.reddit.com/r/Iota

Website: https://www.iota.org/

What is IOTA? FAQs

Does IOTA run on ethereum?

IOTA is bringing zero-fee smart contracts, Ethereum interoperability, and compatibility to next-generation distributed applications.

Who are IOTA's competitors?

Competitors of IOTA and similar companies include MobileCoin, Litecoin, Ripple, Ethereum, and Bitcoin. IOTA is a cryptocurrency focused on providing secure communication and payments between machines on the Internet of Things.

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