What is IOTA? IOTA is a cryptocurrency project focused on the internet of things (IoT). As Kriptokoin.com, we have compiled the answers to frequently asked questions such as what IOTA is, what it offers, what are its advantages and disadvantages, what is MIOTA coin, what is it used for, how to get it.
What is IOTA?
IOTA is a decentralized cryptocurrency project that offers advanced scalability and speed for the internet of things (IoT). The project is the only crypto platform that does not use blockchain technology. The platform uses a type of network called Tangle instead of blockchain. Through this network, the project aims to offer high scalability at low transaction fees. The project, managed by a Germany-based non-profit organization, aims to be the backbone of the IoT technology. The platform also supports machine-to-machine communication (M2M) and can be used for this purpose.
The platform allows users to transfer data securely. The platform, which allows data exchange, does not charge users using MIOTA coins for transactions. Users who want to make transactions and create projects in the field of the Internet of Things can access the tools they need through the platform. However, it is necessary to have the platform’s wallet to access all the tools. This wallet is bought for money.
What is MIOTA coin? What is it used for?
MIOTA coin is the native cryptocurrency of the IOTA network. Cryptocurrency has several use cases. Data exchange transactions with MIOTA are free of charge. Users do not have to pay additional transaction fees. MIOTA holders can earn token rewards by creating new technologies on the network.
They can connect to Tangle, the project’s network for city infrastructures, and create unique digital identities through this network. At the time of writing, the coin was the 53rd largest cryptocurrency with a market cap of $2.55 billion. With a maximum supply of 2.78 million, the entire supply of the token was in circulation.
What are the advantages?
It is thought that IoT technology will radically change the future of many sectors. The project is a platform focused entirely on the internet of things and crypto money. Therefore, it attracts institutional investors. The platform, which uses its own Tangle network instead of Blockchain technology, is very fast. It completes transactions such as clearing and cross-border transfer in seconds.
What are the disadvantages?
IoT technology development tools offered by the platform can be accessed via IOTA Wallet. This personalized wallet is bought with money. Storing the MIOTA coin in an online wallet comes with the risk of cyber attacks. Users can protect their funds by transferring their assets to a hardware wallet.
What is IOTA? How to get MIOTA coin?
MIOTA coin; It is listed by crypto exchanges such as Binance, BitFinex, and Huobi Global. Investors interested in the IOTA project must first become a member of one of these exchanges. Investors who are fully members can purchase MIOTA by depositing money in their wallets.