IOTA is a Cryptocurrency, the network powered by Custom (consensus mechanism based on original technology) algorithm. The original software was developed by David Sonstebo, Sergey Ivancheglo, Dominik Schiener, Dr. Serguei Popov and first released November 27th, 2015. Nowadays the cryptocurrency is managed by the IOTΛ Foundation, an organization based in the DE. IOTA is aiming to serve the IoT industry, among the other use cases. The official IOTA website is https://www.iota.org.
As of today, October 20th, 2021, out of totally available 2,779,530,283 MIOTA, 2,779,530,283 are in circulation. It's not possible to mine iotas. The total market capitalization of iota is $3,596,812,627, the rank among other cryptocurrencies (based on the capitalization) is #53. The current rate of 1 MIOTA is $1.3 USD. There are two currency codes for IOTA: MIOTA and IOTA, the first one is used more often.
IOTA builds a permissionless distributed ledger for a new economy: a technology to power the future of the Internet of Things (IoT) with comissionless microtransactions and data exchange integrity. IOTA network is built on a new data structure, called Tangle; it's based on the Direct Acyclic Graph and there is no need in miners and even blocks. The distributed ledger does not group transactions into blocks and doesn't store the data in sequential chains: Tangle, a stream of individual transactions entangled together is used instead of the blockchain technology.
All the transactions in IOTA require zero fees: in order to be able to send a transfer, a participant needs to validate two third party transactions. There is no financial reward for the process of transaction confirmation; the reward is a possibility to send your own funds commission-free. From the technical point of view, the validation is realized by allowing the wallet software to do some computational work: unlike PoW mining, the system requirements are very modest, the software was designed for tiny devices like sensors, etc. and even allows offline transactions. There is no hierarchy of roles and responsibilities, every user is a node of the network of equal peers.
IOTA uses its native token, IOTA token. "Iota" is the name of the smallest letter in the Greek alphabet, hence the IOTA is the smallest unit; names of the larger ones are created by adding prefixes like "mega-", etc to the "iota" word. One million iotas are called a MegaIota or Miota (Mi; MIOTA), currently, it's the base unit used for trading on cryptocurrency exchanges.
IOTA is currently supported by 10% of exchanges (2 of 20) currently having active orders at ExchangeRates.Pro: 1 Exchange Brokers, 1 Trading Platforms have offers, allowing you to buy and sell IOTA. Let's check and compare which of these exchanges will suit you the best, dear visitor!
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