IOTA is the new cryptocurrency that has blows the nternet making it to the top 10 crypto by market capitalization on coinmarketcap.
Cryptocurrency exchange Bitfinex has just officially launched the IOTA token, IOT which is tradable in IOT/USD and IOT/BTC pairs and it was reported to be a record breaking launch with 3000 bitcoin pre sale it's hits $1.5 billion market capitalization.
Described as a scalable, decentralized, modular, and no fees cryptocurrency what's so special about IOTA is it a good investment opportunity let's find out.
IOTA is a new cryptocurrency that claims to be a solution to the rapidly developing internet of things . It's takes a whole different approach compared to bitcoin and many other cryptocurrencies that utilizes the blockchain technology. It's highlight the facts that the traditional blockchain has many draw backs one of such is it's inability to make micro payment, the high transaction fee charged by miners which make no sense to transfering small amount as the miner fee is many times higher.
It's also claim that the heterogeneous systems of existing cryptocurrencies will inevitably creates unavoidable discrimination of some of their elements which in
turn creates conflicts and makes all elements spend resources on conflict resolution.
How's IOTA Different
IOTA is a blockchainless cryptocurrency which means it does not utilizes the blockchain technology instead it is designed to make use of DAG technology ( directed acylic graph) know as the tangle.
The tangle is a graph that will serves as a ledger for storing transactions and it's network is composed of nodes which are entities that issues the transaction that make up the sites that represent the transaction on the tangle graph.
This new technology makes use of simple version of proof of work PoW that can run on most device which is for a user to to successfully issue a transaction, you must first help approve other transaction at least two randomly chosen transactions.
5 Must Know Facts About IOTA
1. IOTA is a direct rival to bitcoin and many other cryptocurrencies that make use of blockchain technology can it's compete with them.
2. IOTA is the first cryptocurrency without a blockchain. It uses the tangle graph which is a new untested technology
3. IOTA aims to have no fees and it does not require mining, it does not cnsider block sizes and lack incentive among users to use.
4. IOTA seeks to be a crypto-application (currency for internet of things market) those items that don't really have an interface but might still benefit from internet connectivity suitable such as your toaster, coffee maker, fridge, smoke detector, and desk fan are all connected to the internet.
But on the other hand just like Bitcoin, IOTA could also similar competition from emerging rivals, based on the same ideas or slightly tweaked or even improved, versions of them.
Team behind IOTA project was not publicly displayed on their website but we learned the Co-founder is Dominik Schiener and one their active developer is Oliver Nitzschke who currently works for Pinpong a android development company
Should I Invest in IOTA
IOTA is good innovative cryptocurrency project you don't see this kind of crypto currency project often the developers has done a really good job trying to create something different ' The internet of things industry '
Many are saying Iota is a game changer well it's up if you have the guts to risk it just like some bitcoin millionare had a feeling that bitcoin would work, they bet big, and they won big.
Don't Buy into Hype
I've learned to give any new coin a week, they typically run high for 10 minutes, then the bottom falls out over the next 5-7 days, that's when you buy. I wouldn't touch it until then.
You can Visit their official IOTA.org or read their White Paper here.
Finally this is not any sort of investment advice, you should always do your own research before investing because this type of ICOs is a moon shoot it's either goes to the moon or goes to the ground, so take caution and good luck.
Hope this helps.
I've learned to give any new coin a week, they typically run high for 10 minutes, then the bottom falls out over the next 5-7 days, that's when you buy. I wouldn't touch it until then.
You can Visit their official IOTA.org or read their White Paper here.
Finally this is not any sort of investment advice, you should always do your own research before investing because this type of ICOs is a moon shoot it's either goes to the moon or goes to the ground, so take caution and good luck.
Hope this helps.
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