What is IOTA (MIOTA)? Everything you need to know

In the rapidly evolving world of cryptocurrency, IOTA (MIOTA) emerges as a pioneering technology. This platform promises to introduce a new way of conducting transactions and addressing issues within the Internet of Things (IoT).

To better understand IOTA and all related information about the project, please follow the article below from AZcoin!

What is IOTA (MIOTA)?

What is IOTA (MIOTA)?
What is IOTA (MIOTA)?

IOTA (MIOTA) is a distributed ledger technology platform designed to support the Internet of Things (IoT), aiming to create a feelless transaction system with high scalability.

Instead of using blockchain like other cryptocurrency projects, IOTA employs Tangle technology, a type of Directed Acyclic Graph (DAG), where each new transaction confirms two previous transactions, eliminating transaction fees and improving efficiency as the network scales.

Who is the creator of the IOTA project?

The IOTA project was founded by The IOTA Foundation, which includes experts in blockchain and IoT technology. They developed IOTA to address issues within the IoT ecosystem, offering numerous benefits to investors and users alike.

Key figures behind IOTA include David Sønstebø, Dominik Schiener, and Dr. Serguei Popov, all renowned for their expertise and credibility in the field.

The problem that IOTA needs to solve

The problem that IOTA needs to solve
The problem that IOTA needs to solve

In the context of IoT, connected devices require an efficient, secure, and scalable transaction system to exchange data and value. However, traditional blockchain platforms often face the following limitations:

Problems need to be slove

  • High transaction costs.
  • Limited scalability.
  • Slow processing and transaction speeds.
  • High resource consumption such as hardware and energy.
  • Inadequate security for data transmission across devices.

The solution that IOTA offers

  • Focus on scalability.
  • Reduce or eliminate transaction fees.
  • Increase transaction processing speed.
  • Reduce resource requirements, integrate multiple sensor devices.
  • Encrypt data for secure transmission across media.
  • Support transactions even when not connected to the internet.

IOTA Framework

One of the key components of IOTA is its Framework. The components of the IOTA Framework include:

  • Digital Identity: Establishes interaction capabilities and trust between individuals, organizations, and devices, using open-source solutions for identity development.
  • Tokenized Assets: Enables the encoding of real-world assets into digital form.
  • Stream: Organizational tool for securely navigating data through the Tangle.
  • Smart Contracts: Stores proof of activities on the blockchain, saving money and time for involved parties through automation.
  • Access: Constructs access control systems for smart devices, compatible with other IoT resources.
  • Stronghold: Security software safeguarding digital information from leaks and unauthorized access.

Information about IOTA Token (MIOTA)

Information about IOTA Token (MIOTA)
Information about IOTA Token (MIOTA)

What is MIOTA?

MIOTA là token gốc của nền tảng IOTA, được xây dựng trên công nghệ Tangle. Token này được thiết kế để phục vụ hệ sinh thái Internet of Things (IoT) mà dự án IOTA hướng đến, và được sử dụng như phí giao dịch trong mạng lưới IoT.

Key Metrics MIOTA Token

  • 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.

MIOTA Token Allocation

The MIOTA token was not distributed in the typical manner of other token projects, as the entire supply of 2,779,530,238 MIOTA was issued all at once. Approximately 5% of this total was sold during the initial coin offering (ICO) on November 24, 2015.

Where to trade MIOTA Token?

Where to trade MIOTA Token?
Where to trade MIOTA Token?

Similar to Tezos coin, MIOTA can be traded on several best crypto exchanges, including major platforms like Binance, Huobi, and OKEx. Among these, Binance holds the majority share of MIOTA trading.

In which wallet to store MIOTA Token?

Investors can store MIOTA tokens in various types of wallets. However, the official wallet developed by the IOTA Foundation is Trinity Wallet, considered one of the safest and most convenient options for storing MIOTA tokens.

Additionally, investors can use popular hardware wallets like Ledger Nano S or Trezor to secure their investments, similar to how they store tokens such as Oasis Network and DeXe Network.

Future potential of the IOTA project

IOTA is considered a promising and forward-looking project in the blockchain and IoT sectors. With an efficient and progressive solution for IoT challenges, IOTA is attracting attention from many investors and large companies in the technology and manufacturing industries.

The project aims to become a comprehensive IoT ecosystem that meets real-world needs. IOTA is making strides towards this goal through continuous collaborations and partnerships in the industry, involving companies such as Bosch, Volkswagen, Fujitsu and Accenture.

The end

Here is the detailed information about the IOTA (MIOTA) project that AZcoin has just introduced to you. Hopefully, through this article, you have gained an overview and can make an informed decision before investing in this project!

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