We thank each and everyone who have shown immense love and support to our knowledge series Know Your Crypto.Continuing on our promise to create awareness about the crypto world we bring to you another installment of the series where we discuss about one of the most sought after and valuable crypto project with a marketcap of around 2.7Billion$ at the time of writing the article, IOTA the decentralised IoT token.
About
IOTA is a Decentralized Internet-of-Things Token.IOTA (MIOTA) is based on a new blockchain technology designed for the Internet of Things (IOT) of the future.It proclaims itself as the fuel for the IoT growing economy and is named after the mathematical symbol used in imaginary numbers.It provides an infrastructure suitable to carry out micro-transactions for the Internet-of-Things ecosystem.Transactions are free and the platform is ‘Quantum Secure’.The project features a brand new consensus mechanism called Tangle.
Team
The core founding team of IOTA includes Sonstebo, Sergey Ivancheglo, Serguei Popov and Dominik Schiener.The Core developers include Alon Elmaliah who has a BSc. in Computer Science & Electronic Engineering from Tel Aviv University,Alfred Keller who has a Master’s Degree in Civil Engineering at ETH [Swiss Federal Institute of Technology Zurich],Paul Handy among others.The team now has evolved and has developers, cryptographers, activists and general community members.
Token Distribution
Theres exist no mining for IOTA, all 2,779,530,283,277,761 IOTA or roughly 2,800,000 Gigaiota (Gi) existed in the beginning.These tokens were sold to investors in an ICO which started on 25th November to 21st December 2015.All the tokens were sold/distributed,no tokens were kept by the developers.The developers instead used the collected Bitcoin to finance themselves and the technology.Around 48% of all Iota was claimed by their owners by November 27th . Until the 4th of February, additional 12% of Iota was claimed for a total of 60%. According to one estimate the IOTA ICO raised 3000 bitcoins in a presale, a remarkable amount of value .On it's first day of trading on 13.06.17 it reached a market capitalisation of $1.5 Billion on Bitfinex creating records.
Strengths
The world’s first ‘blockless blockchain’
Instead of a regular blockchain IOTA has created something a new consensus mechanism called Tangle which is based on a Directed Acyclic Graph(DAG) structure. It enables further decentralization of the network and also greatly enhances the scalability. IOTA doesn't have any fees which makes it optimal for real-time compensation.Tangle has a mesh of transactions and verifications. In Tangle every time a transaction is sent it verifies two other transactions behind the current.
Quantum computing is rapidly increasing and will continue to disrupt the crypto discussion more and more. IOTA's quantum resistant algorithm will ensure the protection of its network, data, and transactions.IOTA uses hash-based signatures instead of elliptic curve cryptography.IOTA also makes use of Winternitz signature which makes IOTA quantum proof. The hash function is called Curl.
Market Perfomance
At the time of writing the article IOTA has a market cap of $2,718,413,971 and a circulating supply of 2,779,530,283 MIOTA.The current price of 1 MIOTA stands at $0.977560 or 0.00023101 BTC .
The current market stats for IOTA can be found here
The IOTA foundation has established the IOTA Ecosystem Fund, a fund dedicated to supporting the development of new proof of concepts and applications built for the Tangle. The IOTA Foundation has now teamed up with F6S, the world’s premier platform for founders, startups, and accelerators which boasts a roster of over two million developers.
The IOTA protocol with it's new technological capabilities is an extremely exciting new approach to distributed ledger technology. It definitely promises huge scalability and economic improvements over traditional blockchains.
For the whitepaper you can visit here
Image source: 1 2 3
Author : @shrey
We would love to know your views on the recently started know your crypto series so get down below comment and resteem!Also if you want to know about a particular crypto currency do let us know in the comments so that we can take it in the next edition of Know Your Crypto
Nice.. info I have read about you from @buzzbeergeek. Nice and thank you for sharing about your knowledge abotu cryptocurrency. :)
Appreciate the mention. I did my best with marketing @adsactly! :)
Ive been thinking about getting some IOTA, what is the best wallet?
The commonly used is the Light Wallet:
http://iotasupport.com/gui-lightwallet.shtml
I use it myself
Please be sure to use the latest Wallet (2.4.0), if you use the previous version you will not be able to receive transfers.
Just use the main one....and link https://iota-wallet.org/
I couldn't figure out the wallet and had to sell my Iota off Bitfinex :(
the best part of iota as an investor , is simple mathematics.
IOTA wants to be back the bone of IOT. now in next 5 years IOT will encompass around 25 Billion devices handling upwards of 50 trillion gigabytes of data.
now if IOTA is able to capitalize even small part of this market the gains will be astronomical.
i am not throwing these numbers out of thin air. i did my own analysis when i purchased IOTA at 5 cents. below is the Forbes article.
https://www.forbes.com/sites/joemckendrick/2015/05/10/in-search-of-the-true-value-in-the-internet-of-things/#6e468b28135a
now baring this you need to focus on its scalability, the unit beeing sold is Million /mega IOTA (MIOTA) so you can understand that even 15 years from now when a Cruise ship docks in Mumbai dock it can be charged 5 MIOTA that could be worth $5000 and when my car passes a toll it can be charged 500 IOTA ( not MIOTA)
the tech needs to be looked upon as well ... its the only Currency to transfer 100 percent of value and it does not require miners to authenticate it. Tangle tech can make block chain tech outdated.
these were the solid reasons that led me to trust in IOTA ...
DISCLAIMER : i have purchased IOTA at 5 cents , 12 Cents , 42 cents and 79 cenr=ts ... so my opinion (although candid) could be biased.
Very useful @punzee. Upvoted! And followed!
your welcome buddy ..jus playing my part to help others.
no fun in making money alone :)
Like every crypto , it has its point of rising , now it's falling and it's a great time to invest for when it will rise in the future
All cryptos are future before our eyes. But IOTA....is Star Trek!
True that!!!
Exaclty, if IOTA stick to it's roadmap and delivers, your watching the future unfold before your eyes
followed, i love your post thank you
Can u do an insite on verge too XVG
I can help out with that. I have been researching verge and it's applications. Check me out @tswoop
I like it! upvote!
follow and resteem!!
Funny story, I was going to invest in IOTA about 2-3weeks ago(~0.25$/MIOTA) so I signed up for Bittrex thinking they have it, they have like every coin in universe XD, ofc they didn't. After some research I invested in NEO and it went well but not as well as it could with IOTA.
I really like what devs want with IOTA and I will buy it in my next investing cycle.
Bitfinex has it. It was a great place to put some money a few weeks ago.
Yes, i now have account but it will have to wait for now. Long summer you know XD
IOTA seems to be a strong coin. With a market cap of $2,718,413,971 and a circulating supply of 2,779,530,283 MIOTA will perform well on the cryptocurrency market and has a bright future ahead with steady growth.
They should deliver, haven't give any reason for us to think any different. IOTA to the moon!
IOTA is my favorite crypto. That coin has massive potential to be an ethereum killer. Best part of it all it uses tangle instead of a blockchain.
it just keeps going up, is $2 within reach this month?
Different markets, there will be room for both Ethereum and IOTA to grow, and see thier applications used by people across the globe
Valuable information you got there. I didn't know the team claimed IOTA to be Quantum proof. Given that Quantum computing is in its very early stages of development, I would not be so sure about IOTA being quatum resistant. It is nevertheless an interesting concept.
** while it may be blockchain inspired, does IOTA qualifies as being based on a new blockchain technology?
Quantam Proofing is key, breaking crypto algos will happen sooner than we can imagine. NEO also has quantum proofing. Check out some of my videos @tswoop I go over recent NEO news etc.
Source: wikipedia
Is there a reference to what is meant by quantum proof and its significance?
Loved your post . Thanks for getting it to us. Upvoted , I am ReSteeeming and following :)
If its using quantum computing, then it has a good future. But maybe not a eth killer, because they both play a part of one big picture in crypto.
Agreed!
Great insight and exciting project. Too bad there is no mining though!
That is a feature, not a bug.
@adsactly its very bad you upvote yourself everytime and get all curation reward due to your shares by the way what about your adsactly.org community i really want to join it because it is decentralised society.
I do not find self-upvote to be bad in the case where the author has posted high quality content.
nice IOTA go up with a proper and it is good who have iota and i think u shared with full details about iota and also with chart price but i have only some rippler this time @adsactly sir
I see your interested in cryptos, go check me out @tswoop I have great information on new and upcoming coins :)
nice post , upvoted
Wonderful post @adsactly ...Blessings
Great Work
i think we should mention about very good start in ico part around ~1 million people saw it :) now its decreasing, so im not sure about their policy of so long ico.
Wow, I'm impressed with your stuff. Shoot me a message, we should discuss crypto!
Thanks for sharing! I am very curious on how this non-blockchain crypto will develop. Although being quantum proof is unique selling point right now, I think most crypto will implement quantum proof solutions by the time it will become relevant. It is still quite soon and not valuable at the moment if you ask me :-)
Your right on that, It's best to have it implemented before voting rights are taken into consideration. Then you get wars like what happened with bitcoin!
This should be very interesting for developing countries such as India.
great work,
upvoted
good job, Thank you for sharing
Nice post
An excellent eye opening article @adsactly and it's the first I've read mentioning the word 'Quantum', and this just excites me. Upvoted for sure! Looking out for future news on IOTA.
If you wan't to see Quantum Proofing already in place, check out NEO. Different market than IOTA, so thats a good thing. @tswoop I go over recent NEO news and up and coming coins
I'm on it, thank you so much @tswoop! ;-)
That's my favourite project. I will look opportunities to volunteer somehow :) Thanks for sharing
👍👍👍👍
Interesting article and very easy to understand explanation. I might invest some money into IOTA.
@adsactly - Thanks for sharing your knowledge on Crypto Currencies. You truly working on the concept of SHARING IS CARING!
Love your posts!
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This looks to be a popular coin with a bright future. Thanks for this informative post.
Did not buy it.. made Some stupid other icos.. now i have to wait for recovery.. great post Thx. Check out my blog of today if you Can find the time.
great job, thanks for sharing this information!!
Make next article about Byteball.
yes please!
or even better video
https://steemit.com/crytocurrency/@yestur/byteball-community-annonces-video-contest-make-them-aware
I consider IOTA a good hedge against blockchain based cryptocurrencies. Furthermore, the concept of a 'no fees' payment network is also very appealing. Similarly, RAIBlocks has a 'no fees' concept but seems to be much more in a BETA stage. Third, the IOTA seems well connected to manufacturers and other businesses in order to implement IOTA in real life business cases. If you have a substantial amount invested in cryptocurrencies, IOTA should be one of them.
Good investing knowledge you have sir! if you would every like to discuss crypto shoot me a message!
Been a supporter of IOTA for a while, excited to see where it goes.
On one hand it seems revolutionary, on the other, an unproven new concept. It will either be a big boom or a big doom ^.^
I was on the verge of buying some and this post pushed me over :) Thanks! I advertised you and sent people your way in my last beer tasting post! I have a decent number of followers and SP. I hope it gets you more clicks! Check it out if you are interested! Also upvoted, of course! Cheers!
nice content :-) you got my upvote and resteem
can I get it in the US on Bitfinex?
Nope. Bitfinex is avoiding U.S. customers right now. Plain fear!
Can you explain Mysterium?
Im sorry this is a short compliment, but this is Brilliant, just brilliant... I was introduced to you by @bisade and I am going to make my over and visit with you all on discord (if I can find my way, not the most tech savvy fella :P) as I hear you have an awesome group :D
Great series of posts, very informative. Followed and upvoted.
Great article. A must read!
Nice and informativ post !. I wanted to get IOTA when it was at 26c. but it mooned to 96c. I dont really know .... it could be too late to invest. But IOTA is very promising. The Triangle system is unique.
this is awesome series on coins. i m not an expert and am very happy to learn more. thank you!
Just crossed the 1 dollar mark a few hours ago. Correction coming to the mid $0.70s or $10 by 2018? Exciting times.