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IOTA (“Internet of Things Application”) is an Open-Source Network founded in 2015. IOTA, as well as its cryptocurrency MIOTA, does not use blockchain technology or miners to verify transactions, as all MIOTA has been in circulation since the beginning of the project. Instead, the IOTA protocol uses a decentralised network of participants called the Tangle. The Tangle is a type of “prepayment-system” consisting of individual and interlinked transactions.
When integrating new transactions into the IOTA tangle, two previous transactions are always verified. The speed and security depends on the activity of the network participants. IOTA is mainly used for Internet-of-Things (IoT) applications, where scalability, microtransactions, security and transaction speeds are crucial. IoT applications aim to optimise communication between physical devices.
As the demand for innovative IoT solutions continues to grow, IOTA offers increasingly far-reaching applications. As Europe’s leading trading platform for digital assets, Bitpanda offers both new and experienced users all the features they need to buy MIOTA quickly, easily and securely, such as a current exchange rate of IOTA to Euro (IOTA/EUR). The current MIOTA chart, displaying the price development of MIOTA, provides users who want to invest in cryptocurrencies with important decision-making tools.
In terms of market capitalisation, the cryptocurrency IOTA has been at the forefront for some years now, alongside other cryptocurrencies such as Bitcoin, Ethereum and Litecoin. The expected growth for the IoT market is also reflected by MIOTA’s volatile price. The high market capitalisation of MIOTA and high transaction speeds in the IOTA network have had a positive effect on MIOTA’s share price development in recent years.
Basically, IOTA is a cryptocurrency just like Bitcoin, Litecoin or Ethereum. It differs, however, in that it doesn’t employ blockchain technology and that it doesn’t use miners to verify transactions. Instead, IOTA’s protocol uses a system called the Tangle, which means that everyone taking part in the network speeds it up. In theory, this means the more participants, the faster and more secure the network becomes. This makes IOTA ideal for usage in Internet-of-Things (IoT) applications, where scalability, microtransactions and transaction speeds are crucial.
You can see the current IOTA price on Bitpanda and buy IOTA there
IOTA’s goal is to act as a transaction settlement and data transfer layer for the Internet-of-Things (IoT)
One of the use cases is that machines can pay each other using IOTA
IOTA uses the Tangle instead of a blockchain, which has no mining, no transaction fees and offers better scalability
The cryptocurrency of the IOTA platform is called MIOTA
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