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About IOTA
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 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 is using a Tangle instead of a blockchain, which has no mining, no transaction fee and offers better scalability
- The cryptocurrency of the IOTA platform is called mIOTA
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