What is IOTA (MIOTA)? A beginner’s guide in 360 words.

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IOTA is an emerging cryptocurrency valued among the top ten cryptos by market cap as of December 2017. IOTA is focused on transactions enabled by their Tangle architecture, providing developers with a brand new set of tools for their applications in both the Internet of things and Web. They look to predominately serve businesses faced with predatory fees along with the Internet of Things (IoT).

The core competency behind IOTA is the Tangle, a revolutionary new block-less ledger which is scalable. Tangle’s core feature is allowing transfers of value without any fees. Contrary to today’s Blockchains, Tangle is a pioneer of decentralized and self-regulating peer-to-peer network. IOTA hopes to cultivate a wide range of new business opportunities for companies in all sectors.

With the emerging autonomous Machine Economy, IOTA is gearing itself to be the backbone. The Tangle ledger is capable of facilitating transactions with zero fees so devices of any sort can trade exact amounts of resources on-demand, as well as store data from sensors and data loggers securely and with verification on the ledger.

IOTA looks to compete closely with Samsung’s ARTIK. The Samsung ARTIK is a smart Internet of Things platform that brings hardware modules and cloud services together. It includes built-in security and an ecosystem of tools and partners to speed up your time-to-market. The competition should definitely lead to innovations, ultimately benefiting the consumer.

Transaction Speeds

Company Speed Cost
Bitcoin 3-4 transactions per second $2.10 USD
Ethereum 20 transactions per second $0.01-$0.1 USD
PayPal 193 transactions per second (avg) Varies with amount transferred
Iota 500-800 transactions per second NO FEES

 

How Can You Buy IOTA?

You first need to buy Bitcoin or Ethereum on Coinbase and then transfer it over to your account at Binance to exchange it for (MIOTA). If you get stuck or need help, send us a message through our Facebook page or email and someone on staff will walk you through the process.