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Choose your quick section of our IOTA review below.
A Quick Overview of our IOTA Review:
IOTA does not feature a blockchain but is a distributed ledger framework, with transactions recorded in a ledger that is highly scalable. IOTA uses directed acyclic graph technology in addition to “Tangle”, which provides consensus without the need for miners.
IOTA Live Price
What is IOTA?
IOTA was established to improve applications associated with the “Internet of Things” (IoT) for all devices that rely on internet connectivity. IOTA has produced a unique feature that provides it with a strong position in competition with existing currencies.
Key Features and Takeaways of IOTA
IOTA is one of the first of its kind and has the following key features and takeaways:
IOTA encourages transaction on the Internet of Things, and it works to resolve issues faced with high transaction fees, a lack of scalability, and numerous others.
IOTA does not feature a blockchain but is a distributed ledger framework, with transactions recorded in a ledger that is highly scalable. IOTA uses directed acyclic graph technology in addition to “Tangle”, which provides consensus without the need for miners.
IOTA is well-known for being a preeminent distributed network for Internet Connected Devices and it employs unique technology.
During the crowd sale for IOTA, 5% of its total supply was donated to the IOTA Foundation to fund the project and further developments.
IOTA works to enable a growing machine economy through powering all machine-to-machine payments which are needed to enable and support the Internet of Things.
Computing devices which are embedded through homes, organisations, and factories can communicate, send, and receive data, and use the “Tangle” to make small micropayments that will ensure that data continues to flow.
IOTA Mining
IOTA cannot be mined or stake as it is not based on blockchain technology.
IOTA uses Directed Acyclic Graph structure (DAG), which was designed specifically for it and it grows more complex when more nodes and transactions are added, helping to improve security on the platform.
The Tangle comprises of nodes that are connected to one another with edges and with this, it is directed that node connections have a specific direction which means that moving from point A to B is the same as moving from point B to A.
Acyclic, when referring to the IOTA structure, means that it is not a circular structure, meaning that movement from node to node along the edges means that there is consistent moves forwards without backtracking or encountering the same node twice.
In the Tangle, all connected nodes hold transaction and information instead of using a Proof-of-Work (PoW) blockchain where consensus is separated and where miners must be employed to form consensus.
The Tangle requires for each participant in IOTA to confirm two other transactions so that they can confirm their own transaction, providing IOTA with complete decentralisation and a peer-to-peer network which is self-regulating.
This unique consensus mechanism allows IOTA to operate in a feeless manner and ensures that it can remain this way regardless of the network size. Eliminating miners means that it is not necessary to pay anyone directly in the network.
Instead, every user is paying by using a small amount of their own computational power to confirm two other transactions in return for having theirs validated.
Even though this is a secure system, IOTA has faced a significant threat in the DAG network being taken over by an attacker if they gain control of just 33% of the hashing power.
To avoid this, IOTA Foundation introduced a special node referred to as the “Coordinator”. This node is controlled by the IOTA Foundation and it protects the network from any attacks by making the network centralised, which has led to a significant amount of criticism from the crypto community.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| IOTA is not based on conventional blockchain technology and uses its own innovative technology, making it unique and ensuring that it remains valuable | IOTA faces the risk that an attacker can gain 33% of the hashing power and overthrow the DAG network if the Coordinator fails |
| Variety of applications | The Coordinator node makes the network centralised |
| There are no transaction fees as result of the lack of a consensus method and blockchain | IOTA does not use smart contracts nor does it offer the potential for development thereof |
| Users can send and receive any amount of IOTA | |
| IOTA has high scalability, and it is lightweight |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Deposit Fees | None |
| Trading Fees | None |
| Withdrawal Fees | None |
Should you buy IOTA?
Due to its unique technologies, IOTA is unlike any other blockchain technology. In addition to this, IOTA has several real-world cases as well as application which continues to expand as IOTA’s network grows, obtaining increased adoption. This, and several other reasons, have led to investors considering IOTA as a solid long-term investment.
IOTA is used in the following applications:
Smart Cities – with Taipei signing an agreement with IOTA to test the technology in transforming the city into a smart city by creating digital ID cards based on IOTA’s Tangle in addition to the integration of IOTA into air pollution monitoring devices.
Smart Energy – The energy and power sectors are slowly moving towards the IoT with decentralisation of electricity grids and as IOTA is feeless and scalable, it is an ideal solution for these industries.
eHealth – IOTA has the necessary technology to improve digital eHealth initiatives by ensuring that data integrity is secured, allowing providers to rest assure that they are using reliable data.
Automotive and mobility – which can benefit from IOTA and feeless transfer of value between devices and the IoT.
The IOTA platform can also be used in the various phases of manufacturing and supply chain as IOTA can offer immutable documentation at each phase, ensuring the authenticity of goods and products.
How to buy IOTA (IOTA)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase IOTA/IOTA and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
IOTA can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading IOTA.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading IOTA, select the option from the “Trade” Menu. Enter “IOTA” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select IOTA_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair IOTA/USDT.
Here, you will see that you have the option to buy or sell IOTA either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy IOTA through via Limit Order
To buy IOTA and create a limit order for it, you can enter the amount of IOTA you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell IOTA through via Limit Order
To sell IOTA, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, IOTA that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was IOTA first launched?
IOTA was first launched in late 2015.
Who founded IOTA?
IOTA was founded by Sergey Ivancheglo, David Sontesbo, Serguei Popov, and Dominik Schiener.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was IOTA’s ICO and how much did it raise?
IOTA’s initial funding did not come from an ICO but a crowd sale in 2015 that raised 1 337 Bitcoin, which was worth 6.9 million at the time.
Is IOTA legit?
Yes, IOTA is legit.
What is IOTA’s total supply?
IOTA has a total maximum supply of 2,779,530,283.
What is the purpose of IOTA?
IOTA is a distributed ledger which has been designed to record as well as execute transactions between machines and devices which form part of the Internet of Things ecosystem.
On which blockchain is IOTA based?
IOTA is not based on any blockchain but is a distributed ledger.
Does IOTA work with smart contracts?
No, IOTA does not natively support smart contracts.
Does IOTA have potential to become more valuable?
Yes, as result of its real-world use cases and the potential for further growth and development, IOTA can become more valuable long-term.
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