IOTA 101

IOTA 101

Crypto 101
May 12, 2018 by apurva sheel
1682
IOTA 101

IOTA is a revolutionary permission-less distributed ledger that overcomes the inefficiencies of the current Blockchain designs. It enables users and machines to make money and/or data transfer in a trustless, permission-less, and decentralized platform without any transaction fee.

The driving force behind IOTA is the rapidly growing network of the Internet of Things. IOTA has built upon the technological concepts of Bitcoin to build an innovative infrastructure for the network of interconnected devices. IOTA is designed for transactions that occur on the machine-to-machine level rather than the traditional peer-to-peer.

How does IOTA work?

Behind IOTA is a new distributed ledger Tangle which does not store transactions by grouping them into blocks and sequential chains but as a stream of individual transactions which are all entangled together.

To participate in the network, each participant has to verify two previous transactions. That is to say, there is no role hierarchy in the system and every actor gets the same incentives. The transactions are fee-free in the sense that the reward for verifying two transactions is a verification of your own by a subsequent transaction.

Features

  • Scalability: The parallel validation of transactions allows it to achieve high transaction throughput. There is no limit to the maximum number of transactions that can be confirmed in a particular interval.
  • No transaction fee
  • Decentralised: The platform has no miners. There is an active participation of every participant who makes a transaction.

The IOTA Team

The coin was founded by Dominik Schiener and David Sønstebø both of whom are active members of the Board of Directors along with Ralf Rottmann (co-founder of GrandCentrix—Germany’s leading SI for end-to-end IoT productions.)

The development team is a strong union of engineers and researchers bringing the experience of multiple industries into the IOTA coin.

The details and roles of each team member can be found on their website.

Milestones

2017 was an incredible year for IOTA. The coin was officially launched in June 2017 and in the same month, it hit a record-breaking launch with a market cap of $1.5 billion USD. The coin started trading on Bitfinex the same month.

In July 2017, it became the Founding Member of the Trusted IoT Alliance and in August it introduced the Flash Network.

In October, the project partnered with Bosch and 1871 and in December, the Robert Bosch Venture Capital invested in IOTA. This happened after it successfully launched the IOTA Data Marketplace in November and the Proofs of the Tangle Equilibria were successful in early December.

The 2018 Roadmap

2018 is the year where the IOTA developments will be implemented and its impact as a German non-profit will be made very apparent from a practical point of view.

2018 will also see the hosting of multiple virtual and physical hackathons throughout the year to drive the development around the fundamental IOTA protocol.

It will go truly global by establishing new offices around the world in 2018 and exchanging the IOTA coin will become easier since multiple large and small exchanges have been done with the technical implementation of IOTA.

The Bottom Line

IOTA has gained considerable attention in the crypto world. The innovative distributed ledger system introduced by the team does offer a rather refreshing scalability and speed. However, the project is still early in its developmental phase. The platform, as stated on their website, has been developed for mass adoption but it is unclear as to how this will be implemented and achieved.

The innovation and the technology behind is something to watch out for but till the time it is actually implemented there is no sure way of knowing how it functions.

Token Value Information

Token: MIOTA
Total Supply:
2,779,530,283 MIOTA
Circulating Supply:
2,779,530,283 MIOTA (100%)
Market Cap:
$5,558,198,912 USD
ICO price:
$0.652
Current price:
$2.09

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