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Cryptocurrencies have become the next big thing in the world of online trading. With well over 1000 different kinds of cryptocurrencies on the market as of today, it may seem rather impossible to navigate through this seemingly complex and uncertain world, but the truth is that you cannot miss your chance to learn a little bit about at least the most popular coins that can be purchased today, because that would mean missing the opportunity of a lifetime to make profit. MIOTA is one of those cryptocurrencies that you simply should know about.
Based on the IOTA ledger platform, MIOTA is a cryptocurrency that uses the direct acyclic graph that goes by the name of Tangle. Like most popular coins on the market today, MIOTA uses proof-of-work for timestamping scheme and is currently under the management of the so called IOTA Foundation which governs the funding and development of a sustainable ecosystem around MIOTA and the IOTA ledger as a whole which will enable the cryptocurrency to thrive and become bigger and bigger in the years to come.
What makes IOTA so special?
If you are wondering how IOTA differs from the traditional Bitcoin and other cryptocurrency types that are available on the market today, well the answer is both simple and complex. In short, IOTA does not rely on blockchain for transactions. This means that no mining is done, instead Tangle, the quantum-proof new protocol, does the necessary calculations in order to create what IOTA is known and cherished for:
- Fast transactions
- No fees
- Secure transfer of data
- Infinite scalability
One of the main reasons why IOTA was created in the first place in order to serve the so called Internet of Things (IoT) – the idea that even non-network devices such as your toaster or your car can and should be connected to the internet for fast data exchange with other devices and you as the owner and user.
Original developer: David Sønstebø, Sergey Ivancheglo, Dominik Schiener and Dr. Serguei Popov
Top Wallets: Official IOTA Wallet
Release date: 13 June 2017
How does the no transaction fee thing work
In the traditional blockchain such as Bitcoin for example, the calculations necessary to make a transaction are done by the machines of the so called miners – that’s why a transaction fee is necessary, because that is the miner’s reward. In IOTA however, the aforementioned DAG (directed acyclic graph) that is called Tangle creates a new block for every new transaction, thus eliminating the need for verification from a third party miner – the transaction itself is doing the verification, so to speak.
This no-transaction fee technology is perfect for the development of data driver businesses. Micropayments are much easier with MIOTA than with any other cryptocurrency currently existing on the market. Neither of the big names – Bitcoin, Ethereum etc. has proven to be able to offer better efficiency. And last but not least – IOTA allows for offline use of its cryptocurrency, which definitely no other ledger can.
How to start trading now
So, if you are determined to enter the trade of MIOTA, IOTA’s cryptocurrency, the first thing that you need to do is to find the right broker for the purpose. As with other online currency brokers, in the case with IOTA there are several things that you need to look out for in order to make an informed and logical choice:
- Regulation – a regulated trading platform is guaranteed to have enough coins in cold storage, e.g. enough liquidity for safe and sound transactions and no delays
- Customer service – the cryptocurrency market is always on the run, 24/7, which means that the broker you choose should provide efficient and reliable client support at any time too – both via phone and email, preferably livechat too.
- Account types – good brokers offer various account types to its potential clients and users
- Assets – the more coins you can trade, the better the broker, a general rule of thumb
- Fees – those that the broker actually charges for making a transaction of IOTA