IOTA is a cryptocurrency, open-source distributed ledger, founded in 2015 by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov.
On January 2018, the market capitalization of IOTA is over $9 billion, making it the 8th largest cryptocurrency marketcap.
IOTA symbol: IOT
IOTA focused on providing secure communications and payments between machines on the Internet of Things.
IOTA Exchange Rates
IOTA exchange rates in US dollar.
IOTA vs US Dollar Chart
IOTA for Business
IOTA enables companies to explore new business-2-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees.
The IOTA Blockchain
Using directed acyclic graph (DAG) technology instead of the traditional blockchain, IOTA’s transactions are free regardless of the size of the transaction, confirmation times are fast, the number of transactions the system can handle simultaneously is unlimited, and the system can easily scale.
The main innovation behind IOTA is the Tangle, a revolutionary new blockless distributed ledger which is scalable, lightweight and for the first time ever makes it possible to transfer value without any fees. Contrary to today’s Blockchains, consensus is no-longer decoupled but instead an intrinsic part of the system, leading to decentralized and self-regulating peer-to-peer network. The Tangle ledger is able to settle transactions with zero fees so devices can trade exact amounts of resources on-demand, as well as store data from sensors and dataloggers securely and verified on the ledger.
For the first time ever true micro and even nano-transactions are enabled due to the unique IOTA Tangle architecture, providing developers with a brand new set of tools for their applications in both IoT and Web. This nurtures brand new business opportunities for companies that prohibitive fees has kept in the realm of the impossible until now.
Core feature of IOTA is the ability to transfer data through the Tangle. IOTA gives you several options to do so, making it possible to establish secure and authenticated communication channels between devices. All data which is transferred through IOTA is fully authenticated and tamper-proof – making attacks impossible.
Although IOTA is uniquely suited for the Internet-of-Things, the Tangle enables a variety of different use cases that involve secure data transmission, especially for eGovernance. An important part of this sector is e-Voting. The exploration into this field of use-cases has already begun by several companies and academics.
As the first extensible module of the IOTA core, MAM enables nodes to exchange data through the Tangle, fully authenticated and encrypted. This means that your devices can transmit valuable and sensitive data with quantum-proof security through the Tangle, ready to be analyzed later. MAM makes it possible to share data with multiple parties easily, similar to a radio, multiple parties can simply tune in on your frequency and get the broadcast data.
How to Use IOTA
Currently the best way to use IOTA is through the IOTA GUI (Graphical User Interface) Client. The Client makes it easy to get set up quickly on all major operating systems. The downside is that this makes it difficult to run IOTA on smaller IoT devices right now. This will change once you will be able to compile from source (within 1 – 2 weeks).