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Did you know what is IoT? No? Then it is time to get familiar with Miota and learn more!
What Is Miota?
Nowadays, there are a vast number of projects based on blockchain and a lot of people are familiar with the concept of a distributed ledger. Meanwhile, a new project such as crypto-currency IOTA Coin (Miota) gains popularity all around the world and has all chances to become one of the ten most popular crypto-currencies since it is based not on the blockchain, but on new technology. In the article, we will discover the possibilities and perspectives of the IOTA project, as well as explain the phenomenon of the Internet of Things.
What is MIOTA?
IOTA is a quite young crypto-currency that is called to facilitate executing transactions and functioning of the Internet of Things (IoT) ecosystem. It also has significant differences and advantages over the crypto-currencies of the first generation. First of all, the history of the IOTA began in late 2015.
The founders were Sergey Popov, who developed the main concept of the project, Sergey Ivancheglo, and Dominik Schiener, who implemented it in the form of software code, and David Sonstebyo who led the project. During the ICO in December 2015, 1,337 bitcoins were raised on the development of the IOTA project. In July 2016, beta testing began.In June 2017, IOTA was presented on the Bitfinex exchange platform.
What is the Internet of Things (IoT)?
In 2017, the number of devices connected to the Internet, according to Statista, exceeded 20 billion. According to Cisco, there will emerge more than 50 billion devices operating in IoT. The Internet of Things (IoT) includes several devices, running online and interacting with each other in one system. IoT`s feature is also a machine-to-machine way of device connection. According to M2M, all gadgets and appliances function and generate data without direct human involvement. It is said that devices connected to the Internet use embedded sensors to collect data and, in some cases, affect them. IoT-connected devices and machines can improve the way we work and live.
Where IoT is used?
Examples of IoT applications range from a smart home that automatically adjusts heating and lighting to a smart factory that monitors industrial machines to find problems and then automatically adjusts to avoid failures. The Internet of Things helps to save lives: for example, the new Apple Watch monitors heart rate constantly and facilitates the detection of arrhythmia and other heart diseases.
Features of Miota
The IOTA network is based on an acyclic DAG graph called the Tangle. Interesting to know that the blockchain was developed later than the DAG, not vice versa. IOTA cannot be mined but the total number was issued at the launching in 2015. The lack of mining raises reasonable doubts about the decentralization of IOTA and is considered an obvious disadvantage. Indeed, the network has one central node and cannot be completely independent. Besides, IOTA transactions can only be executed if the device has already validated two other network transactions. In this way, mining is replaced.
On the other hand, Tangle-based transactions are executed without fees and additional commissions. Moreover, the central coordinating node of IOTA should be abolished after a certain large number of devices join the network, which will provide the necessary power to handle hacker attacks. Having discovered the vulnerability of Curl’s cryptographic function, the developers decided to switch to the standard and effective SHA-3 function. The features of IOTA crypto-currency are not limited to the lack of a blockchain. Moreover, using Flash Channels allows executing transactions offline.
However, we can conclude that the development of the directed acyclic graph (DAG) provides IOTA users with near-instantaneous transaction speed and a high level of security. Also, transactions on the IOTA network are completely free! Also, this crypto-currency is more convenient for micropayments since the commission might be higher than the payment itself in other systems. You can buy some IOTA on the bit4you exchange platform and trade it with more than 20 crypto-currencies without limits!