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What is IOTA?
Iota is a project of a billing platform related to the so-called Internet of Things. This concept assumes that consumer items, such as a washing machine or a refrigerator, can store and process data, as well as perform activities such as payment processing. Ultimately, Iota is to be a means of payment that the entire network will use. It is definitely a groundbreaking project.
Not only thanks to the IoT concept, but also through the use of the proprietary DAG (directed acyclic graph) architecture called Tangle. As a result, IOTA has virtually no transaction fees, which is obviously related to the assumptions about micropayments by Iota devices and systems. The unit of account is a cryptocurrency with the same name, which is inspired by the blockchain, but is not the blockchain itself. In addition, the project is also interested in microcontrollers, sensors, adaptive systems and even smart cities. So it is safe to say that IOTA wants to dominate and be the main payment operator in the field of the Internet of Things.
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The history of the creation of IOTA
Iota was founded in 2015 by Sergei Popov, Sergei Ivanchelgo and David Sonstebo. Later, Dominik Schiener joined the team and continues to be the head of the design team. The platform obtained funds using standard digital token sales. The fundraiser was announced on November 25, 2015, and ended on January 21, 2016. The cryptocurrency itself has been described as a digital token, optimized to work with IoT devices. Iota was advertised as a "currency" ideally suited to micropayments, thanks to its high scalability and free transactions. During the collection, IOTA tokens could be purchased for Bitcoins and the now defunct JINN cryptocurrency, which was the previous initiative of the founders of Iota.As part of the sale, the equivalent of USD 525 thousand was collected.
It is worth emphasizing that the founders of the project did not allocate any token pool for themselves, which is very rare. Thanks to this, on July 1, 2017, the public IOTA network was launched. On the same day, on the Bitfinex exchange, the possibility of trading MIOTA (Mega Iota, ie the value of one million Iota) was launched, but without the possibility of withdrawing funds due to technical problems of the wallet. Then, on November 13, 2017, David Sinstebo announced the creation of a new non-profit organization called the IOTA Foundation. It was registered in Germany and played a central role in the entire IOTA ecosystem.It was a coordination node, ie a coordinator who supervised the network consensus, and was responsible for the promotion of the project, its commercial and cooperative development.
At the same time, due to the creation of a central coordinating node, IOTA has ceased to be decentralized, which is why the project is accused of not being a real cryptocurrency, because the whole idea of both Bitcoin and cryptocurrencies is about decentralization .
How IOTA works
IOTA is an innovative project based on the directed acyclic graph (DAG) architecture. It is a mathematical structure that combines the advantages of trees and directed graphs. DAG itself is nothing new, but its use and application in a blockchain payment system is completely new. IOTY's proprietary DAG is called Tangle and it seems to solve all the problems that the Blockchain network may have with micropayments. First of all, we are talking about scalability and transaction fees. In a nutshell, the main difference of Tangle is that it does not have blocks, ie chain transaction scheduling, and thus the network grows like a spider's web, not in a synchronous orderly manner. In the IOTA network, anyone can become a full node.An additional difference is in the way the transaction is approved. In the tangle network, Before making a transaction, everyone is obliged to confirm two random transactions made by other nodes. Thanks to this, IOTY's scalability grows with the number of transactions performed, which is contrary to the traditional Blockchain network.
IOTA uses the SHA-3 cryptographic algorithm, which requires a PoW operation that does not require high computing power. The network is also immune to attacks by quantum computers. The correctness of all transactions is ensured by the coordination node, which also prevents double spending. Transactions are committed at pre-imposed intervals called milestones. They occur every 60-120 seconds. The presence of the coordinator does not mean that the network is decentralized, but it is to be turned off in the future when the network grows. What distinguishes IOTE is also the fact that it is not a permanent data carrier.Once every few months, the so-called snapchot is carried out, which consists in cleaning all empty public addresses and transaction history. This is to prevent the network from growing excessively.
Wallet for IOTA
Before choosing the right wallet, you need to pay attention to the distinctive format of the IOTA address. It consists of 81 characters, including the letters of the alphabet and the number 9, which occurs any number of times. The address is called a seed and it never changes, however both private and public keys are dynamic and should only be used once. This means that each address can accept any number of incoming transactions, but only one outgoing, after which it should be changed. The reason for this is the security of the associated private key. The official recommended wallet for IOTA is the IOTA GUI WALLET which is a desktop wallet. In addition, IOTA tokens can also be stored on Trinity Wallet.
IOTA is currently listed on 28 exchanges. The highest LITTER price was on December 19, 2017 and was USD 6.69. There are 2 779 530 283 tokens in total and they are all mined. In terms of Market Capu, IOTA ranks 29th among all cryptocurrencies. The daily turnover is about $ 5 million, more than half of which is on the Binance exchange, about 18% on HitBit. In addition to these platforms, MIOTE can also be purchased on such well-known exchanges as Bitfinex, Bittrex, Huobi.
How is IOTA different from Bitcoin?
IOTA's solution to Bitcoin's problems is to do away with several key concepts and topographical constraints of a blockchain. M IOTA, IOTA's cryptocurrency, is premined and consensus of transactions occurs differently compared to a blockchain. IOTA developers have proposed a new data structure (a way to organize numeric representations within a computer's memory) known as Tangle.
Tangle is a Decentralized Acyclic Graph (DAG), a system of nodes that is not sequential. Thus, each node can be connected to multiple other nodes in a Tangle. But they are connected only in a particular direction, meaning that a node cannot refer back to itself. A standard blockchain is also a DAG because it is a sequential linked set. But IOTA's Tangle is a parallel system in which transactions can be processed simultaneously instead of sequentially. As more systems are attached to it, the Tangle becomes more secure and efficient at processing transactions.
In Bitcoin, a group of systems running full nodes that contain the entire history of transactions for a ledger are required for confirmations and consensus. This process is energy- and computation-intensive.
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