![]() ![]() IOTA’s Tangle architecture allows for parallel processing of transactions, which theoretically means the network becomes faster as more devices join. Its innovative design and unique features bring plenty to the table, making it a promising solution for the challenges faced by Internet of Things ecosystems.įirst things first, the IOTA network promises scalability. IOTA provides a host of strengths that set it apart in the crowded field of DLT networks. As IOTA continues to develop new use cases within the IoT ecosystem, the role of MIOTA as the ‘connective tissue’ between human and machine economies is expected to grow. Today, MIOTA is traded on crypto exchanges and is used as a currency of exchange within the network. Remarkably, only 60% of the total supply was claimed by ICO participants, with the remaining 40% returning to the project. Perhaps the most interesting part of the ICO was that IOTA team did not reserve any MIOTA for early backers or developers. While this may seem small by today’s valuations, it was considered a large raise by 2015’s standards. The ICO successfully raised around $500,000 for the development of the project. While most cryptocurrencies rely on inflationary emissions, MIOTA’s total supply was created at the network’s launch following an initial coin offering (ICO) in December 2015.ĭuring the ICO, 1 MIOTA (one million IOTA tokens) was offered for $0.001 worth of Bitcoin. MIOTA, the native cryptocurrency of the IOTA network, plays a crucial key role in facilitating transactions within the Tangle. ![]() This makes IOTA particularly suitable for the IoT ecosystem, where a staggering number of devices need to communicate and transfer data efficiently. The Tangle also supports simultaneous transactions, which increases the network’s speed and capacity as it expands. This makes IOTA extremely scalable and enables fast, feeless transactions, even on basic devices with minimal computing power, like a toaster. In the IOTA network, there are no blocks, no chains, and, most importantly, no transaction fees. This innovative approach eliminates the need for crypto mining, a typical feature in Proof-of-Work cryptocurrencies. Every time a new transaction is added to Tangle, it verifies two previous transactions in real time, which helps to keep the network secure. This link is a record-keeping mechanism and a validation process that adds new data to the network. In the Tangle, each transaction is linked to two previous transactions. ![]()
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