IOTA is described as a distributed ledger technology designed to record and execute transactions between devices and machines using the Internet of Things(IoT) ecosystem. IOTA was launched in 2015 by David Sontesbo, Sergey Ivancheglo, Dominik Schiener, and Serguai Popov. Since its inception, IOTA has been managed by the IOTA foundation located in Germany. Like other cryptocurrency projects, IOTA was planning to develop and implement a secure payment system that can process cheap, fast, and scalable transactions. IOTA has its cryptocurrency called MIOTA.
What Is IOTA Coin?
IOTA is a distributed ledger, which is not based on blockchain. Its technology is known as Tangle that operates on a system of nodes for confirming the transactions. IOTA remarks that its technology offers greater speeds than conventional blockchain; it is used as an ideal footprint for the expanding IoT ecosystem. As there are no blockchains involved, there are no miners, and since there are no miners, there are no transaction fees. Numerous networks experience the transaction cost going up when the network congestion intensifies, but the IOTA platform aims to offer unlimited throughput at a minimum expense.
Is It Good To Buy an IOTA Coin?
The cryptocurrency market is experiencing an upward trend currently. The user can plan to invest in IOTA coins depending upon their risk appetite. Moreover, the user can purchase IOTA only in a cryptocurrency exchange by using another cryptocurrency like Bitcoin or Ethereum. Further, the user cannot directly purchase IOTA coins using traditional cash, which implies they first need to purchase other cryptos, and using that, they can buy IOTA coins. Considering the volatility of the cryptocurrency market and price fluctuations, the investors need to do their research before investing in IOTA.
Benefits of Buying IOTA Coin
Here are the benefits of Buying an IOTA coin –
- The users get many benefits when they invest in IOTA coins. First, the network design removes all transaction fees. Next, the IOTA network is very fast; this, combined with other features, offers users almost unlimited scalability. IOTA is more energy efficient when compared with blockchain-based cryptocurrencies.
- IOTA’s another advantage is its transaction speed; it is faster when compared with other cryptocurrencies. The increase in demand for cryptocurrencies and their use in retail and business sectors make IOTA offering more alluring.
- IOTA is different from other cryptocurrencies because Bitcoin and other cryptocurrencies depend on blockchain technology, while IOTA uses its technology, Tangle, IoT ecosystem.
Now, See What IOTA Price Prediction Says!
Since IOTA is a new concept, its technology still needs to gain more support for its recognition. Here are the few long-term IOTA price predictions analyzed by experts.
- As per the CoinMarketCap, the current price of IOTA is USD1.98 with a 24-hour trading volume of $204,932,998. IOTA presently ranks at 26th position in the crypto market.
- IOTA’s market cap is substantial, which is $5,521,118,595. IOTA price showed major signs of improvement in late 2020. At the beginning of the year 2020, it started with a market cap of $446 million, and by the end of 2020, it was around $900 million.
- According to IOTA price prediction by CryptoNewsZ, it might reach up to $12 by 2025. It has already experienced a considerable rise in price in 2017, which is 1600%. Experts predict that it might rise to a significant figure in the future.
IOTA’s future looks more promising when compared with other cryptocurrencies. This coin has shown a decent increase in its price in the 2017 bubble and was the most popular cryptocurrency as its value reached as high as $5 per token. The price of IOTA is based on the value of the technology and its partnerships, and the investors can expect the price to go up in the future. IOTA is a good investment option.