A New Crypto in the Top 10?
If you’re following the crypto space and key your eyes on CoinMarketCap then you’ve noticed a new cryptocurrency pop into the top 10.
That coin is IOTA. It’s ICO ran from November 25, 2015 to December 21 2015. Since it’s not a mined coin all 2,779,530,283,277,761 tokens have been issued. That’s 2.8 quadrillion, also referred to as 2,800,000 Gigaiota (Gi).
None of the coin were retained by the development team, however, they did receive any unclaimed IOTA tokens. The total unclaimed is unknown but it is known the developers held the top two addresses with 14.6% of the total supply.
IOTA is a third generation blockchain. And instead of using blocks it uses the concept of a tangle instead. The benefits of using a tangle is that IOTA is highly scalable, has zero transaction costs, and allows for offline transactions.
That makes IOTA perfect for the machine based economy. In other words the Internet of Things.
IOTA waited to upgrade its mainnet to make sure it was fast and stable before listing its coin, which happened on June 13 on Bitfinex. IOTA launched with a $1.5 billion market cap and as far as I know is the first crypto unicorn launch.
Bitfinex states it was inundated with requests about the token launch. And the heavy volume traded at the launch actually took the servers down for a while.
The problem in IoT today is that public blockchains don’t have the right economics for large scale deployment. IOTA aims to solve that problem.
Built from scratch, IOTA claims to be the most revolutionary cryptocurrency today. With the highest transaction processing rate of any distributed ledger, it allows micro transactions as small as you can imagine. That makes it perfect for the IoT economy.
Plus, the developers have a $10 million IOTA ecosystem fund to work with. So we should have plenty of catalysts for growth in the months ahead.
I for one am interested in IOTA… but I have to figure out what a tangle is before I invest. Anyone else investing in IOTA?
Interesting post. Many of your posts have value so I start following you and resteemed this one.
Thank you! I'll keep them coming.
i´m also following - and i´ll definitely have a look into that IOTA thing ... today is a good day to buy i heard :D
lol, that's what I'm hearing too!
just grabbed 500 of those, let´s say where it leads
Anybody know if/when Poloniex or another exchange will offer it?
No one knows yet, hopefully soon. I think Poloniex and Bittrex would both list IOTA.
Definitely caught my attention after this article, I'll have to look into it some more.
I am very interested, but I will wait until it can be traded on Bittrex or Poloniex. And I have to build up some trust. Not sure what to think of it yet!