Have You heard about the new BitCoin like cryptocurrency called - iota and another that is ripple

In recent times, it has become very popular as it’s value has grown rapidly. Here’s something you need to know about this cryptocurrency.

IOTA is an open-source distributed cryptocurrency focused on providing secure communications and payments between machines in the IoT (Internet of Things – the network of physical devices and other items embedded with electronics, for ex. software or sensors, which enable these objects to connect and exchange data).

But let’s start from the beginning, when and by whom was it founded? IOTA cryptocurrency was founded in 2015 by David Sønstebø, Sergey Ivancheglo, Dominik Schiener and Dr. Serguei Popov.

And what is the difference between Bitcoin and IOTA? Well, IOTA has no miners, transaction fees, blocks and their extractions. Thanks to its specific properties and new technology, IOTA enables new methods of using Blockchain technology. It is possible due to the use of DAG (directed acyclic graph). DAG technology enables free transactions, regardless of their size. In addition, the transaction confirmation time is much shorter. What’s more, there are no limits to making them.

IOTA seems to be fascinating cryptocurrency that has many advantages. First of all, transactions verify themselves and, at the same time, they consume only a small amount of computing power. As a result, the network is cheaper and more scalable. Second significant value is its light construction. And as it was mentioned before, there is no transaction fees, no blocks and no extractions.

IOTA’s idea was to create a secure payment system between Internet of things and until now, it cooperates with some big corporations, for example, Volkswagen, BOSCH or Innogy.

There are assumptions that those partnerships can only be the beginning of great cooperation. This is evidenced by the supporters of IOTA who are persuading the owner of the Tesla concern for a partnership based on the use of a new payment technology.

The exchange rate on November 26th was 1.07$, while on December 8th it was the highest – 5.04$. As for today, it is $ 5.06. This shows, that the exchange rate has increased significantly in comparison to the last months.

About the Author / Swastik Sharma