Well, it’s a network used to transmit data between machines and humans. Although you will not be familiar with IOT, you have probably used or experienced its functionality. The sensors present in your car, the smart refrigerator in your home, and even your car keys are all IOT devices.
Surprisingly, there’s an open-source blockchain that goes with the same name, i.e., IOTA. But what is the concept behind IOTA? Let’s find out.
What is IOTA?
IOTA represents an open-source, highly scalable distributed ledger facilitating seamless value and data exchange between humans and machines. Its primary purpose is to drive the upcoming digital transformation known as the Internet of Everything.
Unlike conventional blockchain systems that rely on miners for transaction validation, IOTA adopts a distinctive approach. In this innovative system, nodes initiating a new transaction must validate and endorse two previous transactions, achieving consensus.
This particular mechanism allows for the issuance of transactions without the imposition of fees, making microtransactions a seamless and cost-effective reality.
The Concept of Internet of Things (IoT)
IoT devices are connected to the internet or other networks, enabling them to transmit and receive data. This connectivity can be achieved through various means, including Wi-Fi, cellular networks, Bluetooth, and more.
IoT devices collect data from their surroundings using sensors. These sensors can measure various parameters, such as temperature, humidity, location, motion, etc. The data collected by IoT devices is shared with other devices or centralized systems for analysis and processing.
This data can ultimately be used to gain insights, make informed decisions, and automate actions.
IOTA’s Role in IoT: A Currency and a Connector
IOTA’s most prominent role in IoT is to act as a digital currency designed for microtransactions. The no-fee transaction system allows for exchanging small amounts of value between IoT devices. This is particularly important in IoT applications, where numerous devices may need to exchange tiny amounts of value for services or data.
IOTA also acts as a data and device connector in the IoT ecosystem. It provides a secure and efficient way for IoT devices to communicate, share data, and interact with each other and with centralized systems.
IOTA’s Tangle technology, which replaces the traditional blockchain, allows for lightweight and efficient data transmission. This makes it suitable for IoT devices with limited computational resources and power constraints.
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IOTA’s Unique Technology
Below are the three essential aspects of IOTA’s Technology.
Tangle Technology
IOTA is built on a unique distributed ledger technology called the Tangle.
Unlike traditional blockchains, where transactions are grouped into blocks and confirmed by miners, the Tangle uses a Directed Acyclic Graph (DAG) structure.
In the Tangle, transactions are linked together, and participants must validate and approve two previous transactions in order to issue a new transaction.
This design eliminates the need for miners, reduces confirmation times, and makes the system more scalable and efficient.
Feeless Transactions and Infinite Scalability
One of IOTA’s defining features is its no-fee transaction system. In most blockchain networks, users must pay transaction fees to incentivize miners or validators. IOTA, on the other hand, allows users to conduct transactions without incurring fees.
This makes IOTA particularly suitable for microtransactions, where small amounts of value must be exchanged, as users don’t have to worry about transaction costs.
The Tangle technology offers the promise of infinite scalability. As more transactions are added to the network, the system becomes more efficient and faster.
The absence of a fixed block size or transaction fee constraints allows IOTA to grow and adapt as the number of participants and transactions increases. This makes it well-suited for IoT and other applications with many connected devices.
Data Transfer Capabilities
IOTA is designed to facilitate lightweight data transactions, making it well-suited for IoT devices with limited computational resources.
IoT sensors and devices can efficiently send data to the Tangle without the need for extensive computational power or large storage capacities. This is in contrast to traditional blockchains, which can be resource-intensive.
IOTA enables real-time data streaming and sharing among devices.
This is particularly valuable for applications like smart cities, where various sensors and systems must provide up-to-the-minute data on traffic, weather, environmental conditions, etc. With IOTA, this data can be reliably transmitted and accessed in real-time.
Understanding IOTA Tokens
Let’s discuss the IOTA Tokens utility and benefits.
Utility of IOTA
- IOTA tokens can be utilized to track and verify the provenance of products and goods in supply chains, enhancing transparency and trust.
- IOTA tokens can be applied in innovative city solutions for services like traffic management, parking, waste management, and energy trading among various IoT devices and systems.
- Developers can use IOTA tokens to build decentralized applications that leverage the IOTA network for secure and efficient data and value transfer.
Benefits of IOTA
- IOTA tokens are used for conducting no-fee transactions within the IOTA network.
- IOTA tokens are used to validate and confirm transactions on the Tangle, ensuring the security and immutability of data exchanged between devices.
- They allow for peer-to-peer value and data transfers without the need for intermediaries, reducing central points of control and enhancing security.
- IOTA tokens support the scalability of the network. As more participants and devices join the network, IOTA tokens facilitate seamless transactions without additional cost, making it highly scalable and cost-effective.
Tokenomics and Distribution
- Price: $0.14
- Market Cap: $0.39 Billion
- Circulating Supply: 2.7 Billion IOTA
- Total Supply: 2.7 Billion IOTA
- Max. Supply: 4.6 Billion IOTA
- Fully Diluted Market Cap: $0.67 Billion
How to Buy IOTA Tokens on Binance: Step-by-Step Guide
Below are the five steps you will need to follow to successfully create your account and safely store your tokens.
Account Creation: A Walkthrough
Creating an account on Binance is a simple process that takes only a few minutes. Start out by clicking the link below, which will take you to Binance’s Registration Page using a special Coin-Labs referral code. You will just have to provide your email address and create a password. You must create a strong password to ensure that your account is safe.
Note: The email should be in your use and accessible.
Navigating Verification: Ensuring Your Security
Binance will never allow you to trade until your verification is completed through the KYC(Know Your Customer) process.
Binance requires a national identity card or a passport to trade. You must enter your passport or national identity card number in the KYC process. It just wants to check that the user trading is over 18 years old.
After this, Binance will ask for the front and backside photos of the identity document and a live photo in which your face is clear.
That’s it for the verification!
Funding Your Binance Account
There are typically three ways to fund your Binance account, which are listed below.
- Credit/Debit Card
- Bank Transfer
- P2P Transaction
Not all the methods work in every country, so look for the methods that are quite suitable to use in your country.
The Purchasing Process: Acquiring IOTA on Binance
After your account is created and funds have been deposited, you can now buy IOTA Token on Binance. You will have to go to the search bar and search for “IOTA,” after which you will be redirected to the IOTA buying and selling page on Binance.
Now, you must select the buy option and enter the amount of IOTA token you want. You should also select the type of order to execute the trade, such as the market and limit order.
Transferring IOTA to Your Wallet
Binance is entirely safe, and you can trust it with your storing, but many users prefer to store their Tokens in their personal wallets. You just have to click on the transfer button on the Binance wallet where your tokens are stored, such as the spot or the futures wallet.
Then, you will be required to add your personal wallet address where you want the Tokens to be transferred.
The Future of IOTA and Your Investment Journey
IOTA currently stands alone with its innovative approach towards IOT (Internet Of Things) in the competitive cryptocurrency industry.
Its unique technology has made it the talk of the town since it was launched, and investors have always had a positive outlook toward it.
Although IOTA made its all-time high in 2017, expert technical analysts are confident that its price will reach $25 in the next five years.
So, you can definitely consider IOTA as a token that should be in your good books.
Conclusion
In an ever-evolving digital landscape, IOTA tokens represent a prime example of how blockchain and distributed ledger technology continue to shape our interactions with data and value. The ecosystem, driven by IOTA, demonstrates the potential of innovative, feeless, and scalable solutions. As the IoT and blockchain revolution unfolds, IOTA tokens stand at the forefront, offering a vision of a more connected and efficient future.
We Coin-Labs.com provides only objective information about IOTA.
Therefore, we are not responsible for the investment decision in IOTA and the resulting loss.
IOTA Basics
Here are some factors that investors should consider before investing in IOTA.
| Cryptocurrency Features | IOTA (IOTA) |
|---|---|
| Publisher or Developers | Sergey Ivancheglo, Serguei Popov, David Sønstebø, Dominik Schiener |
| Headquarters (Registration Number) | Berlin, Germany |
| Symbol | IOTA |
| Platform | Tangle |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | 4,600,000,000 IOTA |
Reliability Score of IOTA in 2024
These are indexes mesuring the investment reliability of IOTA conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 7 Exchanges |
| Number of Available Pairs Worldwide | 157 Pairs |
| Market Cap of the Cryptocurrency | 769,504,047 USD (Rank #78) |
The table above shows the result of investment suitability evaluation for IOTA.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
IOTA Price
Here are the price and recent trading volume of IOTA. (Data of 2024-11-02 00:35:00)
| Price Items | Price and Trading Volume of IOTA |
|---|---|
| IOTA Price | 0.112 USD |
| Price Change 24h | -1.53% |
| Price Change 7d | -3.43% |
| Trading Volume 24h | 6,303,455 USD |
| Trading Volume Change 24h | -5.46% |
Cryptocurrency Metadata
You can check the development status and social media information of IOTA through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | https://www.iota.org/ |
| 📖 White Paper | https://iota.org/IOTA_Whitepaper.pdf |
| 🛰️ Source Code (GitHub) | https://github.com/iotaledger |
| https://twitter.com/iota | |
| https://reddit.com/r/Iota | |
| 🎺 Message Board | https://forum.iota.org |
Where to Buy IOTA
Here are the top ten world crypto exchanges where traders can buy IOTA in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/IOTA_USDT |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Listed | https://www.kucoin.com/trade/IOTA-USDT |
| Bitfinex | Listed | https://trading.bitfinex.com/t/IOT:USD?type=exchange |
| OKX | Listed | https://www.okx.com/trade-spot/iota-usdt |
| Huobi | Listed | https://www.htx.com/en-us/trade/iota_usdt |
| Bitstamp | Not listed | |
| Bybit | Listed | https://www.bybit.com/trade/usdt/IOTAUSDT |
| Gate.io | Listed | https://www.gate.io/trade/IOTA_USDT |
Frequently Asked Questions
What is the current price of IOTA?
IOTA price today is 0.112 USD. Furthermore, the price of IOTA has fluctuated by -1.53% from 24 hours ago, and by -3.43% from a week ago.
Where is IOTA listed?
Currently, it is listed on a total of 7 among the world top 10 exchanges.
What is the market cap of IOTA now?
Currently, IOTA has a market cap of 769,504,047 USD, which is ranking 78 among cryptocurrencies worldwide.
How much is the trade volume of IOTA?
Currently, 3,497,433,380 IOTA coins are circulating through 157 market pairs. As a result, in the last 24 hours, 6,303,455 USD of IOTA coins were traded in the market.
