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The next year will surely bring an important turn to the world of cryptocurrency. Many new platforms are exerting all powers to improve their algorithms and remediate deficiencies of the blockchain technology. IOTA, known as 7th largest cryptocurrency at the market, is one of them. IOTA’s platform appeared in 2015 and since that time, its developers are focused on creating their own cryptocurrency technology that can replace the blockchain with all its faults.
IOTA is a crypto that doesn’t have any transaction fees and doesn’t require mining. Thus, it needs some computational powers to make the process roll. This makes IOTA perfect as a currency and distributed communication protocol for the IoT (Internet of Things).
The main aim of IOTA is to solve current issues with the blockchain. The larger the blockchain, the more expensive, slower, and limiting funds transactions become. The other issue with a growing blockchain is that the number of computers that can take part in mining decreases. Today, bitcoin’s blockchain is about 150GB long and as a result, only the largest corporations have enough computing powers to get coins via mining. However, despite the fact that the network continues to grow, the amount of transactions per second stays still. This leads to an overflow. In the nearest future, the blockchain’s size will grow even bigger and only a few machines will be able to mine coins.
In turn, IOTA uses a new technology called “The Tangle”. It is based on a transaction storing mechanism known as Directed Acyclic Graph (“DAG”). Due to these technologies, IOTA users submit and verify transactions, ensuring verification and security. The members of the team verify every transaction and the more approvals it receives, the higher the degree of confidence grows. This makes the process much faster and cancels the transaction fees.
Not all exchanges offer/accept IOTA and many of them only take bitcoins or ether in exchange, so you might have to check multiple sites before you find the one that suits you best. Here are some platforms to begin with:
Binance is in the top 30 list of the best cryptocurrency exchanges available on the web. It is a Chinese platform with more than 40 types of coins including IOTA. The website offers advanced tools like charts, graphs, order books, and trading history. These are great instruments for professional traders; however, newcomers will find them a little bit confusing.
Bitfinex is a safe and simple exchange that trades almost all cryptocurrencies including IOTA. It is a good start for newcomers, since Bitfinex provides all necessary options and gratifies with a clean interface. However, this website accepts only a few payment methods – bank wire transfer and cryptos.
Using IOTA might be a good option for those, who are looking for an opportunity to enter the world of cryptocurrencies and make beneficial investments. Millions of transactions have already been made through IOTA’s network and this respectable number continues to grow. The network will become even faster and more efficient with time if everything goes as planned. Therefore, we are looking forward to see IOTA grow even bigger in the nearest future.