What Is MIOTA (IOTA)?
The MIOTA crypto project has tremendous potential to revolutionize the Internet of Things (IoT). It aims to optimize microtransactions between different IoT devices. Due to its unique features, MIOTA is gaining the support of investors who are advocates of technological advancement.
MIOTA is a cryptocurrency circulating in the decentralized distributed registry IOTA. It was introduced in 2015 by the IOTA Foundation representatives: David Sønstebø, Dominik Schiener, Sergey Ivancheglo, and Serguei Popov. They developed the Tangle network. It differs from other blockchains as it can process network transactions simultaneously.
According to the IOTA Foundation, the speed and absence of fees within the IOTA network are a great basis for what is called the "machine economy."
IOTA is the name for both the network protocol and the smallest native currency unit on that protocol. MIOTA consists of 1 million IOTAs.
MIOTA Price History
During the crypto boom of 2017-2018, the MIOTA price reached its all-time high. When the market collapsed, the coin also crashed and reached its historic low. Since its launch in 2015, IOTA crypto has seen four price spikes.
The IOTA price depends on several factors. First, it is about supply and demand. Second, it is the development of the IoT. IoT devices are vulnerable to attacks. If they are hacked or compromised so that they can no longer function, the IOTA price chart is likely to show a decline.
Circulation of MIOTA
IOTA relies on the Tangle network instead of the blockchain. There are no blocks or miners, and transactions are validated through the confirmation of two previous transactions of a different node.
To ensure a stable MIOTA to USD exchange rate, the developers rely on burning events. During these events, a certain percentage of coins is destroyed (burned) to reduce the supply.
When the amount of coins in circulation becomes too large, it might negatively influence the price. In turn, this creates the necessity for burning events that allow for a steady supply and destroying excessive coins that are able to bring prices down..
Ways of Buying IOTA
The only way to buy IOTA is to exchange other coins for it. For such a transaction, you need an IOTA wallet. One can use hot or cold storage, software or hardware wallet. It depends on one's personal preferences.
You will also need to find a reliable IOTA exchange service.
The GODEX exchange provides an opportunity to buy MIOTA quickly, anonymously, and at the most attractive rates.