How do I get iota on Binance?
The main innovation behind IOTA Binance is the Tangle. It’s a novel new distributed ledger architecture that is based on a DAG (Directed Acyclic Graph). One might refer to it as a “Blockchain without Blocks and the Chain” (semantically, it’s not really a Blockchain). At its core, the Tangle still has the same underlying principles as a Blockchain: it’s still a distributed database, it’s still a P2P Network and it still relies on a consensus and validation mechanism. But, if we are to summarize the main differences between the Tangle and the Blockchain, the two most apparent ones are how the Tangle is structured (a DAG), and how we achieve consensus.
In IOTA there are no “blocks” in the classical sense. Instead, a single transaction references two past transactions. This referencing of transactions is seen as an attestation: with your transaction you attest directly that two transactions, and indirectly that a subsection of the Tangle are valid and conform to the protocols rules. Instead of a smaller subset of the network being responsible for the overall consensus (miners / stakers), the entire network of active participants (i.e. devices making transactions), are directly involved in the approval of transactions. As such, consensus in IOTA is no longer decoupled from the transaction making process: it’s an intrinsic part of it, and it’s what enables IOTA to scale without any transaction fees.
- Step 1
Go to Binance and open an account. Don´t forget to type in the referal ID to save 50% trading fees for 1 month.
- Step 2
To fund your account you will need bitcoins for deposit. Click funds and select deposit/withdrawals (1). Head over to BTC (2) and transfer your bitcoins to the displayed BTC deposit address (3). If you buy at least Bitcoins for $100 you get a $10 Bonus in Bitcoins.
- Step 3
After your account is funded with Bitcoin you can head over to the exchange (1) and select IOTA/BTC. Choose market (2) to buy IOTA at the current market price. Select the amount (3) and place your order (4).
- Step 4
Keeping funds or coins on an exchange is not a smart move. Be responsible for your own IOTA and store them on your wallet!
The Core Team has been working on IOTA and its ecosystem since summer 2015. Over the course of the past 2 years, we have further refined and optimized the Tangle concept. Especially the launch of the main network on July 11th 2016 has given us great insight to optimize the core client. The IOTA Reference Implementation is written in Java and is available on Github.
To make IOTA ever-more user-friendly, we have also developed a GUI Client which amongst other things, has dedicated GPU and light-wallet support. In order to truly foster the ecosystem, we have also setup a dedicated “Learn” hub, where developers can publish tutorials for their IOTA-powered applications. This is a source of resources for developers intending to get started.
Overall, we have so far facilitated more than 2.5m txs on the main network (with more than 30million on our respective testnets). This has enabled some $100m+ to be transacted, purely Peer to Peer without any transaction fees.
As we truly aim at scalability, we have setup a framework that makes it possible to launch AWS and Azure instances on the fly, and simulate a network of nodes transacting with each other. From these stresstests we’ve already gotten some early results (as shown in the screenshot above), and we’re currently preparing for a much larger stresstest where we aim at achieving 1000TPS.