Before we teach you how to buy the cryptocurrency IOTA, you should know that IOTA is a revolutionary new transaction settlement and data transfer layer for the Internet of Things (IoT). It is based on a new distributed ledger technology, the Tangle, which overcomes the inefficiencies of current Blockchain designs and introduces a new way of reaching consensus in a decentralized peer-to-peer system.
- Highly Scalable: Increased network activity decreases transaction settlement times.
- Low resource requirements: Designed for tiny devices, such as sensors, to participate.
- Zero-fee transactions: Send 1 cent and receive 1 cent, send $1,000,000 and receive $1,000,000.
- Secure data transfer: All data is encoded, allowing secure data transfer, storage and reference.
- Offline transactions: Devices never need perfect connectivity.
- Quantum Immune: Using special signatures it is resilient to the next generation of computing.
For the first time ever, people and machines can transfer money and/or data without any transaction fees in a trustless, permissionless, and decentralized environment. This means that even nano-payments are possible without the need for a trusted intermediary of any kind. The token was created to service the ‘Internet of things’ (IoT): the billions of small computing devices that are increasingly being embedded into everyday objects, enabling them to send and receive data. IOTA transforms these connected machines into autonomous economic agents, enabling an entirely new ‘economy of things’. It is predicted by 2025 that more than 75 billion devices will be connected to the Internet of things.
The token was launched in June 2017 with its total supply of approximately 2.78 quadrillion IOTA made available from the beginning. No additional token will ever be created. Until the adoption becomes more widespread, 1 MegaIOTA (MIOTA) is the currently accepted base unit.