MIOTA IOTA Cryptocurrency is non-mineable which means it needed to be purchased instead of mining but can still have the ability to make their block.
MIOTA IOTA is completely different from other altcoins, primarily because, in order to be able to proceed, it has to first go through the verification process. This includes verifying two chosen transactions in the network randomly and each of the transaction will be referred to other transaction as a proof of work.
In short, every participant that is making a transaction with the IOTA platform is considered a miner but there are no block rewards being received. All MIOTA has already been minted.
MIOTA IOTA Cryptocurrency maximum circulating coins have 2 billion (2,779,530,283 MIOTA).
MIOTA IOTA Cryptocurrency is considered a new transactional settlement and acts as data transfer later for IoT or Internet of things. The initial coin offering for the crypto token was in 2015 and has been introduced and distributed by Bitfinex. Right after the trading went life, all the volume of transactions has increased massively which cause the Bifinex servers to go down temporarily.
The Cryptocurrency is based the tangle or a newly distributed ledger which has the ability to overcome the inefficiencies of the blockchain designs and offers a standardized and alternative way to reach a peer-to-peer system’s concensus that is decentralized.
What makes it different?
The MIOTA IOTA is completely different from every other Cryptocurrency. Ethereum, Bitcoin, and other popular Cryptocurrency use the blockchain technology. However, as mentioned earlier, IOTA, it uses a new technology called the tangle.
In this new technology, it allows the user to verify the two previous transactions to make and create a transaction themselves instead of using blockchain to allow miner’s transaction verification. This allows users to experience free and instant transactions which makes the microtransactions more viable.
IOTA solves the problems that are caused by old tokens including the Bitcoin and Ethereum in terms of paying money for microtransactions.
Who is behind MIOTA IOTA?
The IOTA is run by a non-profit organization based on Berlin and the founders called Iota foundation have been in the blockchain space since 2010 or 2011. Other team member developed NxT of the first full proof of stake blockchain which has the ability to name registry features and decentralized asset exchange. All team members tend to focus on their integral motives instead of just seeking profits and still running smoothly as well as making a steady progress.
The sky is the limit for IOTA plans and accomplishments and in the future, we could be on a brink of seeing a highly popular and superior technology blockchain.