IOTA is a new decentralised technology which could be the focal point for the Internet of Things (IOT). By using a new protocol called Tangle instead of blockchain, IOTA offers a decentralised network where information and value can be exchanged between systems without transaction costs.
How To Buy IOTA
So you’re interested in buying IOTA? Currently, there is no way to buy IOTA directly with fiat, so the best way to buy IOTA is to first purchase Ethereum, transfer it to your chosen trading platform and change it to IOTA. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for IOTA/ETH and confirm.
3. On the IOTA/ETH trading section you can now choose how much IOTA you want to buy with your Ether. Once you have chosen your amount, press Buy IOTA and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of IOTA.
What is IOTA?
IOTA is a cryptocurrency built on the Tangle protocol and can be used for the IoT ecosystem. The technology is designed to create a safe and decentralised financial ecosystem for the Internet or Things.
for IOTA: currency for Internet or Things EconomicsIoT, i. e. the Internet of Things, refers to a situation that arises when all kinds of devices become connected to a network (internet) so that these devices can exchange data with each other. As an example, you can think of a refrigerator that automatically orders milk when the stock is nearly exhausted, but in practice there will be a lot of applications for IoT.
IOTA is a technology that can help to verify that information exchanged between devices is always correct and cannot be manipulated. This mainly concerns the execution of financial transactions. After all, to come back to the previous example, when a refrigerator orders a pack of milk, it is important to make sure that the payment is actually made and reaches the right party. In addition to data integrity, cost, scalability, security and availability are also important factors for the success of an IoT network. IOTA can meet all these important criteria thanks to Tangle.
The blockchain protocol has the property that there is no central authority and that recorded data is indelible. At the same time, the capacity of a blockchain is usually limited because every so much time a block has to be reduced and a limited number of transactions fit in 1 block. For verifying or minus a block, the mineral receives a fee. Without this fee, the transactions would not be confirmed and therefore would not be added to the blockchain. In a blockchain, a minimum fee is therefore essential, so that nano- and micro-payments are not always profitable. However, this is not the case in the Tangle, the biggest innovation behind IOTA.
The Tangle has no mining, no blocks no difficulty and no transaction costs. The Tangle is the IOTA pseudonym for a Directed Acyclic Graph: a cryptographic decentralized network that is infinitely scalable and uses another form of encryption (hash-based signatures) which makes it resistant to attacks by quantum computers. Confirming an IOTA transaction does not require much computing power thanks to the Tangle, which makes it possible on all modern computers and smartphones. All devices with which an IOTA payment is made are automatically a node (part) of the IOTA Tangle. For each transaction that sends a node, the node must confirm 2 other transactions. In this way, there is always twice as much capacity available as necessary to confirm all transactions at that time, and the faster the network becomes the more transactions are executed.
This is the unofficial introduction video of IOTA:
IOTA course: what is the value of MIOTA
IOTA is a new technology that can already be used at the moment, but in principle is still in its early stages. There are still many new developments on the planning of the IOTA foundation which should ultimately make the technology a great success. One thing is certain: a payment system without transaction costs is something that many organisations will be interested in.
The concept of IOTA is well thought out, but the large-scale roll-out and adoption of technology has yet to take place. However, there is already a user-friendly IOTA wallet, but there are still few exchanges or other places where you can invest in IOTA. Selling or buying the digital currency IOT / MIOTA is therefore not very easy.
In 2017, the crypto-currency reached a position in the top 10 largest cryptocurrencies, based on market capitalization. With a market capitalisation of more than 1 billion euros, IOTA certainly has a strong share in the cryptocurrency market. If the developers manage to increase the adoption of the technology by making it easier to buy and use, we expect IOT/MIOTA cryptocurrency to achieve good results.