Wed, Sep 16, 2020 9:46 AM

What Is IOTA And How To Buy It

CJ with IOTA shopping bags

IOTA is a next-generation distributed ledger built for the “Internet of Everything” a network developed for exchanging value and data between humans and machines. Its features include tamper-resistant data, fee-less nano-payments, and low resource requirements.

What is IOTA?

IOTA is short for the Internet of Things Application and is the first ledger and cryptocurrency created to its service. Launched in June 2017, IOTA enables data and value exchange between sensor-equipped machines. It is a genuinely innovative product that is supposed to become a bridge between the human and machine economy.

IOTA is a product that not only enables offline transactions and secure data transfer but also has low resource requirements and optional quantum robustness. Besides, it has recently launched the Chrysalis update that is supposed to increase the bandwidth to 1000 transactions per second, which is at least 50 times more than in the previous version.

You can find the full list of IOTA features and more information about it on its official website.

How the IOTA network works

What is so special about IOTA? It doesn’t have miners, blocks, rewards, or blockchain at all. Instead of using blockchain design, IOTA uses a mathematical concept known as Directed Acyclic Graphs (DAG). The DAG of IOTA is generally called the Tangle. When users send an IOTA transaction using the Tangle, their device verifies two other transactions. Due to this IOTA can overcome the cost and scalability limitations of blockchain.

How and where to buy IOTA cryptocurrency – IOTA 

IOTA exchange is carried out by some of the largest cryptocurrency exchange platforms, such as:

  • Binance;
  • Bitfinex;
  • Gate.io;
  • HitBTC;
  • Bittrex;
  • Liquid.

As of 16 Sept 2020, 1 IOTA can be exchanged for $0.276402 USD.

The first step to buy IOTA is to get your own IOTA wallet, for instance, Ledger, Trinity, or Electrum. Then, as you can’t mine IOTA directly, you should buy it with any popular cryptocurrency that you have in stock. After this, to purchase IOTA on a chosen exchange you should set up and log into your account. Now, you should deposit the currency, Bitcoin or Ethereum, for instance, to Binance. Finally, you can buy IOTA with your cryptocurrency and transfer it to your digital wallet. And here we are – now you own some IOTA!