IOTA - an innovation in the cryptoworld

IOTA is an innovative cryptocurrency which is gaining momentum with every passing day. It is unique in the fact that it has no transaction fees, meaning when funds are being transferred you are receiving the exact amount that the sender has send. This way even if you send $1mil. the person will receive the exact $1mil., which is something that IOTA tweeted about in February this year as a record high exchanged amount in their network. Just as any other cryptocurrency IOTA is also decentralized and anonymous, which means it's not controlled by an agency or a country, it's not bound to any economy nor an index.

IOTA is based on a new technology in which the transactions are confirmed incredibly fast due to the huge volume of devices in the IOTA network.
Actually IOTA doesn't use Blockchain, which is vastly used by the majority of cryptocurrencies, instead it relies on a protocol called Tangle, in which instead of crypto miners the transactions are confirmed by the devices and users in the network. This is why the scalability issue, which has been slowing down the progress of Bitcoin, is non-existent.

IOTA uses the incredibly huge quantity of IoT (Internet of Things), which in layman's terms is the inter-networking of physical devices and network connectivity which enable these objects to collect and exchange data, for example the smart coffeemakers which you can order to make you coffee via your phone or to turn on your Air-conditioner from your phone while you are still in the car. All of these IoT are actually tiny computers which alone have very small computing power, but combined due to their huge volume they are actually a very powerful resource which IOTA is slowly making use of.

Features:
*Infinite scalability
*lightweight design
*quantum secure
*no transaction-fees
*no blocks (relies on Tangle instead of the Blockchain)
*no mining
*POW (proof of work) for transaction approval

Currently a IOTA costs around $1.1, which is it's highest value since it's launch at June this year. Their market capitalization is at over $3billions and the exchanged volume for the passed 24hours is over $65millions (information from CoinMarketCap). IOTA can be bough and exchanged only on BitFinex(IOT/USD, IOT/BTC, IOT/ETH), Bit520 (MIOTA/CNY) and IOTA Exchange (MIOTA/BTC).

Developer Eng. Yanislav Kutsarov

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