What is IOTA? Highlights and potentials of the project

• What is IOTA?
• Solution of IOTA
• Highlights of IOTA
• IOTA Use Case
• Token IOTA (MIOTA)
• Key Metrics MIOTA (MIOTA Key Indicators)
• MIOTA Token Release Schedule (MIOTA Token Release Schedule)
• Partners
• Identify

What is IOTA?

IOTA is a Tangle (variant of Blockchain) Platform that was born with the purpose of serving as a raw material for the Internet of things network based on a distributed ledger. IOTA is the revolutionary new data transfer and transaction settlement layer for the Internet of things.

Solution of IOTA

The IOTA project is based on a distributed “ledger technology” based on the Tangle algorithm to solve the inefficiencies of current Blockchain technology. This is the missing link for the Internet of things and Web 3.0. Here are some features of the above method:

• High scalability
• Free transaction
• Increased network activity reduces transaction settlement time
• Low resource requirements, designed for small devices like sensors to be involved
• All data is encrypted allowing safe transmission and storage of devices
• Transactions offline, no network device required

However, IOTA also has some disadvantages such as: 

• Work In Progress: Tangle is still in the early stages of development
• Availability: Tradeable on select brokers only
• Competition: IoT chain example with very similar approach

Highlights of IOTA

Referring to IOTA, it must mention its special feature, which is technology. This is a coin that does not use Blockchain technology. IOTA is built on top of Tangle technology (Blockchain variant). 

IOTA develops according to Blockchain technology but the method of operation is different. IOTA changes the entire algorithm of the “ledger” with another algorithm called “Tangle”. It is a distributed ledger based on DAG (Directed Acyclic Graph). 

Tangle will be completely different, no more “Block”, no more “Chain” and no more “Miner”. The biggest difference between IOTA and coins like Bitcoin or Ethereum is that there is no division between users and miners. For IOTA, the user is the miner and the miner is the user. 

The special thing here is that the mechanism requires that no matter how much is transferred, the user will have to confirm 2 other people's transactions to ensure his transaction is completed. In addition, Tangle also allows users to trade even when offline. This is the competitive advantage of IOTA compared to other Blockchain projects.

Instead of a group of people responsible for validating the consensus (miners or holders of large amounts of tokens), here the entire network of participants in the transaction is directly involved in the approval. transaction. 

For example: 

• 5 approves 2 and 3 and passes direct approval while it also has an indirect approver 1. 
• Transaction 0 is a primitive transaction and in the case of IOTA it will contain all the IOTA (MIOTA) numbers that will be generated. 
• Transaction 6 is a top transaction because it is an unaccepted transaction.

As such, consensus in IOTA is no longer decoupled from transaction generation. That is the reason that allows IOTA to have the ability to "scale" without any transaction fees, something that Bitcoin or previous and current Blockchain projects do not do. Okay.

With no bottleneck, Tangle's scalability is limitless plus no transaction fees, making IOTA's transaction processing smoother and transaction speed faster. .

IOTA Use Case

According to experts, the Internet of things is one of the future areas of the modern economy. In a few years, almost all devices will communicate with each other and thus enable entirely new use cases.

Therefore, the potential of IOTA as a means of payment in the cyber world is almost unlimited. For this reason, the IOTA Foundation is also focusing on different areas where its technology can be used. Currently, IOTA has efforts in the following areas:

• Automotive: Autonomous vehicles, new driving concepts and many new mobility designs are entering the market. In the future, different vehicles will have to make billions of transactions.
• E-health: The healthcare market is also considered as one of the growth areas of the future. In this context, new concepts of care have been formed and modern machines are enabling better diagnosis of complex clinical diseases. IOTA-based digitized health records can ensure better management of access rights.
• Smart Cities: Many big cities are looking to transform themselves into smart cities. This includes intelligent road layout, adaptive speed limiter, automatic air measurement. New supply concepts such as smart grids for power supply or charging stations with modern payment concepts are also part of this problem.
• Smart home: New housing units already have multiple smart home functions. However, a big risk with smart homes is security. Because even a good firewall does not provide adequate protection. Accordingly, technology like IOTA can provide more security in this area.
• Industry 4.0: Perhaps one of the most important IOTA application areas is industry 4.0. Especially, in the industrial environment, a lot of machines and robots can communicate with each other in the future. For example, the entire device manufacturing process can be monitored with the help of IOTA. Rolf Werner, CEO of Fujitsu, also estimates the potential for entanglements to be huge. This technology can enable tamper-proof supply chains and secure identity management.

Token IOTA (MIOTA)

Key Metrics MIOTA (MIOTA Key Indicators)

• Token Name: IOTA
• Symbol: MIOTA
• Blockchain: Tangle
• Contracts: 0xd944f1d1e9d5f9bb90b62f9d45e447d989580782
• Token Type: Utility
• Total supply: 2,779,530,283 IOTA
• Circulating Supply: 2,779,530,283 IOTA

MIOTA Token Release Schedule (MIOTA Token Release Schedule)

All 2,779,530,238 MIOTAs were released at once so there are no plans to pay tokens. Tokens after launching are returned to investors who bought the ICO immediately. Only about 5% of the MIOTA tokens were distributed to the crowdsale participants as a thank you from the development team for helping fund the project's development.

Partners

Partnerships have always been an important topic for the Berlin-based IOTA Foundation. Among the many partnerships with private companies, the IOTA Foundation will now support a major Japanese government project. The Japanese government wants the project to increase the lifespan of machines from various industrial sectors.

1. SAP: Germany's most valuable company is focusing on its software and working with IOTA to improve the use cases for its cloud solution. Users were able to send IoT data to Tangle with SAP HANA XSA.
2. Software AG: The company recently announced that it plans to partner with IOTA. The reason is the long-term potential of the technology.
3. Volkswagen: Volkswagen is also one of the known cooperation partners of IOTA. Former CDO, Johann Jungwirth, is one of the fund's supervisory board members. For VW, the potential in the modern mobile market is immense.
4. Bosch: IOTA also has a partnership with Bosch, one of the leading suppliers to the automotive industry. In this project, Bosch wants to establish technology for microtransactions. As a member of the IOTA market, Bosch is promoting the adaptation of technology.

Identify

IOTA has made quite impressive developments since its appearance on the cryptocurrency market. In just a short time it has dominated the market with a total capitalization of 3%. With the speed of development and growth, in the future IOTA can capture a larger market share. This is a great expectation of the founders. Therefore, IOTA was announced as a payment instrument on the Cognita processing platform. In the near future, IOTA coin will launch a new generation wallet with more special functions and mechanisms.

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