What is IOTA?
The ‘oil’ of the Internet of Things
IOTA is a new-generation cryptocurrency that was created in 2015 to serve the needs of the IoT (Internet of Things) industry (hence the name IOTA).
It was designed to be less complex and lighter than other cryptocurrencies in order to make the micro-transactions which are generated by the tens of billions of IoT devices as frictionless as possible.
IOTA blockchain has no “blocks”. Instead, it uses a system called Tangle which allows free and instantaneous transactions. Tangle can handle unlimited transactions and is overseen by the non-profit IOTA Foundation which maintains it as a license-free technology.
IOTA is the token name of the cryptocurrency that fuels the platform, and it also represents the smallest unit of the token. IOTA applies the SI unit of measurement, with MIOTA representing the most traded unit of IOTA.
One MIOTA (‘mega’) refers to one million IOTAs. There is also the KIOTA (‘kilo’), which refers to one thousand IOTA, and GIOTA which represents one billion IOTAs.
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How to Trade MIOTA with AvaTrade ZA
- Open your trading account with AvaTrade
- Deposit funds using one of our secure banking options
- Select your preferred trading platform
- Analyse the markets using Technical and/or Fundamental analysis
- Open a Long or Short position on MIOTA according to your market analysis
MT4 Symbol: MIOTAUSD
Trading Hours: 24/7
Typical spread: 0.8% over-market
Why Trade IOTA with AvaTrade South Africa
- AvaTrade offers MIOTA (one million IOTA) CFD trades with up to leverage
- The cryptocurrency market is available to traders 24/7
- You can start trading MIOTA with as little as
- The token’s high volatility makes it excellent addition to a well-balanced trading portfolio
- You can sell MIOTA (go short) and potentially profit even when the market price downtrends
- AvaTrade offers zero commissions on MIOTA trading and no bank fees charged on transactions
- Enjoy world-class 24/5 customer service in your language
- Zero exposure to hacking or theft simply because you don’t actually buy or sell MIOTA
- AvaTrade is regulated in 5 continents
- AvaTrade allows you to trade on the price changes of the cryptocurrency, relieving you from the complex purchasing process.
The maximum accumulated position size for MIOTA is £/$/€ 500K.
IOTA in the Markets
The IOTA foundation was established in early 2015 by David Sønstebø, Dominik Schiener, Serguei Popov and Sergey Ivancheglo. These financially savvy Germans were one of the crypto space pioneers and the first to pinpoint the need to create a new type of transaction grid to better support the growing industry of IoT.
IoT initially means that any device with a chip can be leased in real time. So why do these devices need a special e-coin? Because they generate tens of billions of micro-transactions (and even nano-transactions) and require a super-fast and scalable transaction technology.
In November 2015, IOTA raised 1,337 Bitcoins on a global crowdsale and at the end of 2016 more than 3 million transactions were processed on the IOTA platform.
In November 2017, MIOTA was valued at the modest price of $0.37. It then experienced a solid climb, exceeding a market capitalization of $1.5 billion on its first day of trading.
In November 28, 2017 IOTA announced partnerships with mega IoT players such as Cisco, Microsoft, Samsung and Volkswagen. The trading volume surge that catapulted from this announcement was historic; in less than 24 hours, exchanges processed more than $800 million worth of trades (!), most of which were conducted on Bitfinex.
Some investors believe that IOTA is on the path to becoming No. 3 in market cap and beat the popular Bitcoin Cash, simply because it has a real technological edge over its peers:
- It’s scalable
- It’s modular – app development can be done on independent blockchains that are attached to the main chain, allowing for near infinite scalability
- It’s tamper-proof
- It’s 100% fee free
- Super energy efficient (almost 1 millionth the usage of Bitcoin)
- It guarantees faster transactions
All thanks to the technological breakthrough that is the backbone of IOTA: Tangle.
What is Tangle
Tangle is a blockchain with no blocks and no chains! It looks something like this:
Its ledger technology is based on a Directed Acylic Graph (DAG) that functions in a similar way to a blockchain but with a peer-to-peer network and a validation mechanism.
This means that:
- The users themselves are responsible for validating transactions; no need for approval from miners (decentralised and fee free).
- The transaction speed actually increases the more transactions are made (scalable).
The IOTA timeline – The birth of a non-blockchain crypto
- IOTA is founded
- The IOTA main network goes live
- The IOTA Development Roadmap is released
- IOTA is launched on exchanges
- IOTA tokens crowdsale closed
- English-Germany micropayments processor, SatoshiPay, announces that it will use IOTA instead of Bitcoin.
- IOTA market price soars by 606%
- IOTA announces partnerships with Cisco Systems Inc., Volkswagen AG and Samsung Group
- IOTA agrees to a working partnership with UNOP (United Nations Office for Project Services)
- IOTA and the European Smart City Consortium, +CityXChange, receive a green light from the EU Commission to develop and test various smart city solutions
- IOTA’s Tangle powers IAMPASS pioneering biometric palm vein authentication for digital identity
- IOTA signs working relations with Taiwan giant, SinoPac, to develop ‘iCertificate’; the future of notary certification
- Introduction of Trinity Desktop Wallet
- IOTA announces project ‘Q’, short for Qubic, a project that will enable Smart Contracts, Oracle and Outsourced Computing.
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MIOTA to USD with AvaTrade ZA.