Launched as an open-source distributed ledger Iota was founded in 2015 by Dominik Schiener, David Sonstebo, Sergey Ivancheglo, and Dr. Serguei Popov. The platform was launched to provide secure communications and payments between machines on the internet. This platform is different from most of the cryptocurrencies as it uses a directed acyclic graph (DAG) technology and not the current blockchain technology.
Using DAG helps in making the IOTA transactions free irrespective of the size of the transactions, the confirmation time is faster in the system, and the number of transactions that are handled by the system at one time is unlimited. The system is scalable, and the IOTA Foundation oversees the cryptocurrency.
Note: In 2017, IOTA reached the 4th place in the cryptocurrency charts based on its market cap of $13 billion, but soon it was overtaken by other countries.
Currently, IOTA is trading at $0.27469 with strong resistance at $0.27781, and immediate support is present at $0.27162. In the past 24-hours, the coin has seen an increase of 1.95% as the charts show an upward correction. The market cap of the cryptocurrency is $764,760,282 puts the cryptocurrency in the 18th position.
What is IOTA?
The IOTA Foundation launched the IOTA coin as an open-source cryptocurrency that is focused on providing secure communications and payments. The cryptocurrency cannot be mined, and it was launched with a fixed supply of 2,779,530,283,277,761 IOTA coins. Trading began on the platform in the year 2016 during the beta testing period.
IOTA Foundation has recently partnered with Volkswagen and Innogy to develop a CarPass, which will be an IOTA based technology. This CarPass will provide digital identities, secure audit trails, and a charging network for cars. The foundation is also one of the founding members of the Trusted IOT Alliance, and this includes companies like Bosch, CeonsenSys, US bank, and Cisco.
Features of IOTA:
- highly scalable
- secure data transfer between users
- offline transactions
- zero-fee transactions
- low resource requirements
How to buy IOTA (MIOTA)
The IOTA Foundation launched in 2015 issued IOTA coin as an open-source cryptocurrency. IOTA coin is different from all other cryptocurrencies that are available in the market today as it does not use the blockchain technology. The underlying technology in IOTA is something called Tangle.
IOTA coin is referred in various ways including, Mi, Ki, MIOTA, KIOTA, and others. These different names are used to designate different amounts of IOTA.
Steps to buying IOTA
- Get an IOTA wallet
- Sign up on an exchange that offers IOTA
- Place an order to buy IOTA
Get an IOTA wallet
The first step in order to buy IOTA cryptocurrency is to find a wallet that supports the cryptocurrency. There are not many wallets out there that support IOTA cryptocurrency. Some of the wallets that support this cryptocurrency are:
- GUI IOTA Wallet
- IOTA Wallet Trinity
- IOTA Wallet Ledger
It is advised not to keep your IOTA funds on the cryptocurrency exchange for a long time.
Sign up on an exchange that offers IOTA
There are a few exchanges that allow users to trade IOTA cryptocurrency on their platforms. Some of the crypto exchanges that offer IOTA are:
One of the leading crypto exchanges in the world, Binance, allows users to trade IOTA in exchange for Bitcoin. However, Binance only offers one trading pair for IOTA, which is IOTA/BTC. In order to buy IOTA on Binance, you would need to own some bitcoin on Binance or transfer them from your wallet to the exchange.
Place an order
Once you have transferred bitcoins to Binance, then you are eligible to buy IOTA on the exchange. Place an order on the exchange by filling in how much IOTA you want in exchange for bitcoin. After placing the order, your account will show the balance in IOTA coins. Now you can transfer the balance back to your IOTA wallet that you created in the first step.
Potential of the Internet of Things (IoT)
IOTA has the potential to revolutionize the Internet of Things as it has enabled micro-transactions together with zero fees across all connected devices. The underlying technology in IOTA is not the traditional blockchain; instead, it uses something called Tangle.
Feature of Tangle:
- Zero transaction fees and instant transfers
- Illimitable scalability
- Built for the Internet of Things (IoT)
These features allow exchange in IOTA currency in a frictionless manner, and theoretically, it overcomes most of the problems that blockchain technology faces.
Why Could IOTA Be a Bad Investment?
Currently, IOTA is ranked 18th with the market capitalization of $986,601,281. The last 24 trading volume of IOTA is over $38 million. IOTA has the potential to become something big in the coming years, but there is also a massive risk involved while dealing in cryptocurrencies irrespective of what technology they rely on. It is fair to say that IOTA is still in its infancy, and investing in it could prove to be quite risky.
Note: At the time of writing, IOTA is changing hands at $0.3549.
IOTA Coin History
IOTA coin holds a history that dates back to the launch of the process of its creation in 2015. The IOTA coin was created with the purpose of integrating the modified blockchain to the IoT, assisting in maximizing the smoothness of transactions between the parts of the ‘Internet of Things’ devices. The beta testing began and lasted for the greatest part of 2016. During this period, buying and selling of IOTA were only limited to the off-market space.
Did you know: IOTA Foundation holds all the proprietary rights for IOTA technology.
IOTA Price Predictions – Facts
While we move ahead towards building IOTA price prediction scenarios, let’s check out some facts about the token.
- IOTA mining is impossible
- Decentralization of crypto is restricted
- The blockchain tech that forms a layer of IOTA has a specific formed called ‘Tangles’
- Due to Tangles, sometimes, a powerful attack that uses specialized equipment can break the system.
- IOTA is a token, not a cryptocurrency
IOTA Coin: Functioning of Tangle
The IOTA coin works on a specified form of blockchain called Tangles, which ensures the functioning of the system. A transaction, which has been sent forth to the network by a device, gets confirmed after the device verifies and confirms two accidental transactions, which have been sent earlier to the distributed network.
For a successful transaction of IOTA, there are a certain amount of verifications that need to be fulfilled. Sometimes the network overload might occur. However, the amount of unconfirmed transactions is a paltry amount.
IOTA Price Prediction by the market
This price prediction platform has predicted that the price of IOTA can reach around $38 by the end of 2023. This shows the faith the platform has in the growth of the IOTA coin.
2. Digital Coin Price
DCP has predicted that the price of the IOTA coin might reach $0.50 by the end of the year 2019. They also believe that the price will further move upwards and hit $0.60. This is a bearish forecast by the platform.
3. Mega Crypto Price
The crypto price prediction platform has suggested that the price of the IOTA coin can reach $1.13 by the end of 2019. This prediction is very safe, and they further predicted that the price could reach $2.37 by 2020.
4. Trading Beasts
Trading Beasts is a crypto platform that keeps up with the market as they update the predictions now and then, depending on the trade trends. They have predicted the price will reach $7.06 to $10.38 for the year 2020.
5. Crypto Ground
This crypto platform has predicted a long term optimistic predictions that the price can reach $5.627 by the year 2023.
Coinnounce’s IOTA Price Prediction
With a bullish trend entering the charts, the IOTA coin has seen support from the crypto community again as the trading levels also witness a slight increase. The price trend line has been moving upward in the chart from the past few days. The predictions for the price of the coin are listed below.
IOTA Price Prediction 2020
The price has seen an upward trend in the market as the trading continues, and the trend line moves above the moving averages of the cryptocurrency. The trading volume has increased in the past few months, and the price is slowly climbing upwards.
With the current rate of IOTA coin, we can expect the price to reach the levels of $0.60-$0.65 by the end of the year 2020. The price might face a slight decline in the middle of the year, but it can regain its position in the market.
Note: The IOTA coin is based on the new data structure Tangle. This data structure is based on Direct Acyclic Graph, which does not allow the mining of new IOTA coins.
IOTA Price Prediction 2025
The next five years will notice a significant change in the market as the price will go upwards. The current market has shown a higher rate of adoption for the altcoins as compared to the other older cryptocurrencies. This shift will increase the rate of adoption of the altcoin, causing a price surge.
The coming years will be the time of digital currencies, and investing in IOTA coins will be a decent investment. The price for the year 2025 is predicted that it can reach the levels of $7 and beyond. The price will continue a bullish trend for the year as wider adoption will take place.
Note: In 2017, IOTA decided to fund the ecosystem for the promotion of more significant corporate collaborations. The funding amount for this plan was $10 million.
IOTA Price Prediction 2018
2018 started with a bullish price of $3.6574, and the predictions for the coin were made, and it was predicted that the price would reach above $5-$7 by the end of 2018. But suddenly, the whole crypto market faced a massive slump as the price started declining.
The price started declining by the second month, and the price predictions made by the analysts failed as they witnessed the market crash. The price reached $0.3444 by the end of the year, and it was predicted that the decline would continue for the coming year as well. This will take the price to an all-time low.
Note: In September 2017, CognIOTA’s launch was announced, which is a distributed machine learning service that was published using IOTA coin as the payment system. The goal of the platform is to rent a user’s idle CPU’s for others to use it in real-time for other purposes.
Frequently Asked Questions (FAQ)
1. How many IOTA coins are there?
IOTA coins have a fixed supply of 2,779,530,283 MIOTA, and no new coins can be mined.
2. Is IOTA a good investment?
Over the past few months, the coin has seen significant growth in the market, and it can be a good investment in the long run as the market sees potential in the currency.
3. Will IOTA price go up?
IOTA is an altcoin, so its growth in the market is comparatively slow, but the price might go up in the next five years.
4. From where can I buy IOTA?
The coin is listed on many well-known exchanges like Bitfinex, Binance, Coinone, HitBTC, etc.
IOTA coin was launched as a distributed ledger platform and its parent company, IOTA foundation has been working hard for its growth. With their collaborations with the automobile industry and technological companies, the IOTA coin is witnessing an increased rate of adoption by the people. Over the years, the position of the price is expected to improve in the market.