Iota (MIOTA)

Discover the basics of IOTA and find links to beginner-friendly guides that show you the best way to invest in it.
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Updated: Nov 22, 2022
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About IOTA

What is IOTA?

IOTA is an open source ledger that’s used to exchange data and value. IOTA is designed to facilitate the execution of micro-transactions on the Internet of Things, a network of smart devices that are connected to the internet at all times.

IOTA’s cryptocurrency is known as MIOTA. MIOTA is the currency in which transactions take place on the IOTA network.

How does IOTA work?

IOTA uses a network called Tangle to store an immutable record of all transactions. It replicates the role of a blockchain but it isn’t one: there are no blocks or miners on IOTA, which means there are no blockchain fees on each transaction.

Tangle’s other feature is that transactions can be added simultaneously – or in parallel – rather than having to be executed one after the other. This makes the network a lot more scalable, so that it can cope with a large volume of transactions.

How is the IOTA network secured?

In technical terms, it’s referred to as a Direct Acrylic Graph consensus mechanism. In practice, that means every time a user makes a transaction, they verify two further transactions.

What is IOTA used for?

IOTA is used as a means to make micro transactions and share data on the Internet of Things. Longer term, IOTA wants to provide the backbone to a machine economy, allowing computers and machines to talk to each other and make transactions seamlessly.

Why does MIOTA have value?

IOTA’s proprietary Tangle technology means that it is faster and more scalable than standard blockchains. Because of the way it works – each transaction verifies two more – the network speed is proportional to the number of people using it. The more transactions that take place, the more that can be approved.

Who created IOTA?

IOTA was founded by David Sonstebo, Dominik Schiener and Serguei Popov. The project was announced in 2015, although it was in development for at least a year before that. IOTA now operates as a not-for-profit enterprise.

Where can I buy IOTA?

You can buy IOTA on a crypto exchange. An exchange is a marketplace that allows you to sign up, deposit your money, and buy some crypto, just as you would with a stock platform.

Most cryptocurrency brokers allow you to keep the coins you buy in your account. However, you may want to sign up for a dedicated crypto wallet for some extra security.

Are there any other ways to invest in IOTA?

The simplest way to invest in IOTA is to buy it outright. However, another option is to simply open a crypto account. Crypto accounts are like regular bank accounts and allow you to store a variety of currencies, send and receive payments, earn interest on savings, and spend freely with a credit card.

More about the MIOTA price

What is the IOTA price today?

The MIOTA price is currently $0.25, as of October 28, 2022. The price of IOTA is down 80% over the last year. You can use the live IOTA chart to track the MIOTA/USD price in real time above, or compare the IOTA value today to its past performance using the IOTA price history tab at the top of this page.

What is the price prediction for IOTA?

The average IOTA price prediction values the coin at $2.25 by the end of 2025. Things like the economic climate, establishment support and acceptance, and the crypto market as a whole can all have an impact on the price.

What is the total supply of MIOTA?

The circulating supply is 2,779,530,283 MIOTA, out of a total maximum supply of 2,779,530,283 MIOTA.

Are there any IOTA alternatives?

IOTA is a unique cryptocurrency project but there are a couple of networks that try to offer something similar. Here are a few leading IOTA alternatives.

  • Holochain. Holochain is a network for sharing data across decentralised apps.
  • DigiByte. Digibyte is a cryptocurrency that’s built on an open source blockchain.
  • The Graph. The Graph provides real-world data to blockchain networks.

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FAQs

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Sources & references
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James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.