The rapid growth in the network of interconnected devices, or the “Internet of Things” is the driving force behind IOTA. The goal of IOTA is to provide an infrastructure that enables a transaction between machine-to-machine for all the different devices that are hooked into the Internet.
What is IOTA?
At the core of IOTA lies an innovative new spin on the blockchain technology known to be “the tangle.” IOTA ’s architecture is designed in the form of a tangle this design is made accordingly to handle transactions within the rapid growth of the digital economy that undergirds the so-called Internet of Things.
Here’s how it functions.
If thought about all of the devices that are connected to the Internet, such as computers, large part rather the majority of them are not running at according to their full capacity most of the time. Many people use computers for different purposes like checking e-mail or browsing the web, but behind the scenes, their computers could be doing a lot more without impacting performance. The aim of IOTA’s vision is to ensure a secure way for people to earn money by letting others access some of that power which is unused. In the real world, the actual potential for this new machine-to-machine economy spans far beyond personal computers. IOTA aim at becoming the backbone of a new kind of sharing economy which is designed for a wide variety of smart devices.
Why and how is IOTA different from bitcoin?
IOTA and bitcoin are different. As Bitcoin entered the economy two fundamental concepts were introduced to the entire world that is decentralized digital currencies and the blockchain. IOTA has both ideas in it and the aim of those ideas is to create a new kind of infrastructure which will be designed for the expansion of the network. The Internet-connected machines, or smart devices the network of each one will be expanded. Without particularly focusing on peer-to-peer transactions, like bitcoin, The design of IOTA is primarily for transactions that happen on a machine-to-machine level.
Is IOTA a cryptocurrency?
The IOTA cryptocurrency is one vital aspect of the larger IOTA platform. This is designed with mass adoption in mind, IOTA aims to provide a foundation for digital transactions to occur throughout the Internet of Things. The IOTA cryptocurrency will widely be used as a universal method of payment for the future of machine-to-machine transactions that happen on the IOTA network.
How to Buy IOTA?
In the present economic scenario, IOTA is only available with the help of a few exchanges, most notable among them are the Bitfinex and Binance exchange. With the project development, it is possible that more exchanges will start offering IOTA. Below is the list of few popular exchanges where you can buy IOTA in exchange of BTC or ETH pair.
How to make money with IOTA?
In this phase of IOTA’s development, investors over the country having access to an exchange that offers IOTA might buy into the currency. Especially because the project is still very new and there is a scope for early investors to earn a profit as the technology gradually develop. For any cryptocurrency, it’s necessary rather vital to be aware of the very fact that there’s risk involved, there are no guarantees at all, and in the present scenario, the cryptocurrency market is notoriously unstable.
When the IOTA network is finalized and ready for mass distribution, the users will have the potential to gain and earn money by allowing others to harness the unused power of their connected devices. Although this project is not currently at this stage, IOTA launched a public test-net in the month of May 2017 for giving people a chance to interact with the platform.