IOTA Essentials and Transaction Speed – CryptoMode

If you have an interest in fast crypto transaction speeds and are looking for coins that fulfill this, then you may be looking at the Miota (IOTA) coin. In this article, we’ll discuss this coin, what it is, and how it works. We’ll also discuss how to trade this cryptocurrency and how to exchange IOTA for BTC.

About IOTA

What Is IOTA?

IOTA is the first DLT-based coin that doesn’t charge any fees and offers microtransactions and secure data transfer. This distributed ledger is an open-source, groundbreaking coin that doesn’t use blockchain. It has new and unique features such as good scalability and fast transactions. Its initial focus is to serve as the main backbone of the IoT.

IOTA Price Chronicle

IOTA has a $291,366,661 trading volume for 24 hours and is currently priced at $1.78. The circulating and total supplies are both already at 2.8 billion.

Pros

• Technically, this coin is not mineable, which means there are no transaction fees. Since the Miota network is completely and instantaneously verifiable by the user, transactions are also quick.
• With the advent of more and more powerful and modern mining computers, electricity costs are increasing. Miota’s Tangle eliminates these weaknesses.
• Nobody can create more Miota coins, so they are protected from inflation.

Cons

• In the IoT and DAG spheres, IOTA has a lot of competitors, such as EOS, Nano, and others.
• 34% of the network is concentrated in the hands of only one entity, which makes Miota vulnerable.

IOTA Transaction Speed

The transaction speed started to increase with new upgrades (the first upgrade allowed it to increase the speed by 50 times):

Transaction Speed 2019

The Chrysalis network (an upgrade to the initial IOTA) was introduced in 2019. It is the intermediate stage that enables the Coordinator (a special app that protects Miota’s data structure from attacks) to be removed from the network of IOTA. Token transfer transactions under Chrysalis take just four seconds, or eight times faster than before. 

Transaction Speed 2020

Two out of three stages involved in removing the Coordinator were kick-started in 2020. The second stage, Nectar, provides full implementation for Coordicide modules, which tests for issues and bugs before it is released to the mainnet.

Transaction Speed 2021

The last stage, Honey, incorporates all the Coordicide modules and represents the initial IOTA 2.0 version.

Reasons to Have IOTA Now

• Partnerships: Acceptability and utilization for applications in the real world are cryptocurrency’s main goals, and IOTA is seeking this actively. IOTA has formed partnerships with big companies such as Volkswagen, Samsung, and Cisco.
• IoT potentials: The IoT is growing continuously with B2Bs spending on this technology. This project already targets this industry with high potential.
• Technology: Scalability and transaction fees are major problems for cryptocurrencies, but there’s an alternative with IOTA. The Tangle technology with IOTA is infinitely scalable.
• Ecosystem: IOTA already works to create a dynamic community and launched its IOTA Ecosystem around February 2018.

It’s pretty straightforward to trade your coins. Let’s take a look at this process.

How to Trade IOTA for BTC

Exchanging IOTA to BTC on Godex.io can be done in a few minutes.

• Choose currency pair
• Enter wallet address
• Wait for deposit
• Exchange is done

Summary

Once you’ve read through this article, you’ll understand IOTA’s basics and how it works. Understanding its features will give you reasons to buy this coin or to exchange it for other cryptocurrencies. Your trades can be executed quickly on Godex.

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