IOTA, founded in 2015, is a cryptocurrency adeptly designed for the Internet of Things (IoT). One of the most reputed examples of IoT is smart home devices such as the Amazon Echo or Google Assistant. Simply in the short term, IoT refers to devices communicating with one another via sensors and the internet. The IOTA coin aims to make IoT device communication more secure and seamless.
IOTA is Unique
The IOTA coin is unique compared to other cryptocurrencies such as Bitcoin and Ethereum. Below given are some of the reasons.
While most cryptocurrencies use blockchain technology, IOTA employs a novel protocol known as ‘Tangle.’
Because of their slow transaction speeds, Bitcoin and Ethereum have scalability issues. Well, that’s not the case with IOTA. In fact, as the number of IOTA users grows, so does the network transaction speed. As a result, IOTA promises infinite scalability.
If you’ve ever made a Bitcoin transaction, you’ve probably encountered the issue of high transaction fees. Can you predict the transaction fees for IOTA- The answer is Zero. As a result, IOTA is the first digital currency with no transaction fees.
At a period when blockchain-based cryptocurrencies are struggling with transaction fees and scalability issues, IOTA has created a viable alternative. IOTA is designed to be infinitely scalable by utilising Tangle technology. Furthermore, IOTA charges no transaction fees for transactions conducted on its network. This is unprecedented in the cryptocurrency industry. So, one of the reasons why IOTA’s value may rise is that it provides a unique but superior technology.
Unlike other popular cryptocurrencies, IOTA is only available on a few cryptocurrency exchanges. Some of the most familiar cryptocurrency exchanges, such as Bittrex and Poloniex, do not support it.
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Because the cryptocurrency market is still in its early stages, it is difficult to predict which projects will thrive in the long run. It all depends on the technology’s value and the partnerships formed by the project. IOTA appears to be a quality and best investment.