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What is IOTA all about
While most blockchain technology has a similar architecture, IOTA operates on a different distributed ledger technology called Tangle, a new way of organizing data and confirming transactions that is intended to tackle familiar issues like scaling.
Primarily, IOTA is intended to handle transactions between connected devices in the Internet of Things ecosystem, and its cryptocurrency is known as mIOTA. Because this space can have many different reactions, or transactions, between the IoT devices, scaling needed to be addressed first of all.
By using Tangle, a system of nodes in which each new transaction confirms two previous transactions, IOTA is intended to have far better performance and scalability than a blockchain like Bitcoin, for example.
However, this system has not been fully proven and there have been many flaws and vulnerabilities discovered along the way. Its level of decentralization has also been questioned while the use of directed acyclic graph (DAG) , the underlying data structure of the project, has also been questioned in terms of its claimed effectiveness to solve scaling issues.
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MIOTA Questions & Answers
What is the price of IOTA right now?
Current price of IOTA is at 1.07 EUR.
What was the highest historical price of IOTA?
IOTA was the most expensive on 2017-12-19, when it was at 4.43 EUR.
What is the price of IOTA going to be in 1 month?
Based on our prediction algorithm, we suspect that the price of IOTA will be anywhere between €0.65 and €1.20 next month.
Is IOTA expected to increase in value in three months time?
According to our short term prediction we estimate that the value of IOTA is likely going to be between €0.57 and €1.20 in 90 days.
Do you know how popular IOTA is online?
140347 people participated in discussing IOTA online on Reddit in the last 48 hours. IOTA's Twitter handle is currently followed by null users.
What will IOTA be worth in 6 months?
Accurate long term projections are very difficult, however on the basis of our prediction algorithm we suspect IOTA's value will reach between €0.57 and €1.60 6 months from now.
Are there still vulnerabilities with the blockchain?
The use of DAG and the Tangle protocol has been known to have security vulnerabilities which have come to light, these at times have been denied by the IOTA team, especially in regards to curl-p.
What makes IOTA so different?
IOTA uses a very different platform called Tangle, which uses a mathematical concept known as Directed Acyclic Graphs (DAG). For its own transaction to be valid, each node in a DAG Tangle must approve two previous transactions at other nodes.
What problems does IOTA solve?
Because there are well known security concerns around IoT devices, and the blockchain is also a technology that is entirely secure, the combination of these two nascent technologies makes sense as data collected and accrued by IoT devices should be secure if integrated with blockchain storage.
Do blockchain and IOT technologies work well together?
IOTA has set out to make communication between IoT devices more secure and seamless. One of the main issues with IoT is its security, and that is where blockchain comes to its aid by securing the data from IoT sensors.