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What is IOTA Coin?
IOTA coin is a distributed ledger technology with a significant distinction: It is not a blockchain actually. Rather than, it is proprietary tech called Tangle, a structure of nodes that verifies transactions, and an exemplary footprint for a proliferating Internet of Things environment.
As blockchain’s absent here, miners are missing too, which means no transaction fees in this ecosystem. Several orthodox networks experience expenses ballooning when congestion amplifies.
Promptly, IOTA’s objective is to develop into a de facto platform for execution of transactions among IoT devices. As per an estimate, number of devices will reach 20.4 Billion by 2024.
Why Is IOTA Coin Distinct?
As it is already mentioned, that there’s no blockchain here, but it is a proprietary tech called Tangle.
Technically, Tangle is called Directed Acyclic Graph. This tech targets to maintain ability of blockchain to execute safe transactions. Only distinguishing factor is that it does away with the concept of blocks.
Many cryptocurrencies are operated as a business, whereas IOTA Foundation states that it does not look for profits. Additionally, it has a prime objective of making this network as flourishing as possible.
Furthermore, IOTA has made itself eminent from other cryptocurrencies, by maintaining high profile collaborations with automaker Volkswagen, and assisting Taipei town to go after smart projects.
Is IOTA Crypto Secure?
Given that it is not a blockchain based project, folks might not consider that it would have much requirement of consensus algorithm. However, in order to upkeeping security of network, a fairly straightforward PoW puzzle is involved in mechanism of verifying a transaction.
IOTA Coin Tokenomics
Back in 2015, project successfully attained its token sale and dispersed 999.99 million coins in that year, piling up a sum of 1337 bitcoin at that time, which is equivalent to $59,344,082 as per its current price today.
This supply was switched later to 2.78 Billion. From its total token supply, 5% were sent to its foundation as donation. As of now, 93.38% of total supply is held by its investors, and rest 6.62% of tokens are in possession of the project and its founders.
Project’s Consensus Algorithm
For a node authorized to an authentic transaction, it have to untangle a cryptographic puzzle alike BTC to two previous transactions. As transactions achieve auxiliary validations, system accepts them with much more confidence.
This is not mentioned in project’s whitepaper, but there is a coordinator whom the network depends upon, offering reliable milestone transactions, and snapshots utilized for take the edge off network’s size.
IOTA Coin Circulating supply
IOTA’s native coin MIOTA has a total supply of 2.78 Billion, and all coins are currently in circulation, with a volatile Iota price history.
During crowdsale, IOTA crypto was billed in form of a utility token, which can be utilized for transacting across network, instead of being a profit sharing coin.
In 2015, a whopping 999,999,999 were sold during crowdsale, which returned a revenue of 1337 Bitcoin for Iota foundation. Given that BTC was having a value of $325 at that time, this might’ve been stemmed into a considerable windfall for team in later years.
It is noteworthy that IOTA coin price saw a surge in later years, with team debating that a mammoth supply level of coin will make it fit for “tiny nano transactions” bill that’ll probably be seen through IoT devices.
What is IOTA’s Chrysalis?
IOTA Foundation’s goal was the optimization of its mainnet before coordicide and to provide ecosystem with an enterprise suitable solution. This was attained by a transitional update called Chrysalis.
It is basically a form, a caterpillar attains before evolving into an entirely formed butterfly or moth. In context of IOTA coin, Chrysalis was mainnet’s transitional stage before Coordicide realization. Major objective of Chrysalis is to better the utility of former IOTA mainnet for devs and users alike.
What Solutions Does it Offer?
It has a node software hornet and bee, which are backed by IOTA crypto nodes. Hornet is EDF backed community node set down in Go and has proven itself to be a steady and effective implementation. Bee is an IOTA node enacted by Foundation and set down in Rust.
It offers developer tools like Client Libraries, Tangle Explorer, Private Networks, Smart Contracts and Stronghold. Client Libraries can be utilized for development of applications in IOTA. Tangle explorer allows folks to view transactions and data available and stored on it, which includes Markets, Explorer, Streams and Visualizer. Private Network enable to establish private Tangle. Stronghold is a library for safe, private control and storage. Smart contracts are developed on IOTA.
IOTA Crypto Roadmap
Iota had been a successful project till now, while attaining most of its objectives on the roadmap, while many objectives are achieved but the network keeps updating them to make the developments better.
Folks can utilize its Firefly wallet is about to get its Alpha release which is still in process. Trinity was IOTA’s former wallet which got deprecated, which got its last update back in May 2021.
Development of Chrysalis began during 3rd quarter of 2020, and got finished by 2nd quarter of 2021 when it released its mainnet officially.
In future, the distributed ledger is targeting to make its congestion control better, and extend EVM and Solidity Support.
How to buy IOTA Coin?
There are various exchanges which makes Iota buying simple, among them are Binance, Bitfinex, KuCoin, and many more. An IOTA exchange will provide various facilities, like staking, IOTA coin buying, trading etc.
IOTA Coin Price 2022
As this article was being written, Iota to USD price was $0.9918, up by 2.91% in previous 24 hours, with a total market cap of $2.6 Billion. It had a circulating supply of 2.78 Billion and 105.09% bullish 24 hour trading volume, and all are in circulation. It is currently ranked at no. 47 in the cryptocurrency market.
An interesting fact about iota coin’s price in contrast to Hong Kong Dollar is that it was worth nothing in comparison to live iota crypto price today. MIOTA price live data can be witnessed on different platforms such as CMC, Coinbase etc.
IOTA Coin Prediction
As mentioned above, steady at no. 47, IOTA coin is not overvalued, it is a prominent project and is more likely to grow at a much faster pace. Another point that supports this statement is that this project in practical, means, based in real life.
At this point, probability of the network becoming a go-to network to power IoT platforms as well as devices is higher. Achieving the milestone of Chrysalis might be the cause of bullishness experienced by coin.
As per some Iota crypto predictions, it may rise up to significant levels in upcoming months. Some Iota coin forecasts by analysts says that IOTA to USD price will average $1.13 this year, surge to $1.29 the next year, $1.73 in 2025, and ultimately will reach $3.47 by 2029.
Will IOTA Price Surge?
IOTA’s steady max supply assures that any surge in folks’ demand will remain robust by an escalation in supply from escalated mining operations. There’s no requirement of miners to power IOTA crypto network.
Many experts have faith in MIOTA price, and looking at its developed aspects and upcoming developments on the go, it is going to travel to moon in future.
IOTA coin investing, from my point of view, will be profitable in upcoming years. Not just development on IOTA crypto network, but if we consider entire crypto market, it is flourishing at a faster pace, and many nations have already started to adopt cryptocurrencies, so it can be a good sign for IOTA price too.
IOTA Price Worth in 2025, 2030
Although, people are always concerned regarding market’s uncertainty, but when talking about IOTA price, as mentioned in “Iota price 2022” section, the project is going to flourish in future.
Wallet Investors predicts that in 2025, it may rally to $5.17 at max, while staying in the range of $3-$4 throughout the year.
It also predicts that it may rally upto $6 during 2027.
Based on its latest and upcoming updates, project will be riding bulls, keeping in mind that it is an enterprise ready project.
Is IOTA Investing Worth It?
This project is nothing like other crypto projects, as it is based on real life utility, IoT, that is far above than basic utility other digital assets offer, trading or facilitating as a store of value, making IOTA more prominent.
With its current price, trading volume, and market cap, IOTA ecosystem is setting itself to launch to the sky, and when it does, it will be worth seeing as whoever neglected the project at this point will make a rush for IOTA price investing.
Considering its real life utility, major developments, and any other aspects, this project is worth making investments.
Whoever is ignoring the potential of network, is likely to miss something prominent this technology is going to attain, which will benefit its stakeholders and others.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
