Buy IOTA

IOTA uses Distributed Ledger Technology (DLT) to address challenges within the Internet of Things (IoT). Users can add smart devices to the IOTA network, allowing these devices to share data across the network. For example, smart solar panels can share information about their energy production, and users can remotely control a smart thermometer via the IOTA network.

Unlike traditional blockchains, IOTA uses a unique structure called Tangle, which is a Directed Acyclic Graph (DAG). This structure allows IOTA to process transactions faster and more efficiently. Instead of merging transactions into blocks and adding them to the blockchain, they are individually linked together.

IOTA has developed several products and features for a range of applications, including digital identities that provide trusted online presence for individuals and devices, as well as the ability for developers to build decentralized applications (dApps) with Ethereum-compatible smart contracts.

MIOTA is the cryptocurrency of IOTA and is used for value transfer within the network. It acts as fuel for transactions and interactions within the IOTA ecosystem.

Who founded IOTA?

IOTA was founded in 2015 by Sergey Ivancheglo, Serguei Popov, David Sønstebø, and Dominik Schiener. The team has a background in cryptocurrency and blockchain technology. Currently, the project is managed by the IOTA Foundation, a non-profit organization based in Germany that oversees the development and adoption of IOTA.

IOTA supports a variety of practical applications within the domain of smart devices and IoT. Here are some examples how IOTA can be used:

• Smart thermometers: In smart homes, thermometers efficiently collect and share temperature data and autonomously control heating systems through transactions using IOTA. This contributes to better energy management.
• Smart solar panels: Solar panels can automatically sell surplus generated energy to neighbors or the local grid using IOTA as a secure and transparent payment mechanism, creating a decentralized energy network.
• Smart sound systems: Sound systems can provide a personalized listening experience by securely sharing user preferences via IOTA without compromising privacy. The system can also process payments for streaming services.
• Smart fridges: Smart fridges not only keep track of inventory, but also place orders themselves when supplies are low. Payments can be made using IOTA, reducing human interaction and streamlining housekeeping.

These examples are just a small selection of the many possibilities that IOTA offers within the IoT.

IOTA uses a unique consensus mechanism called Tangle, a Directed Acyclic Graph (DAG), to overcome the limitations of traditional blockchain technology.

Tangle

Unlike traditional blockchains, Tangle processes transactions in parallel rather than linear and in blocks. It achieves this by requiring the device to validate two previous transactions before validating itself for each new transaction. This eliminates the need for miners or stakers, making IOTA more scalable and capable of operating without transaction fees.

This structure allows IOTA to achieve high transaction throughput with near-instant confirmation times, as long as the network is up and participants continue to transact. This makes it particularly well-suited for the Internet of Things (IoT), where devices need to communicate with each other quickly and efficiently.

IOTA offers a versatile and efficient solution for IoT device owners. Follow the steps below to connect a device to the IOTA network:

• IoT device preparation: Ensure the IoT device is equipped with the necessary software and hardware compatibility to communicate within the IOTA network.
• Connecting to the IOTA network: Configure your device to connect to Tangle and connect it to the IOTA network. This includes setting up an IOTA wallet for your device where unique addresses can be generated for sending and receiving data and MIOTA tokens.
• Performing transactions: Once your device is connected to the IOTA network, it can perform transactions. For example, a smart energy meter can automatically make payments for energy used or a sensor can share important data over a secure channel.

Adding a device to IOTA is quite simple, it is also possible to use smart contract functionality to set up conditional logic and automation between devices. This allows for the creation of self-executing contracts for services such as automatic payments, energy trading between devices or automating logistics processes.

Users can also use IOTA’s dashboard and monitoring tools to manage and oversee activity between IoT devices. This includes tracking transaction history, monitoring status, and making remote adjustments.

MIOTA is the native cryptocurrency of the IOTA network and plays a vital role in transactions within the ecosystem. What makes MIOTA unique is that it is used for both value transfer and data integrity within the network. This provides an efficient and cost-free way to transact, which is ideal for IoT devices.

The maximum supply of MIOTA is set at 4,600,000,000 MIOTA tokens, a carefully chosen amount to meet the needs of the network without causing inflation.

IOTA's fundamental design and objectives set it apart from traditional blockchain technologies. The following features make IOTA unique:

• Tangle technology: Instead of a traditional blockchain, IOTA uses Tangle, a Directed Acyclic Graph (DAG). This structure allows for concurrent transaction processing, resulting in faster confirmations and better scalability.
• No transaction fees: IOTA does not charge transaction fees, making it ideal for microtransactions and exchanging small amounts of value, which is essential within the Internet of Things (IoT).
• Quantum resistance: IOTA uses quantum-resistant cryptography, making it resistant to potential future attacks from quantum computers.
• Consensus without miners or validators: IOTA reaches consensus without miners or stakers, making the network truly decentralized and free from any fees associated with mining or staking.

You can purchase IOTA (MIOTA) at Bitvavo, a platform suitable for both new and experienced traders. Here is how to buy MIOTA via our website or mobile app:

1. Register or log in to your Bitvavo account.
2. Make a deposit by clicking "Deposit".
3. Navigate to the IOTA purchase page.
4. Enter the amount in euros you want to spend or the number of MIOTA you wish to purchase and confirm by clicking "Buy".

The cost of IOTA depends on the current market value. After purchase, your MIOTA coins will be automatically added to your Bitvavo account, where you can easily manage and sell them. This allows you to respond quickly and effectively to market changes.

Your IOTA coins can be safely stored in your Bitvavo account, where the majority of customer funds are secured in offline cold storage. Enabling two-factor authentication (2FA) is highly recommended for additional account security.

If you prefer personal storage, IOTA coins are supported by most software and hardware wallets. You can buy MIOTA and effortlessly transfer it to your own wallet by first linking your wallet address to your Bitvavo account. This gives you complete control over your digital assets.