The amazing crypto with no blockchain: IOTA
Iota is not a true blockchain even though it is part of the crypto universe. Instead of a blockchain and fees, the platform relies on a "tangle". IOTA allows users to run various Internet of Things (IoT) applications, such as smart home appliances and self-driving cars. Each new transaction needs two old transactions to confirm the prior transaction, so the "tangle" has no fees and supports exponential growth. IOTA adds a coordinator that acts as a watchtower to prevent malicious actions.
In its current state, the Internet of Things (IoT) data is very compartmentalized. There is very little exchange in the way of data sharing. However, IOTA token introduces standards and provides a reliable and affordable way for all of these devices to leverage other sensors in the network efficiently, This strategy opens the door for some pretty amazing functionalities.
For example, imagine if your smart fridge was able to sense that you were running low on milk. The fridge could then send a request for another carton, either to your smart car or the grocery store’s ordering platform. From there, your smart car could cruise over to the store and pick up your order, or the store could send a drone with your order directly to your doorstep. All of this and more is possible through the advancement of IoT networks. Best of all, you could track everything directly from your smartphone.
The IOTA platform’s unique structure means that as more users join the network, the platform becomes faster and more stable. In comparison, today’s blockchains experience slow transaction times and higher fees whenever there is a major influx in users. In 2017, Bitcoin‘s network was forced to a crawl due to congestion issues. IOTA’s technology eliminates these concerns because it has the capability to meet the demands of a global economy.
MIOTA is the main utility token within the IOTA sphere. This MIOTA cryptocurrency is used to account for transactions, pay fees, and initiate smart contracts on the IOTA network. There will be a total of 27 quadrillion MIOTA issued over the life span of the project. In essence, IOTAs structure makes its expandability limited only by the flexibility of its programming languages.
Now with the announcement for IOTA 1.5 there is a new wallet called Firefly. Firefly has been built with the future in mind — the wallet’s technical architecture and user interface were designed in the context of later additions like tokenized assets, chat and contact management. Over the next year, we will see a number of additional features join the wallet’s stack.
The major steps forward in Firefly’s first version are security, core user experience, and expandable architecture. If you want an app to become an extendable platform, your primary focus should be on perfecting your core foundations. With attention to the core, the initial features build on the existing feature sets. However, there are some key differences:
IOTA have introduced the concept of profiles and accounts. Profiles mean multiple people can use the Firefly app on the same device without having access to each other’s wallets. Accounts mean that a user can separate their own funds, for example, the main MIOTA account, a spending account, and a Ledger Nano account.
Throughout the app, common hiccups have been resolved and other minor features have been added. For example, your pin will open your wallet without ever decrypting your seed, allowing you to check balances securely. Meanwhile, there is a network indicator to give users information on the current health of the IOTA network.
Firefly also enjoys the many benefits of Chrysalis, including reusable addresses, 24-word recovery phrases, and improved network performance.
Firefly vastly improves the security of your crypto wallet. Sensitive operations like address generation and transaction signing take place in isolated application memory, keeping the seed phrase security away from would-be attackers. Stronghold also serves as a key-value store and is used for app storage. What this means is that your wallet becomes entirely portable. You only need a recent Stronghold backup to take your seed and transaction history to another device or another wallet app altogether.
There are several exchanges where you can purchase and trade MIOTA:
1. Binance Exchange - you can purchase MIOTA on Binance using your mobile phone or desktop. You only need to follow the step as instructed. You can also receive a 25% discount on trading fees using Binance Coin (BNB) instead of cash. Use the link above for a bonus 10% discount
2. Crypto.com MCO/CRO - this is a favourite for many reasons, as you can earn interest on a wide variety of coins, as well as apply for a crypto debit card. This operates similar to a pre-paid Visa card, where you top up before use, however, you can choose to top up with cash or crypto. For example, you can transfer Bitcoin (BTC) to the card and spend it like cash, or let it sit in the account and earn interest. Rates of interest on deposits vary from 2% up to 10% or more. New investors may receive up to $50 when using the above link to create a new account.
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