Amongst all the cryptos currently available, IOTA (MIOTA) can be described as different and phenomenal. The cryptocurrency platform is looking to create a marketplace for data produced by “Internet of Things” (IoT) devices. The project was first launched in June last year on the Bitfinex trading platform. Its token IoT has increased dramatically from 0.64 on the first day of trading to $3.61 by the end of the year, representing a 464% rise over that period according to CoinMarketCap.
Who are the creators of the digital currency?
IOTA was created by David Sønstebø, Sergey Ivancheglo, Dominik Schiener and Serguei Popov back in 2015. The group which is made up of engineers and entrepreneurs established the IOTA foundations afterwards, a non-profit foundation in Berlin that manages the IOTA platform.
What does IOTA (MIOTA) represent?
Just like industry leader bitcoin, IOTA is a crypto that is focused on moving and sharing information as fast and as cheap as possible. The crypto is an open-source, thus anyone can access the cloud that was used in creating it. It differs from the rest because it doesn’t use the blockchain technology, rather it uses Tangle, an alternative mathematical approach called a directed acyclic graph. According to the foundation, Tangle settles transactions at a faster rate than blockchain by processing them parallel to each other. Their transactions have no fees, though computational work is required to finalize them.
IOTA (MIOTA) performance in 2017
The IOTA project had some great and some bad moments last year. Hours after it was launched on trading exchange Bitfinex, its market cap surged past $1.5 billion, one of the fastest growth ever recorded. In September, the price of IOTA took a dip after a security flaw was uncovered by MIT researchers, though the IOTA team fixed the flaw. The value resumed its increase in December, going up from $1.49 at the beginning of the month and attaining an all-time high of $5.01 a week later according to CoinMarketCap.
IOTA’s market value is now roughly $11 billion, making it the ninth-largest crypto in the world. The project has partnered with several tech companies like Microsoft and others to ensure the smooth launch of some of their projects.
They have been criticized by some analysts though, with some concerns raised about their security flaws, and their management team.