This Cryptocurrency Is up 1 Million % From its ICO Price
Believe it or not, this cryptocurrency is up 1,010,460% (over 1 million!!!), from its Initial Coin Offering price. The currency began trading at $0.000434512 and is now available at $4.391 (as of 9:15 AM Tuesday, December 19th, 2017, GMT-5), according to icostats.com data.
Created to provide an open-source distributed ledger focused on providing secure communications and payments between machines on the Internet of Things, IOTA (MIOTA) has steadily risen to the position of the 7th largest cryptocurrency by market capitalization. The cryptocurrency commanded about $12 billion in market cap as of December 19, according to coinmarketcap.com data.
The Backbone of the Internet of Things
With a vision to serve as the backbone of the Internet of Things, IOTA was developed in 2015 by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov. The token started trading on Bitfinex only in June 2017. IOTA enables companies to explore new business-to-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees.
The main innovation behind IOTA is the Tangle, a revolutionary new blockless distributed ledger which is scalable, lightweight and, for the first time ever, makes it possible to transfer value without any fees. Contrary to today’s blockchains, consensus is no longer decoupled but instead an intrinsic part of the system, leading to a decentralized and self-regulating peer-to-peer network.
What Separates IOTA From the Rest?
Differentiating factors for IOTA include:
- It uses the directed acyclic graph (DAG) technology known as ‘Tangle’ instead of the traditional blockchain
- IOTA’s transactions are free, regardless of the transaction size
- IOTA currently operates with the help of a coordinator node to verify all transactions, and is therefore centralized.
IOTA is not available to buy directly with traditional cash – you can only trade it for another cryptocurrency