IOTA (MIOTA)

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Official site (website): https://iota.org Reddit: https://www.reddit.com/r/Iota/ Official Wiki (Wikipedia): https://en.wikipedia.org/wiki/IOTA_(technology) YouTube video (channel): https://www.youtube.com/channel/UC8xt_puwPKpLwP_UTAa7YIQ Official Facebook account (fb): https://www.facebook.com/iotatoken/ Official Twitter account: https://twitter.com/iotatoken Github: https://github.com/iotaledger

Truth and facts[edit]

  • IOTA is the future improvised version of cryptocurrency.
  • Unlike other cryptocurrencies like Bitcoin, IOTA does not use a blockchain. Instead IOTA uses a technology called tangle, which is based off a mathematical concept known as directed acyclic graphs.[1]
  • Zero transaction fee. With IOTA new design, miners are removed, so there will be no fees needed at all.
  • Two main features of IOTA are micro-transactions and speed.
  • New business to business model..

Official

  • Slogan: The backbone of IOT is here.[2]
  • Scalable, Decentralized, Modular, No Fees.[2]
  • IOTA is based in Berlin.

Transactions per second

  • Transactions per second for IOTA is 1000. Even though IOTA basic transactions per second is at 1000, but the more users making transactions the faster the network becomes, the only theoretical limits to IOTA’s transactions per second are dictated by the laws of physics and bandwidth themselves.

Staffs

  • David Sonstebo is the co-founder and CEO of IOTA.


The tangle[edit]

  • Instead of blockchain technology used by cryptocurrencies like Bitcoin, IOTA uses tangle.
  • The tangle system makes IOTA block less, secure, decentralized, scalable, remarkably quick and completely free.
  • The tango system utilizes a mathematical system called directed acyclic graphs or dex. When a transaction is made, it goes through three steps:
  1. The transaction is signed with your private key.
  2. The transaction enters tip selection mode, where your transaction uses a selected algorithm to confirm two random and previously unconfirmed transactions.
  3. The transaction enters the tangle, and is now in branch mode, which means your transaction is simply waiting to be selected by the same process you've just completed.
  • Although Bitcoin is now the most popular cryptocurrency thanks to the blockchain technology, there are many things which blockchain technology are still lacking of, which are slow processing speed and high processing fee.
  • You can't have micro transaction with Bitcoin blockchain technology. For example, if you transfer a $1 dollar worth bitcoin or use it to buy a coffee, the processing fee is high. This is because the transaction needs to be verified by miners, and miners need the CPU power to do that, which will cost them high electricity fees.
  • For more details about tangle, read the official paper published by IOTA: https://iota.org/IOTA_Whitepaper.pdf

Difference between tangle and blockchain: Example

  • Blockchain and tangle is like students submitting homeworks for teacher to mark. For blockchain, the students submit their homework to the teacher and the teacher has to mark them one by one. For tangle, the teacher will tell the students to mark each other homework instead of marking the homework one by one all by herself.
  • Tangle is like when you do perform a transaction, you automatically verify the other two transactions behind you. Just like marking each other's homework instead of giving it to the server (teacher).

Video Playlist[edit]

IOTA's Data Market

00:00 To understand IOTA’s vision of a data marketplace, we first need to understand what data is and why it's important.
00:06 Data in the simplest terms, is a raw unedited truth about reality.
00:12 Transactional data, like a certain demographics spending habits, personal data, like voting preferences, agricultural, geographical, scientific, all data is relatively important and relatively valuable to someone, somewhere.
00:27 Take uber for example, uber is known for inexpensive taxi and it has an estimated worth of 68 billion dollars.
00:35 This is largely due to the fact that it owns the largest pool of data about supply, drivers and demand, passengers when it comes to personal transportation.
00:46 The value and importance of data is best summarized by David Sonstebo, the founder of IOTA.
00:51 When in his blog he wrote: “every filament of our digital zeitgeist is unequivocally telling us that data is the fuel of the future” and he's not wrong.
01:00 The World Economic Forum valued the global data economy at three trillion dollars, and this number is only expected to grow.
01:10 Today the vast majority of data and information is collected, stored and used by large corporations and governments around the world.
01:17 However, large-scale data gathering costs money, therefore the companies keep their findings to themselves, forming data silos.
01:26 They have no incentive to make the information public because they do not have a practical way to sell the data.
01:31 The market prices for a reasonable amount of data are so miniscule that they would be dwarfed by traditional banking processing fees, not shy to credit cards, PayPal or blockchain base crypto currencies alike.
01:43 It is estimated that 99 percent of data in these silos will be lost to the void.
01:48 But this doesn't have to be the case.
01:52 As David Sonstebo points out, the information in these silos wants to be free but not for free.
01:59 IOTA’s data market could open the floodgate, allowing for data to flow freely.
02:05 This would help allow for data to be traded in real time on a fee less market powered by IOTA and IOTA's engine, the tangle.
02:14 The tangle is IOTA's immutable distributed ledger, which keeps the data secure and authentic.
02:19 Because IOTA was designed for micro payments, companies and individuals alike could start selling their data, no matter how minuscule in price and still remain profitable, as once again, there would be no fees.
02:33 How data will impact our future is still unknown.
02:36 Companies like tesla use data from their electric cars to track and record human driving, ultimately helping improve their artificial intelligence driving algorithms.
02:47 A Forbes article stated data in healthcare is being used to predict epidemics, cure disease, improve quality of life and avoid preventable deaths.
02:54 It's clear that utilizing big data has major potential.
03:00 But the key for big data to be truly big relies on an open market, for data to be traded in real time and not trapped in silos to be lost to the void.
03:11 This marketplace is what IOTA hopes to provide.
03:14 For now you can visit data.iota.org to learn more and to play around with their practice market.
03:20 All of the data is being collected by real devices and sensors in real time, powered by IOTA's test net.
03:26 This is truly exciting and with participants like Fujitsu, Bosch and Microsoft, IOTA's data marketplace could revolutionize data trade and kickstart the data economy.
03:37 The winners of our last contest are in the description below and we cannot thank the community enough for the love and support.
03:46 We smashed our 10,000 subscriber goal in less than a month and everyone at everything tangle couldn't think of a better way to say thank you than by hosting another giveaway.
03:55 So at 50,000 subscribers, we are giving away three packages valued at $1,000 each, thanks largely to the amazing people at Ruby tag, who generously donated three sensor beacons to include our giveaway.
04:11 If you'd like to enter for your shot at one of the packages, be sure to follow the instructions in the description below.
04:17 From everyone at everything tangle, Happy Holidays.

Introducing IOTA - A Crypto Currency (Bitcoin, Ethereum, Ripple Comparison)

00:00 What will be the currency of choice in 10 years time?
00:00 It could be IOTA.
00:04 IOTA is a 3rd generation crypto currency and the first that supports fast de-centralized currency transfers with quantum security.
00:12 In today’s crypto marketspace we see a variety of specialized currencies.
00:15 While Bitcoin proved that the world is ready for crypto currencies, its architecture does not allow trade in daily commodities.
00:26 Although innovative currencies, such as Ethereum, have improved transaction times significantly, every blockchain based crypto currency has the drawbacks of slow transaction speeds and high transaction fees.
00:41 While IOTA has every feature of current crypto currencies, its unique distributed confirmation algorithm, the “Tangle”, allows almost instantaneous transfers.
00:49 With each IOTA transaction, the user’s device confirms two other transactions.
00:55 In doing so, each user directly provides the computing power needed to confirm the validity of the transactions.
01:06 Due to this de-centralized structure, there are no miners and therefore no transaction fees.
01:15 Every crypto currency shines in its own unique aspects.
01:17 Bitcoin is the current gatekeeper of crypto currencies; Ethereum, the so called “world computer” supports smart contracts and Ripple XRP revolutionizes globalized banking transactions.
01:27 Due to its decentralization and transaction speed, IOTA is the first viable micro payment solution that is suitable for everyday payments.
01:41 Since intelligent IOT devices become more and more independent, we see a future where crypto currencies are traded for micro services between IOT devices.
01:51 Those services could encompass electricity, storage and server power.
01:57 IOTA tokens can now be bought at all major crypto market exchanges, and wallets are available for all operating systems.
02:09 IOTA, a world currency.

IOTA explained in 2 minutes!

00:00 Iota makes use of distributed Ledgers.
00:00 Unlike most cryptos, it does not use a blockchain.
00:04 Instead it uses a technology its developers call the tangle, which is based off of a mathematical concept known as directed acyclic graphs.
00:12 This was a purposeful move from the developers, as within this design is what separates iota from every other cryptocurrency.
00:21 Within the design, we have the removal of miners, without sacrificing decentralization.
00:26 With the need for miners removed, so are the need for fees.
00:31 Yes, iota is completely free to use, this is because everyone plays an equal role in the network, anytime a transaction is made, the issuer must help authenticate to previous and random transactions.
00:45 It uses a series of cryptographic algorithms along with many other sophisticated techniques to do this work.
00:51 This work is done behind the scenes, on such a small scale, that any device could manage it without effort.
00:56 Ultimately, a network like this allows for two important features.
01:00 Microtransactions and speed.
01:02 Micro transactions are transactions that can be worth fractions of sense, and cryptos like Bitcoin faced many issues with this largely due to the necessity of miners.
01:13 In short, you couldn't purchase a coffee with most blockchain based cryptos.
01:18 Moving on, we have speed.
01:20 In cryptocurrency, speed is measured by TPS, transactions per second.
01:26 We covered this in our last video, IOTA, by the numbers, we suggest checking that out if you haven't already.
01:33 In simple terms, none of us want to be stuck waiting hours for a transaction.
01:37 Ultimately with iota, the more people that use the network, the faster it becomes.
01:41 Alleviating the issues blockchain based crypto currencies faced today.
01:45 It is these two features that give rise to a IOTA purpose, which is to support and facilitate a machine-to-machine economy, and to be implemented as the underlying protocol behind the Internet of things.
01:58 Our goal of reaching 10,000 subscribers is well underway, and everyone at everything tangle is so appreciative of all the love and support.
02:08 If you hadn't heard at 10,000 subscribers, we will be giving away one GI.
02:12 To enter this giveaway, you need to be subscribed to our Channel.
02:17 You also need to follow us on Twitter, and retweet our 10k giveaway tweet.
02:19 Easy-to-follow instructions will be in the description below.
02:23 From everyone at everything tangle, thanks for watching.

Measurement[edit]

  • IOTA maximum and current circulating supply is 2,779,530,283,277,761 i.
  • IOTA is broken down into six tiers of measurement:
  1. i: 1 i = 1 IOTA (total supply: 2,779,530,283,277,761 i)
  2. Ki: 1 Ki = 1000 i
  3. Mi: 1 Mi = 1 million i = $0.35 USD (Nov 10, 2017)
  4. Gi: 1 Gi = 1 billion i = $350 USD (Nov 10, 2017)
  5. Ti: not sure
  6. Pi: 1 Pi = one quadrillion IOTA, or half of the total supply.
  • It's best to calculate IOTA by Gi, where 1 Gi = $350 on Nov 10, 2017.

Transactions per second[edit]

  • Transactions per second for IOTA is 1000. Even though IOTA basic transactions per second is at 1000, but the more users making transactions the faster the network becomes, the only theoretical limits to IOTA’s transactions per second are dictated by the laws of physics and bandwidth themselves.

Frequently asked questions[edit]

  • What is IOTA?
IOTA is the new generation of cryptocurrency with zero transaction fee. Instead of blockchain technology which used by other cryptos like bitcoin, IOTA uses a technology called tangle.
  • What is the date of introduction for IOTA?
11 June 2016
  • What is an IOTA seed?
An IOTA seed is a string of 81 characters consisting of only CAPITAL LETTERS and the number 9. It is the private key from which receiving addresses are generated and it's required to spend tokens in those addresses. Your seed is what contains all of your IOTA and gives the bearer the ability to spend it.
  • How to get a seed? And how should I store it?
The iota Trinity wallet contains a seed generator, but it's currently in beta.[3] However, a reliable and safe method for generating and storing a seed involves using Kee Pass 2, a password protected database file, two-channel auto-type obfuscation, and a seed generated in the Kee Pass app.[4]

Alexa Ranking[edit]


Reviews[edit]

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