What Is IOTA? A Short Description


IOTA is a digital asset design as a medium of exchange. It’s different from other digital assets like Bitcoin, Ethereum, Ripple, and Dash. it’s designed for IoT (internet of thinkings). Developers say “In future, this asset use as payment”.

Let’s see how does it work:

In other cryptocurrency users face many problems but IOTA solves the problems. It’s not based on a blockchain but rather on a DAG (directed acyclic graph).Here any transactions are free. If you using IOTA you don’t have to pay a single amount. IOTA is like open door to micropayment important as the IoT industry.Bitcoin and other cryptocurrencies fail to create this situation. If you send a small amount of money you have to pay the fee for this. Scalability is one of the biggest problems with Bitcoin but IOTA is different.

In 2014 IOTA came onto the scene. In this transaction, the total supply of coins will always stay the same. IOTA made for machines the high supply makes the cryptocurrency. You can’t buy IOTA directly with your credit card. At first, you have to get a cryptocurrency like Bitcoin. Replace conventional money is the main goal of IOTA. IOTA is the 7th biggest cryptocurrency in the world. Recently IOTA demand has increased, but this situation does not continue in the future.