Currently, there are a lot of upcoming and developing projects in the cryptocurrency space. The majority of these projects are being designed to make transactions and various crypto activities simple and easy. One such project is IOTA (MIOTA), a distributed ledger that’s specifically designed for the IoT (Internet of Things) industry.
Therefore, if you are interested in IOTA but aren’t sure where to begin or what IOTA is about, no worries. In this article, we decode what IOTA is, its key features, how you can exchange other cryptocurrencies to MIOTA, the best IOTA wallets in existence today.
The IOTA coin, alternatively referred to as MIOTA, is IOTA’s native cryptocurrency that enables users to carry out transactions over the IOTA network. IOTA crypto appears on cryptocurrency exchanges under the MIOTA ticker. The total supply of the currency is 2,779,530,283 MIOTA coins and they’re all in circulation already.
IOTA can best be described as a scalable distributed ledger that’s created to both record and enable seamless data transfer between machines and humans in the IoT ecosystem. Unlike other cryptocurrencies that utilize blockchain technology, the IOTA network utilizes a proprietary technology referred to as the “Tangle.” Essentially, Tangle is a blockless technology. What does that mean? It means that this technology doesn’t depend on blocks, miners, or chains.
IOTA aims at solving some of the major problems that affect Bitcoin and other major blockchain-based networks. Some of these problems include:
According to the IOTA foundation, Tangle is faster and more efficient than a majority of other blockchain platforms utilized by other cryptocurrencies. Under typical blockchains, there is usually a network of independent computers/nodes that work collectively to validate transactions and secure the network. Under Tangle, however, for every new transaction, nodes confirm two previous transactions instead of a block.
As mentioned earlier, MIOTA is the native crypto of the IOTA network. Unlike other cryptocurrencies such as Bitcoin, MIOTA can’t be mined. Transactions on the Tangle network are validated via DAGs (Directed Acyclic Graphs) based on previous transactions on the ledger. Therefore, it makes MIOTA much faster and more highly scalable than traditional blockchains. Currently, MIOTA is supported by major popular exchanges such as Binance, HitBTC, eToro, Bitfinex, Huobi, Gemini, among others. Therefore, it’s pretty easy to get your hands on some of them as over $10 million worth of MIOTA gets exchanged on a daily basis.
Some of the major features of IOTA include:
This is IOTA Tangle’s most unique feature. For starters, it allows for transactions to be processed in parallel to each other. Therefore, in theory, it should be able to handle as many transactions as possible without overwhelming the network. Since every transaction is confirmed by two previous transactions, the time to confirm decreases more and more as users join the network.
IOTA is built to be a solution for micropayments. Therefore, the need for eliminating transaction fees is critical. Since Tangle’s technology doesn’t bundle transactions into blocks and mining isn’t present, the network can execute more transactions per second, all while requiring less computing power. Therefore, it allows as many micro-transactions as possible.
Bitcoin mining is notorious for high resource requirements. Entrepreneurs are forced to set up power plants just to power up their Bitcoin mining farms. However, since IOTA doesn’t use blocks or miners, it can run on any device with low computing power. Even a personal computer can be enough.
Unlike other blockchain networks with dedicated miners or validators, everyone in IOTA acts as a validator every time they send a transaction. Since every user is validating others’ transactions each time they send a transaction, there are no block rewards or transaction fees. Therefore, there is practically no need for validators to compete.
Due to its non-blockchain structure, IOTA isn’t as supported as other cryptocurrencies in existence today. However, there are enough IOTA wallets to pick and choose from. Depending on what you are looking for, there is a wallet to suit your every need.
Some of the most common IOTA wallets include:
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.