- Category: Smart Contract Platform
- Coin Launched: July, 2016
- Resources: White Paper
- Official Website: IOTA
- Reddit: IOTA
IOTA History / Information / Buying / Staking
Sergey Ivancheglo, Serguei Popov, David Sønstebø, and Dominik Schiener, who joined later, together co-founded IOTA. The project was announced in October 2015 through a post announcing a token sale in an online bitcoin forum. The roots of IOTA go back to the Jinn project. That project aimed to develop ternary hardware or low-cost and energy-efficient hardware, primarily general-purpose processors, for use in the IoT ecosystem. Jinn held a crowd sale for its tokens in September 2014. Approximately 100,000 tokens were sold during the crowd sale, amounting to collections of $250,000.
HOW IOTA WORKS
IOTA has proposed a different data structure termed "Tangle" to store and manage numeric representations in a unique manner. It allows IOTA to overcome Bitcoin's scalability issue by removing the topographical hurdles of using a blockchain. The tokens are pre-mined like XRP, and the transactions are validated using Tangle, a Decentralised Acyclic Graph (DAG). In simpler terms, it's a network of non-sequential nodes which allows each node to be connected to several other nodes in sort of a 'tangle’.
BENEFITS OF USING IOTA
Some of the benefits of using IOTA are:
REDUCED TRANSACTION FEES
IOTA utilizes a system wherein the rates of transaction increase exponentially as more customers start using its native platform. Also, by using a unique consensus protocol, it provides its users with reduced confirmation times.
IOTA utilizes a processing module that’s capable of becoming faster as its number of transactions and subscribers increase. Also, it’s worth mentioning that in an IOTA blockchain the time taken to execute a transaction and the process to validate it gets zeroed as soon as data gets identified.
Customers using the blockchain face one central issue: the technology proves to be expensive in terms of its computational needs and security assurance. For instance, implementing Bitcoin mining processes requires more and more computation power as time goes on. However, IOTA proves to be a great alternative here. It reduces hefty cost requirements by eradicating key areas of the traditional mining.
CAN YOU STAKE IOTA
IOTA token holders can shift their tokens from exchanges and wallets to the Firefly wallet where the holders will be able to tag their tokens for staking them. After a 7-day span the tokens will start to generate the rewards, where every IOTA token will produce 1 SMR and 0.000004 ASMB tokens every 10 seconds. The complete process will take 90 days, and in order to receive the rewards, the SMR and ASMB airdrops must reach 1,000,000 SMR and 1.0 ASMB respectively.
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