While everyone has been laser-focused on the recent impressive gains coming from Bitcoin (BTC), Litecoin (LTC) and Ripple (XRP), another top-ten cryptocurrency has been quietly soaring in the background – IOTA (MIOTA). Just in the past month alone, IOTA has jumped 479 percent higher.
At the end of November, units of IOTA were trading at $1.29. At the time of writing, it’s now sitting comfortably at $5.24.
This somewhat complex cryptocurrency has certainly been catching the attention of a lot of investors, as its currently the sixth-largest coin when it comes to market value – but even a lot of IOTA holders still aren’t fully sure exactly what the technology is.
What is IOTA (MIOTA) Anyway?
This cryptocurrency was developed with the eventual hope of becoming the standardized ledger for the Internet of Things – frequently referred to as simply IoT. The IoT, if you aren’t aware yet, is the vast network of devices and objects that are connected to the internet. From refrigerators to medical devices, there are consumer electronics all over the world wirelessly “talking” to one another. That’s the IoT.
What does the IoT have to do with ledger technology and cryptocurrencies? Well, it all has to do with machine-to-machine (m2m) transactions. In the not-too-distant future, your devices will be buying and selling amongst themselves.
If that’s not fascinating enough, IOTA (MIOTA) cannot be mined. It is completely decentralized and there are no blocks, no fees, and anyone who wants to participate can trade with absolutely no cost. By taking miners and middlemen from the equation, IOTA can be bought and sold at lightning-fast speeds.
There are a number of exchanges where IOTA can be purchased using Bitcoin (BTC) or Ether (ETH).
The author of this article owns none of the assets mentioned above.