Buy IOTA (MIOTA)
What is IOTA (MIOTA)?
IOTA is an open source cryptocurrency platform powered by a directed acyclic graph (DAG) in a distributed ledger (DLT) format. The main purpose is the safe and fast transfer of information, combined with the absence of commissions.
IOTA cryptocurrency (MIOTA ticker) is the internal currency (token) for conducting financial transactions on the platform. Created in 2017 with limited emission. In the future, their number will not increase.
History of IOTA
Several immigrants from the CIS started working on IOTA in 2015. The creators have set the maximum emission level equal to 2779530283 coins; it is impossible to create more than this amount. Also, the system does not support the mining process, so the number of coins cannot be increased in the future.
The beta test lasted for almost a year, during which time users could exchange funds outside the exchange. In 2017, the technology received an investment for the first time - the investor Outlier Ventures invested in the project an amount 7 times higher than the estimated cost. During the same period of time, the SatoshiPay payment system switched to using IOTA.
In August 2017, the project established cooperation with the large REFUNITE database containing information on missing people. REFUNITE began using IOTA technology to help resolve family conflicts.
By this time, the success of the startup was no longer in doubt, a large venture investor RobertBosch VentureCapital acquired an impressive lot of IOTA coins. In addition, the IOTA Foundation was invited to Tokyo to participate in a program to accelerate the development of blockchain technologies, along with such giants as Toyota or Sony.
In 2018, a number of users, faced with the difficulty of forming a secret phrase in a cryptocurrency wallet, turned to third-party services for this. Shortly thereafter, users using these generators began to lose money from their accounts.
Several million US dollars worth of coins were stolen. The network was also subjected to a powerful DDoS attack. According to the developers, their technology is not to blame here - users themselves did not exercise due caution and used fraudulent services.
One way or another, this story dealt a serious blow to the project and in a short period of time the project's capitalization dropped sharply. Even at the time of a new wave of growth in 2021, the token could not reach even 50% of the maximum value reached in 2018.
What are the characteristics of IOTA?
From a technical point of view, three aspects of the IOTA cryptocurrency are particularly interesting:
- Tangle. IOTA does not use blockchain in its usual sense. Instead, a DAG is used, which is called Tangle. DAG is essentially a generalization of the Blockchain protocol.
- Transactions. A device connected to the IOTA network can create a new transaction only after confirming any 2 payments. If a transaction is certified by a certain number of new random payments, then it can be considered confirmed.
- Encryption. The cryptographic signatures used in the system are not based on the elliptical method, as in most cryptocurrencies, but on Winternitz. This makes signatures much faster. The creators of IOTA have developed their own hash function called Curl. However, it was criticized for a possible vulnerability, so in August 2017 it was replaced with the new Kerl feature, where this vulnerability is missing.
IOTA gives you the opportunity to use instant channels with increased bandwidth. They are characterized as fuzzy and bidirectional. Thanks to this, the parties can exchange payments as quickly as possible, without having to wait for the usual confirmation time.
Once a channel is formed, each party pays the same amount of IOTA to an address controlled by all parties and equipped with multiple signals. When the initial deposits are confirmed, the channel does not immediately begin to interact with the system, but only after the closure. Upon completion of the transaction, the final balances of the parties are laid out in the public domain.
Advantages and Disadvantages of IOTA
The main advantages of the IOTA cryptocurrency, users, include freedom from commission fees, high speed of transactions, as well as the ability to operate microtransactions.
All of this is made possible by Tangle. It is not for nothing that in the circles of crypto enthusiasts it is even called "Blockchain 3.0", although in fact no blocks are created in it, therefore it cannot be seriously called a blockchain.
At the moment, there is a double opinion about IOTA. It can be seen that the platform has a huge potential, but so far there are no real examples of its application. Nevertheless, the project is collaborating with many economic giants, which in itself gives a point in its favor.
The main disadvantages of the platform are still associated with ensuring the proper level of security. The lack of mining leads to the probability of an attack of 51%, and the lack of a full-fledged wallet for storing coins forces you to turn to third-party services, which are not always safe. In 2019, the main goal of the project was precisely the development of a crypto-wallet for the IOTA cryptocurrency. In 2021, this wallet was introduced to the public. Other major updates were also implemented, which led to an increase in the value of IOTA.
How to buy IOTA (MIOTA)?
You can buy IOTA in the UAE on exchange platforms:
3. Huobi and others.
After registration at these sites, a wallet will be provided for storing IOTA.
The official wallet of the project was originally Trinity, but in April 2021 its support was completely discontinued. The developers have presented a new official wallet - Firefly. It was introduced as a more modern and secure wallet.
If you invest in IOTA i.e. investing in a coin for a long period of time, it is better to store it not on the exchange (this is not the safest method), but to use the official project wallet or hardware wallet that will support IOTA.
Hardware wallets provide a higher level of protection and security.
Therefore, after you buy MIOTA, it is worth transferring coins to a reliable cryptocurrency wallet, where you can safely store them for a long period of time. In this case, your invest in IOTA will be as safe as possible from theft.
How to invest in IOTA (MIOTA)?
Invest in IOTA in the UAE can be done through any exchange platform. We have indicated the list of the most popular and tested platforms earlier. After you buy MIOTA you need to transfer your coins to a secure wallet for storage.
Where to trade IOTA (MIOTA)?
Now you can not only invest in IOTA, but also speculate on short-term price changes (trading) of IOTA. This can be done both on crypto-exchanges and in brokerage companies that are familiar to many traders.
The second option is more preferable for trading. You get a number of important benefits because brokerage companies:
- They work directly with fiat money. Those. You can easily top up your account with regular money and buy IOTA in the UAE.
- Provide easy-to-trade trading platforms. You can use various types of orders, indicators, trading advisors, etc.
- Provide the opportunity to open a demo account. Many exchanges do not have this feature.
- Provide a higher level of protection. Exchanges are often subjected to hacker attacks.
- Provide better technical support, including online.
- Provide the ability to trade various types of financial instruments on one account.
- Offers cryptocurrency CFDs to clients. Thanks to this, you can not only buy IOTA, but also sell IOTA.
Security of IOTA (MIOTA) investments
Any investment carries a certain amount of risk. Obviously invest in IOTA in the UAE also carries some risk.
Here you need to understand that the project is still at the stage of development and testing. In 2021, the developers presented large-scale system updates, which are still being tested.
It is possible that in the course of further use, certain vulnerabilities will again be identified in the system, which will negatively affect the cost of IOTA. Therefore, invest in IOTA cannot be called the most secure.
Nevertheless, IOTA is still a unique product that can still achieve its original goals. In this case, the cost of IOTA can grow significantly.
As a reminder, the number of coins cannot be increased over time. Therefore, an increase in demand for coins will inevitably lead to an increase in value. This is the law of the market.
Therefore, invest in IOTA can generate good returns over time.
Can you buy IOTA?
Invest in IOTA in the UAE is available on many exchanges.
Is IOTA a good long term investment?
Despite the fact that this is no longer a new project, it still has uniqueness and potential for development and growth.
Where can I buy IOTA?
You can buy IOTA on many stock exchanges.
How do I buy IOTA with a credit card?
As a rule, exchanges do not work with fiat money. Therefore, direct buy IOTA in the UAE for dirhams will not work.
How to buy IOTA in the UAE?
You can buy IOTA on many stock exchanges.
What happened with IOTA (MIOTA)?
The capitalization of the project was seriously affected after the discovery of vulnerabilities and hacker attacks.
Why did IOTA (MIOTA) drop?
In 2018, the value of the coin dropped significantly amid news about the identification of vulnerabilities and hacker attacks.
Why did IOTA (MIOTA) rise?
In 2021, the developers presented the largest system updates, which positively influenced the cost of MIOTA.