What is IOTA (MIOTA)?
IOTA is a first-of-its-kind cryptocurrency project designed to record and execute transactions between internet-connected devices. Whereas digital coins like Bitcoin focus on peer-to-peer transactions, IOTA concerns itself with transactions happening on a machine-to-machine level. The founders aim is to provide an infrastructure that enables seamless machine-to-machine transactions between internet-connected devices.
The need for IOTA is driven by the fast-growing network of interrelated and interconnected devices—the so-called Internet of Things (IoT) ecosystem. Here’s a more elaborate explanation.
IoT refers to a growing network of physical objects—things— embedded with sensors, software, and other technologies that enable them to exchange data and payment information with other devices over the internet.
As of 2020, billions of devices were already connected to the internet. As IoT grows, each device will generate an enormous amount of data. And the generated data will need to be exchanged and processed for various reasons. IOTA aims to become the standard mode of conducting transactions between the interconnected devices in this IoT ecosystem.
One MIOTA is 1 million IOTA and it is currently used as the unit of account. If you want to invest in IOTA, you will always buy MIOTA.
How does IOTA (MIOTA) work?
To further understand how IOTA works and what makes it unique, it helps to compare it with Bitcoin.
As you may well know, Bitcoin is built atop an underlying technology called a blockchain.
Unlike bitcoin, IOTA isn’t a blockchain. However, it’s built on a unique, proprietary platform called “Tangle.” This Tangle protocol is IOTA’s key innovation, its primary differentiation, and the feature that enables it to solve problems that can’t be solved by traditional blockchain technologies.
Blockchain-based technologies like Bitcoin have two major problems:
(a) it takes a long time to process transactions invariably slowing down the network, and
(b) you’re levied a fee for every transaction.
So if IoT transactions were to run on blockchain networks, we’d have to wait long hours for everything to process and the costs would be very high.
On the other hand, IOTA’s Tangle network is
(a) scalable, i.e., the more people use it, the faster it gets,
(b) requires no transaction fees (you send $1 to a person, the person receives $1), and
(c) really fast.
In short, IOTA is faster and more efficient than Bitcoin, which makes it great for the IoT ecosystem.
What can I do with IOTA (MIOTA)?
Unfortunately, you won’t be able to do much. But your IoT devices would probably want to hear this. (no don’t worry, your IoT devices can’t actually hear you… I hope).
So here are some of the things that you could do with IOTA (MIOTA). Your car could autonomously pay for parking, battery charging, and other services with IOTA. Also, communication services such as emails and messengers could become decentralised. In other words, it would be impossible for large corporations to store and analyse users’ data. Therefore, one’s personal data and privacy are more secure. And that’s just scratching the surface.
It’s worth noting that the IOTA Foundation—the nonprofit behind the distributed ledger—has signed agreements with big-name companies like Volkswagen and Bosch. We hope that companies of this calibre wouldn’t waste their time with IOTA if the technology weren’t promising.
Buy things with IOTA
In 2019, the banking services app, Zeux, teamed up with the IOTA Foundation to develop a system that’d enable MIOTA holders to use their tokens as payment for merchants that accept Apple Pay and Samsung Pay. Besides the merchants that accept Apple Pay and Samsung Pay, not many businesses take MIOTA as a means of payment.
Invest in IOTA
Think of MIOTA as a store of value, as with other cryptocurrencies. And given the touted use cases of IOTA, its value could grow over time. Therefore, buying MIOTA asn investment now and holding it while its value grows could prove to be a profitable decision.
How to buy IOTA in Australia?
You can buy IOTA through any digital currency exchange. All digital currency exchanges in Australia are regulated by AUSTRAC.
Chillur is an Australian digital currency exchange, registered and regulated by AUSTRAC that simplifies the process of buying IOTA in Australia.
You can buy IOTA in Australia using Chillur in two easy steps.
Step 1: Create an account
Create your Chillur account using an email address and password. You will then need to verify your identity using either your passport or drivers licence.
Step 2: Transfer funds to your account
Use your banking app or web banking to transfer funds to your Chillur account.
Once the funds settle (1-2 business days), the system will automatically buy IOTA (and 9 other cryptocurrencies).
Congratulations! You now own IOTA in your Chillur account
How do I invest in IOTA (MIOTA)?
Investing in IOTA is the process of buying IOTA today with the expectation that it will go up in value in the future.
Portfolios with IOTA have seen in upwards of 200% returns after 3 years.
You can invest in IOTA using Chillur in three easy steps.
Step 1: Create an account
Create your Chillur account using an email address and password. You will then need to verify your identity using either your passport or drivers licence.
Step 2: Buy the Chillur 10 bundle
Chillur offers bundles of cryptocurrencies. What this means is that rather than picking and choosing which cryptocurrency to buy and at what price, you are able to buy 10 cryptocurrencies in a go. Chillur handles how much and the purchase price.
Step 3: Track your investment performance
Simply login into your Chillur account and track the performance of your portfolio either through a laptop or your mobile phone.
Where do I store my IOTA?
All cryptocurrencies are stored in cryptocurrency wallets. Wallets are physical devices or mobile phone apps specially designed to either hold just one kind of cryptocurrency or store multiple cryptocurrencies. IOTA also offers its official wallet called Firefly.
Another option for storing MIOTA is leaving it in the wallet on the cryptocurrency exchange you purchased from.
What next for IOTA?
IOTA is still in its early days. It’s impossible to say, with certainty, what the future holds for it. For now, it continues to gain investor interest, thanks to its focus on the emerging IoT digital economy and partnerships with large corporations. IOTA market capitalisation between early 2020 and Sept 2021 gained over 600%, from $446 million to about $3.2 billion.
One can’t help but wonder where it’s headed next.The best way to know what the future holds for MIOTA is to get off the sidelines, be a part of it, and perhaps, invest a small amount of money. After all, you can’t connect the dots looking forward. You can only connect them looking backward.