Buy IOTA (MIOTA)
What is IOTA?
IOTA is a unique cryptocurrency because it works differently to its competitors. Instead of using blockchain technology, the IOTA network uses the so-called DAG (Directed Acyclic Graph), which is ideally suited for various IoT applications (Internet of things).
IOTA aims to provide a platform for unprecedented scalability, opening up numerous opportunities in the market. According to its own statements, it is a fee-less data and value transfer protocol, which fundamentally surpasses distributed ledger technology and thus enables the secure exchange of data without fees.
In the first crowdfunding for the IOTA project, a total of 1337 Bitcoin was raised, which corresponded to an equivalent value of just under $500,000 at the time.
The main features of the IOTA network are:
Fee-less transactions: IOTA does not charge transaction fees, making it ideal for microtransactions in IoT applications where small amounts of data or value are exchanged between devices.
Scalability: The IOTA Tangle is specifically designed for high scalability, with confirmation times decreasing with the number of users participating in the network. IOTA is therefore particularly suitable for applications that require high throughput and minimal latency.
Decentralization: IOTA is designed as a decentralized network without a central controlling authority. This allows users to interact directly with each other and carry out transactions without the need for intermediaries.
Security: The IOTA Tangle uses the Markov Chain Monte Carlo (MCMC) algorithm as a consensus mechanism, which provides protection against double-spend attacks and ensures network security.
Quantum resistance: IOTA uses the Winternitz One-Time Signature Scheme (WOTS+) cryptographic algorithm, which is quantum resistant. WOTS+ protects the network from potential attacks by quantum computers, which are expected to occur more frequently in the future.
Green technology: As IOTA does not rely on mining to validate transactions, it is more energy efficient than traditional blockchain networks. As a result, it is an environmentally friendly alternative to distributed ledger technology.
Flexibility: The IOTA Tangle is a versatile platform that supports various applications and use cases, from micropayments to supply chain management.
A crypto without blockchain? Focus on IOTA's Tangle
Although it is not based on a blockchain, the IOTA network is decentralized. The IOTA network therefore works with the Tangle protocol, which works with the DAG concept, which stands for "directed acyclic graph".
This system is very similar to the current banking system, except that due to the DAG system, the transactions are not linearly connected to the nodes that confirm the transactions. This makes it extremely difficult to predict or influence the sequence in a chain.
In contrast to traditional blockchains, which rely on miners, the Tangle protocol works differently.
As there are no miners on the IOTA network Tangle, there are no fees for sending transactions. This makes it perfect for microtransactions in IoT applications where small amounts of data or values are regularly exchanged between devices. In addition, the lack of mining makes Tangle more energy-efficient than conventional blockchains.
How to buy IOTA? A step-by-step guide
Buying IOTA is very easy and secure these days.
Step 1: Sign up
Create a free Anycoin account so you can buy IOTA with PayPal.
Step 2: Deposit euros and select payment method Select e.g.
PayPal as your preferred payment method and the desired amount. This works both via the mobile app and via the desktop website.
Step 3: Buy IOTA securely with Anycoin
Buying IOTA with PayPal takes less than 2 minutes. As soon as the money has been transferred, select IOTA. Then choose how or where you want to store the IOTA and start trading.
It's that simple! The IOTA will be in your personal account within a few minutes.
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Additional information about IOTA
Can I buy IOTA with PayPal?
Yes, you can buy IOTA with PayPal at Anycoin Direct. You can also pay with iDEAL, VISA, MasterCard, SEPA, Sofort and EPS bank transfer.
The advantages of PayPal when buying IOTA
PayPal's platform is simple and fast. It is very easy to carry out transactions with just a few clicks. If you want to buy IOTA with PayPal, you don't have to enter your bank details every time. Therefore, money transfers with PayPal are completed within a few moments. Furthermore, PayPal has been around for 25 years and is one of the largest payment methods in the world. Anycoin Direct allows you to buy IOTA with PayPal.
Can I deposit my IOTA into my PayPal account?
No. It is not possible to deposit IOTA directly into your personal PayPal wallet.
Can I send IOTA to my own wallet?
Yes, when you buy IOTA you can choose to send them to your own wallet. Alternatively, you can choose to have your coins managed by us; we will then store your IOTA securely in the Anycoin Vault.
Is it safe to buy IOTA?
Yes, buying IOTA is safe with Anycoin Direct because we have advanced security techniques and are officially licensed by BaFin. Buy MIOTA securely with us with a wide range of payment options.
Is IOTA legal in Europe?
Yes, IOTA is legal in Europe. You don't have to worry about the legality of buying IOTA.
Can I buy IOTA anonymously at Anycoin Direct?
No, identification is mandatory for all our customers. We are obliged to carry out a thorough customer check. This is done according to the "Know your customer" (KYC) principle.
Can I carry out a business transaction with Anycoin Direct?
Yes, it is. All you have to do is select that it is a business account when registering and you can safely add cryptocurrencies to your crypto assets portfolio.
How can I store the IOTA coin?
On the Anycoin Direct platform, you can easily store your IOTA in the Anycoin Vault. You are the only one who has access to this vault after you have activated it in your personal dashboard. You can easily buy and store IOTA in this vault. You can also easily buy IOTA on our website and send it to your personal wallet.
Who are the founders of IOTA?
The concept of IOTA was launched in 2015 by the four founders Serguei Popov, Sergey Ivancheglo, David Sønstebø and Dominik Schiener. An Initial Coin Offering (ICO) followed in the second year. The IOTA token, also known as MIOTA, was issued, enabling the team to secure its first funding. The following year, 2016, IOTA introduced the Tangle protocol, which was to serve as a replacement for the blockchain. Several more followed and the network received increasing attention from large companies. In the following years, many improvements to the network followed, including scalability and security.
How does DAG work in the IOTA network Tangle?
The technology behind IOTA runs on the Tangle, a data structure based on DAG technology, which was developed specifically for IOTA. This DAG data structure becomes even more complex with each additional node and each additional transaction, which benefits the security of the network.
In other words: no individual links in a kind of chain (blockchain), but a kind of network of nodes that are connected to each other and develop in a certain direction instead of going in circles. Incidentally, this is also what the "acyclic" in DAG stands for.
All nodes in the IOTA ecosystem contain transaction data, and the consensus is integrated into the system, which is why no miners or external validators are required, as it would be the case with PoW.
To form a consensus, Tangle requires each participant to confirm two other transactions in order to confirm their own transaction. This gives us a fully decentralized and self-regulating peer-to-peer network.
This consensus mechanism allows IOTA to remain fee-less forever, regardless of the size of the network. The elimination of miners means that no one has to be paid directly on the network anymore. Instead, each user pays with a tiny fraction of their computing power to confirm two other transactions.
This mechanism works because every transaction is confirmed, and these confirmed transactions in turn receive confirmations themselves. As a result, the weight of the transactions increases. And the greater this weight, the more reliable and unalterably secure each transaction becomes.
Use cases of the IOTA network
The unique architecture and features of the IOTA network offer numerous use cases in the real world. Here are the best examples to illustrate them:
Internet of Things (IoT = Internet of Things; Web 3.0 (not Web3))
Originally also developed for the IoT ecosystem, IOTA provides a secure and efficient platform for connected devices. Its fee-less transactions and scalability are ideal for microtransactions between IoT devices, facilitating data transfer, payments between devices and supply chain managementeHealth (digital healthcare)
Medical records are becoming increasingly digitized. IOTA is already helping doctors to provide better, faster and more effective patient care. Research initiatives are also underway.
Data protection plays an overriding role here and the IOTA Foundation is aware of its data integrity and promotes itself accordingly. Incidentally, IOTA also uses its IOTA Masked Authenticated Messaging, a signature based on the Merkle tree, which allows encrypted data to be sent and received via Tangle.
Cars and mobility
Not only could IoT be used to pay for things like tolls, parking, charging stations and other services without lifting a finger. You could also receive payments for the sale of data (for car manufacturers etc.), or for ridesharing or deliveries. Jaguar has already entered into a partnership with IOTA.Supply chains and production
The IOTA platform can help at all stages of manufacturing and the supply chain, as it can provide unalterable documentation at every point to ensure the authenticity of goods. This can keep the supply chain moving and save time and money.
For example, you could look at the supermarket steak and see how often which feed, which medicine, etc. was given to the cow that ended up on my plate. This and other data can be recorded and stored, giving manufacturers, retailers and consumers more confidence in the products.Smart energy
We have already seen the first approaches to decentralizing the power grid. A system could be set up here where you could intelligently sell your solar power to the grid operator/electricity provider when you have just a few watts left over.
Partnerships of IOTA
Over the years, the IOTA Foundation has built up an impressive list of partners, with more joining all the time. At the time of writing, there were 748 individual companies with an interest, of which "only" 123 have become official partners, 177 are cooperating, 85 are participating in the data marketplace and 93 have developed one or more IOTA-based proof-of-concepts. We have summarized the largest ones here.
Object Management Group: Integrates IOTA to develop and standardize protocols for distributed ledger technology.
Trade Mark East Africa: Uses IOTA to improve transparency and efficiency in trade logistics and supply chain management.
European Commission: Evaluates IOTA for potential applications in EU-wide digital identity and data management systems
The Linux Foundation: Works with IOTA to promote open source blockchain and distributed ledger technologies.
Jaguar Land Rover: Implements IOTA to enable smart car functions such as data exchange and micropayments.
Servrox Solutions: Uses IOTA to develop secure and efficient IoT solutions for various industries.
Dell Technologies: Uses IOTA to develop decentralized data exchange and verification systems.
ClimateCHECK: Uses IOTA to improve the accuracy and reliability of environmental data tracking and reporting.
Tangleweb: Uses IOTA to develop decentralized applications and platforms.
Soonaverse: Uses IOTA to create decentralized autonomous organizations (DAOs) and community-driven projects.
Filancore: Uses IOTA for secure and decentralized identity management solutions.
Akkodis: Integrates IOTA into engineering and IT services to optimize industrial and digital transformation processes.
EDAG: Uses IOTA in automotive technology for secure data communication and mobility solutions.
Zebra: Implements IOTA to improve supply chain transparency and efficiency with blockchain technology
Smart contracts on IOTA
The IOTA Protocol for Smart Contracts (ISCP) enables scalable and fee-less transactions by utilizing the Tangle structure, a directed acyclic graph (DAG), which is more efficient than traditional blockchain technologies. This protocol supports the creation, deployment and execution of smart contracts in a decentralized manner without the need for a central intermediary. The key features are:
Scalability and fee-less transactions: IOTA smart contracts are designed to work without fees, making them cost-effective for enterprise applications and real-world use cases.
Security and flexibility: Transactions are validated by a distributed committee of nodes using zero-knowledge proofs to ensure security and prevent tampering while maintaining privacy.
Off-chain execution: Contracts are executed off-chain, with the results recorded on the Tangle, increasing scalability and efficiency.
Interoperability: The protocol supports interoperability with other blockchain ecosystems and enables decentralized applications (dApps) and decentralized exchanges (DEXs) with functions such as Automated Market Making (AMM).
Experimental EVM support: The beta version includes support for the Ethereum Virtual Machine (EVM), which allows developers to use Solidity for smart contracts and thus integrate IOTA into the broader Ethereum ecosystem.
Developer toolset: The release includes a robust toolset for smart contract development, including a schema tool for boilerplate code automation, Rust and Go environments (TinyGo), and tools for testing and deployment.
These advances make IOTA smart contracts a versatile and powerful option for developers looking to create decentralized applications and services.
Roadmap IOTA
Chrysalis protocol upgrade (IOTA) - 28.04.2021
A complete overhaul of the IOTA protocol and node software with significantly improved stability, throughput and user-friendliness.
Firefly Desktop - 28.04.2021
A native desktop application for managing IOTA assets with software and hardware wallet support. Earn staking rewards and participate in governance voting.
Firefly Mobile - (pending)
A lightweight mobile wallet for sending and receiving IOTA assets on the go. Highly secure and easy to use, with mobile-specific features.
IOTA 2.0 Devnet - 02.06.2020
A test environment for IOTA 2.0 (informally known as Coordicide). A fully functional and constantly evolving testnet for testing and finalizing the IOTA 2.0 protocol running on the GoShimmer node software.
Plugin-based node software - 28.09.2020
The node software (Hornet) has been redesigned so that optional non-core tasks, such as indexing, are delegated to a plugin system. IOTA node extension plugins (INX) provide more flexibility in node setup and a lighter core.
Shimmer Network launch - 12.2021
Shimmer is the staging network for IOTA. All new functions are first implemented and tested on Shimmer before they are later ported to IOTA.
Update of the Stardust protocol (Shimmer) - 28.09.2022
The biggest utility upgrade in IOTA's history, implemented for the first time with the launch of the Shimmer network. It brings Layer 1 native tokens and NFTs, smart contract chain anchoring, storage repositories, improved microtransactions and more.
Stardust protocol upgrade (Shimmer) - 28.09.2022
The biggest utility upgrade in IOTA's history, first introduced with the launch of the Shimmer network. It brings Layer 1 native tokens and NFTs, smart contract chain anchoring, storage repositories, improved microtransactions and more.
ShimmerEVM-Chain - 12.2022
The first IOTA smart contract chain anchored in the Shimmer tangle. A hotbed for community innovation around Defi, P2E games and much more.
Stardust protocol upgrade (IOTA) - Q1 2023
The biggest utility upgrade in IOTA's history will first be implemented on Shimmer before being ported to IOTA later. It brings Layer 1 native tokens and NFTs, smart contract chain anchoring, storage repositories, improved microtransactions and more.
Announcements:
Seamless protocol upgrades
A new system for node software updates that eliminates downtime during protocol upgrades.
IOTA 2.0 protocol upgrade
IOTA 2.0 will be gradually implemented and tested until a point is reached where IOTA no longer needs to rely on the coordinator to protect the network.
Scalability
The aim is to scale the layer 1 of IOTA (Tangle). To this end, the introduction of so-called sharding is currently underway.
What can you do with the IOTA (MIOTA) coin?
As with most cryptocurrencies, the IOTA coin can be used to make transactions. IOTA works with the Tangle protocol to make transactions fast, scalable and secure. IOTA can also be used to make payments for the Internet of Things (IoT). This enables IoT devices to exchange value with each other.
IOTA coins also allow administrators to create dApps on the IOTA network. And IOTA holders can participate in the network by validating transactions through strikes.
In addition to IOTA, there is also MIOTA, which stands for one million IOTA. The network chose this name because IOTA can only be stored per coin and not part of the coin like Bitcoin. So make no mistake, MIOTA stands for 1,000,000 IOTA.
Technical data on IOTA
Ticker symbol: MIOTA (Mega-IOTA = One million IOTA, like Satoshi's or Wei's)
Founders: David Sønstebø, Sergey Ivancheglo, Dominik Schiener, Dr. Serguei Popov
Date of publication: June 11, 2016
Consensus mechanism: Tangle
Hashing algorithm: Curl-P-27, Kerl (with plans for SHA-3)
Maximum offer: 2,779,530,283 MIOTA
Circulating supply: 2,779,530,283 MIOTA
Average confirmation time: 10 seconds
Smart contracts: Yes (via IOTA Smart Contracts Beta)
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