Last updated on November 11th, 2017 at 11:52 am
The word IOTA originated from the words “internet of things (IOT)” with the rise of cryptocurrencies and Internet-enabled devices, it was created so that microtransactions can be made by means of easy transfer among these devices.
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What is IOTA
Simply put, it is a digital currency with a twist. Some people see it is a revolutionary technology that seeks to overcome the disadvantages of other digital; currency platforms particularly blockchain mining and transaction fees. So, instead of using a blockchain, IOTA uses decentralized, self-regulating and peer-to-peer network ledger called “the Tangle.” In other words, there is no mining. The ledger is built to scale and makes it possible for micropayments to be made. It is a technology that processes micro that processes microtransactions with no fees, making it very attractive. It does not need miners to function because of its self-maintaining ability. It is also highly secure because data transferred through the tangle are shared between authenticated devices only.
Possible uses of IOTA
Through the ledger, IOTA can be used:
It can be used as an e-governance system of voting by safely recording and tallying votes accurately and without tampering.
It can be used as a profitable way of leasing anything, e.g., appliances, Wi-Fi bandwidth, drones or tools with a chip in it as long as they are interconnected.
To securely send messages
It offers data exchanged in an encrypted and fully authenticated manner.
How to buy IOTA
Get a wallet
There are 3 wallet options:
This is available for Windows, Linux, and Mac. Basically, you download and install the IOTA GUI client from IOTA to set up this wallet. It requires 81 characters with uppercase letters and number “9” to be generated.
This is a new project that is undergoing testing, and so it is not yet available.
This has not officially been released yet but it is functionally available for both Android and IOS in beta. The Android version has a disclaimer to use it at your own risk.
This requires 81 characters with uppercase letters and number “9” to be generated after which you can print it out and send IOTA to it. You should store your paper wallet in a safe place.
Find an IOTA exchange
After getting an IOTA wallet the next step is to find an exchange. The most popular exchange is Bitfinex, and you can purchase the one with bitcoin, Ethereum or US dollars. Other exchanges are Finance, Bit520, and the IOTA exchange.
Fund your wallet
After deciding on what IOTA exchange to use, you can then purchase the one you want and fund your wallet. This is when you would have concluded the entire process.
Because the IOTA is still in its very early stage, there are certain difficulties that you may face as regards to its purchase and storage.
Related: A BEGINNER’S GUIDE ON HOW TO BUY NEO