Another crypto project, another guide. This time we tell you about IOTA and how it will change the "Internet of things", where to buy it and what problems it can solve.
IOTA is a transaction protocol system for IoT (Internet of Things). It is estimated that in the next 10 years more than 50 billion devices will be connected to the network. Considering this, IOTA offers a method for conducting microtransactions between these devices. The purpose of this project is to implement micropayments in real time, without commissions and on the free market.
Tangle. The Ledger of Things
The basis of IOTA is the Ledger of Things, which allows participants to carry out transactions with zero fees. The ledger is scalable and has a simple architecture, so it can transfer the required amount of data and carry out transactions without commission. The Tangle lacks blocks, and it operates as a self-regulating decentralized peer-to-peer network.
The main advantage of IOTA is that it makes it easy to carry out microtransactions, since commissions usually make small money transfers too expensive. It solves a lot of problems and opens up new business opportunities.
By using the Tangle ledger, IOTA enables a secure data transfer from one device to another. Since the data is transmitted only between authorized participants, the process is completely safe and cannot be hacked.
In addition, IOTA can be used as an e-government system, in particular, during the elections. Unlike regular bulletins with which you can arrange various frauds, e-voting through the IOTA Tangle ledger will allow you to accurately record and count each vote.
Another problem is the issue of secure message exchange. Through the IOTA core module, you can transfer data using fully authenticated and encrypted channels.
Also IOTA offers an innovative service with the ability to rent almost all devices with a built-in chip. For example, household appliances, tools, computing power, broadband Wi-Fi, etc. can be leased out.
Thanks to all these revolutionary ideas, IOTA stands apart from other cryptocurrencies, as it offers a ready-made solution for making micropayments without commissions between devices connected to the network.
IOTA is a comparatively novel project, and it does not yet have convenient user wallets, so most people generate accounts for IOTA on stock exchanges, but we recommend to get yourself a desktop or paper wallet for safe storage.
To store IOTA cryptocurrency, it's easiest to download and install the client program IOTA GUI. There are versions for Windows, Mac and Linux. When installing the wallet, select the option "light node" and the host. Then create a seed of 81 characters: all letters must be typed in upper case and use the number 9. Store this password in a safe place.
Use this link to find some instructions and comments from Reddit users on how to install such a wallet.
It is currently in the testing phase. Since the project is completely new, this is not surprising.
IOTA offers mobile wallets for Android and iOS operating systems, but so far only in beta versions. When you download the version for Android you are warned that the developers do not bear any responsibility for possible problems, so keep in mind that you do it at your own risk.
As for iOS, it is functioning normally, but it's not worth storing a lot of cryptocurrency in it, because there was not yet an official release.
For the IOTA paper wallet you also need a password of 81 characters in upper case using the number 9, as for the desktop wallet. Having created a paper wallet, print it out and store your cryptocurrency there.
Check another paper wallet, which is very easy to use, because it creates a password for IOTA and encrypts it with the words. You just need to navigate the screen, get a random password and print it.
Where to buy IOTA?
To withdraw IOTA coins from the exchange, use the services of a paper wallet, since this is the simplest way to store cryptocoins for long term. Tech-savvy users can install a desktop wallet. We advise not to use mobile and web wallets, which are still in beta.
IOTA is a grandiose project that should revolutionize the "Internet of things", enabling all devices connected to the network to perform microtransactions without commission. This communication protocol works without failures, and it is obvious that IOTA has a bright future ahead. Since the project is only at the beginning of its path, you can still successfully invest in this cryptocurrency, the rate of which has not yet reached its peak.