How to Buy IOTA (MIOTA)

Buy IOTA through Binance

• Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

Buy IOTA through Okex

• OKX (Chinese: 欧易), formerly known as OKEx, is a Seychelles-based cryptocurrency exchange and derivatives exchange. It was founded by Star Xu (徐明星) in 2017. OKX is owned by Ok Group, which also owns crypto exchange Okcoin. It is not available to US based investors. The company’s CEO is Jay Hao and CMO is Haider Rafique. Initially headquartered in Beijing, China, OKX is now under a blanket ban by Chinese regulators. On October 13, 2021, it issued a “Notice on Regulatory Policy in Mainland China”, announcing that it would continue its policy of “withdrawing from the Chinese mainland market” and would not establish an office or team in the region. However, according to Caixin, although the exchange officially announced that it would no longer set up an office in Mainland China, it still has a large number of R&D staff working in the region, including engineers, who continue to work for OKX in the form of third-party outsourcing companies.

Buy IOTA through Gate.io

• Gate.io is a crypto exchange founded in the fall of 2017. The platform is a part of Gate Technology Inc corporation, and has a registration address in Virginia, USA. The platform does not have an official license. Its interface is available for working in three versions: English, Chinese and Japanese.

Buy IOTA through Bitfinex

• Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc registered in the British Virgin Islands.Their customers’ money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships.Bitfinex was founded in December 2012 as a peer-to-peer Bitcoin exchange, offering digital asset trading services to users around the world. Bitfinex initially started as a P2P margin lending platform for Bitcoin and later added support for more cryptocurrencies.

Buy IOTA through Kucoin

• Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.

Step 3 – Withdraw Your IOTA

Once you decide on an exchange, open an account and buy your IOTA . Make sure to withdraw the IOTA from the exchange to your personal wallet. Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past) and always double check address before send coins because you can send the coins to wrong address .

Overview 

Who Are the Founders of IOTA?

IOTA has four co-founders, and their names are Sergey Ivancheglo, Serguei Popov, David Sønstebø and Dominik Schiener.

According to the IOTA Foundation, the initiative has rapidly grown since then — and team members are now based across more than 25 countries.

Sonstebo and Schiener are collectively co-chairmen of the board of directors, while Popov is a board member and the foundation’s director of research.

Ivancheglo resigned from the Berlin-based project back in June 2019 but continues as an unofficial advisor. At the time, he said in a statement: “I no longer believe that the IOTA Foundation is the best setting for me to realize what we set out to create back in 2014 and 2015. I have always done my best work in a less rigid environment. I am looking forward to continuing the work on both hardware and software development of IOTA independently.”

What Makes IOTA Unique?

IOTA is a unique cryptocurrency that uses a technology called the Tangle, which is different from the blockchain technology used by most other cryptocurrencies. The Tangle is a distributed ledger that is based on a directed acyclic graph (DAG) rather than a linear blockchain, which enables it to be more scalable, faster, and cheaper than traditional blockchain networks. Here are some of the key features that make IOTA unique:

1. Scalability: IOTA was designed to be highly scalable, which means it can process a large number of transactions per second. The Tangle network can handle an unlimited number of transactions, making it ideal for applications that require a high throughput.

2. Decentralization: IOTA is a decentralized cryptocurrency, meaning that it is not controlled by any single entity or organization. Instead, it is run by a network of nodes that work together to validate transactions and maintain the integrity of the network.

3. Zero transaction fees: Unlike most other cryptocurrencies, IOTA does not charge any transaction fees. This is made possible by the Tangle’s unique architecture, which allows transactions to be processed without the need for miners to verify and validate transactions.

4. IoT integration: IOTA was specifically designed to be used with the Internet of Things (IoT) devices. The Tangle’s architecture allows for microtransactions to be made between IoT devices without the need for intermediaries, enabling a more efficient and secure data transfer.

5. Quantum resistance: IOTA is designed to be resistant to quantum computing attacks, which is a potential threat to traditional blockchain networks. This is achieved through the use of a cryptographic algorithm called Winternitz One-Time Signature Scheme (W-OTS), which is resistant to quantum computing.

Overall, IOTA’s unique technology and features make it well-suited for a wide range of applications, from micropayments and supply chain management to smart cities and autonomous vehicles.

How Many IOTA (MIOTA) Coins Are There In Circulation?

MIOTA has a maximum supply of 2,779,530,283 tokens — and all of them are in circulation.

When the crowdsale was held, this digital asset was billed as a utility token that could be used for payment across its network, rather than a profit-sharing coin.

An incredibly precise 999,999,999 were sold during the 2015 crowdsale, and this generated revenue of 1,337 BTC for the foundation. Given that Bitcoin was only worth about $325 at the time, this could have resulted in a substantial windfall for the team in later years.

It is worth noting that the supply of MIOTA did increase in later years, with the team arguing that a greater level of supply would make the token suitable for the “tiny nano transactions” that we’ll likely see through IoT devices.

The IOTA Foundation launched in October 2017, and at the time, it owned approximately 5% of the tokens that are in circulation, and these were donated by the community. It said “the majority of these funds will go towards building an army of developers and researchers.”

How Is the IOTA Network Secured?

The IOTA network is secured through a consensus mechanism called the Coordinator, which was implemented in the early days of the network to help prevent double-spending attacks and other security issues. The Coordinator is a special node on the IOTA network that is responsible for issuing milestones, which are like checkpoints that help validate the transactions on the Tangle.

When a new transaction is added to the Tangle, it needs to reference two previous transactions, which helps to create a web of interlinked transactions that are all validated by other transactions. The Coordinator node helps to validate these transactions and ensure that they are properly confirmed by other nodes on the network.

In addition to the Coordinator, the IOTA network is also secured by the use of cryptographic algorithms, including a unique signature scheme called Winternitz One-Time Signature Scheme (W-OTS). This signature scheme is designed to be resistant to quantum computing attacks, which is a potential threat to traditional blockchain networks.

Moreover, IOTA uses a reputation system called the Mana system that helps to prevent Sybil attacks, which is an attack where a single entity creates multiple fake identities to take control of the network. The Mana system ensures that nodes with a higher reputation have more influence in the network and are more likely to be chosen to validate transactions.

Finally, like other cryptocurrencies, the IOTA network is also secured by the use of private and public keys, which are used to sign and verify transactions. These keys are generated by users and are not stored on the network, which helps to ensure their security.