MIOTA: Comprehensive Guide to IOTA Cryptocurrency and Its Impact on the Internet of Things (IoT)

MIOTA: Everything You Need to Know

MIOTA is the official token of the IOTA platform, a cryptocurrency that aims to facilitate instant and feeless transactions between devices on the Internet of Things (IoT). IoT is the network of smart devices that can communicate and exchange data with each other, such as sensors, wearables, vehicles, appliances, and more. According to some estimates, there could be more than 20 billion IoT devices by 20241, creating a huge demand for a scalable and efficient platform to enable machine-to-machine transactions.

Unlike traditional cryptocurrencies that use blockchain technology, MIOTA does not rely on blocks, chains, or miners. Instead, it uses a novel distributed ledger called Tangle, which is based on a mathematical concept known as Directed Acyclic Graph (DAG). In Tangle, each transaction is linked to two previous transactions, forming a web-like structure. To make a transaction, a user has to validate two other transactions first, thus contributing to the network’s security and consensus. This eliminates the need for fees, as there are no miners to reward or incentivize. It also allows for high scalability, as more transactions can be processed in parallel without creating congestion or delays.

How does it work?

To use MIOTA, users need to have a compatible wallet that can interact with the Tangle network. There are several options available, such as Trinity, Firefly, or Ledger Nano S. Users can send and receive MIOTA tokens by entering the recipient’s address and the amount they want to transfer. The wallet will then automatically select two unconfirmed transactions from the Tangle and validate them using a proof-of-work algorithm. This process is usually fast and consumes minimal resources, as the proof-of-work difficulty is low. Once the validation is done, the transaction is broadcasted to the network and attached to the Tangle. The transaction is considered confirmed when it receives enough validations from other users.

One of the unique features of MIOTA is that it can also transfer data in addition to value. This means that users can send messages, images, videos, or any other type of information through the Tangle network, without compromising their privacy or security. This opens up many possibilities for IoT applications, such as data sharing, remote control, smart contracts, digital identity, and more.

Who is the team behind it?

MIOTA was created by four co-founders: Sergey Ivancheglo, Serguei Popov, David Sønstebø, and Dominik Schiener. They launched the project in 2015 under the name Jinn, and later rebranded it as IOTA in 2016. The project is supported by the IOTA Foundation, a non-profit organization based in Berlin, Germany. The foundation’s mission is to promote and develop the IOTA platform and ecosystem, as well as to foster collaboration with other partners and stakeholders in the IoT field.

The IOTA Foundation has a diverse and talented team of developers, researchers, engineers, designers, advisors, and partners from various backgrounds and disciplines. Some of the notable names include:

Serguei Popov: A mathematician and professor at the University of Campinas in Brazil. He is one of the co-founders of IOTA and the director of research at the IOTA Foundation. He is also the author of the original whitepaper that describes the Tangle protocol.

Dominik Schiener: An entrepreneur and blockchain enthusiast. He is one of the co-founders of IOTA and the co-chairman of the board of directors at the IOTA Foundation. He is also involved in several initiatives and projects related to IoT, such as +CityxChange, EIT Climate KIC, and Gaia-X.

Hans Moog: A software engineer and developer at the IOTA Foundation. He is responsible for leading the development of IOTA 2.0, also known as Coordicide, which is an upgrade that aims to remove the centralized coordinator node from the network and achieve full decentralization.

Julie Maupin: A lawyer and academic with expertise in international law, human rights, and digital governance. She is the director of social impact and public regulatory affairs at the IOTA Foundation. She is also a board member of several organizations related to digital innovation and policy, such as INATBA, ID2020, and Fintech Advisory Board of the German Ministry of Finance.

What are its use cases?

MIOTA has many potential use cases in various sectors and industries that can benefit from IoT solutions. Some of them are:

Smart cities: MIOTA can enable smart city applications that can improve urban planning, mobility, energy efficiency, waste management, security, and more. For example, MIOTA can be used to create a peer-to-peer energy market where users can trade excess solar power with each other, or to enable smart parking where users can pay for parking spaces with MIOTA tokens.

Supply chain: MIOTA can enhance supply chain management by providing real-time data and tracking of goods and assets, as well as ensuring their authenticity and quality. For example, MIOTA can be used to monitor the temperature and humidity of perishable goods during transportation, or to verify the origin and certification of products using digital identity.

Healthcare: MIOTA can improve healthcare delivery and outcomes by facilitating data sharing, remote monitoring, telemedicine, and personalized medicine. For example, MIOTA can be used to securely store and transmit patient records and medical images, or to enable wearable devices that can monitor vital signs and alert doctors in case of emergencies.

Automotive: MIOTA can enable new mobility services and business models for the automotive industry, such as autonomous driving, car sharing, smart charging, and vehicle-to-everything (V2X) communication. For example, MIOTA can be used to pay for tolls, parking, or charging stations with MIOTA tokens, or to enable cars to communicate with each other and the infrastructure to avoid collisions and optimize traffic flow.

These are just some of the examples of how MIOTA can be used to power the IoT economy. As the technology evolves and more devices become connected, the possibilities are endless.