What is IOTA (IOTA)?
IOTA is a network that is specifically built for the next generation of a digital revolution, termed the Internet of Everything. Co-founded by David Sonstebo, Dominik Schiener, Dr. Serguei Popov, and Serge Ivancheglo in 2015, it has the overall aim to democratize and power the Internet of Things (IoT).
Essentially, it is designed to exchange data between machines and humans without any hindrance. Its native cryptocurrency is known as MIOTA.
What are IOATA’s key features and how does it work?
IOTA uses a unique innovation, Tangle, for confirming transactions. Tangle is a DAG, Decentralized Acyclic Graph (DAG), and works with a system of nodes. IOTA claims that Tangle is faster and more efficient than typical blockchains used in cryptocurrencies.
Tangle provides a solution to Bitcoin's scalability issue by removing the topographical hurdles of using a blockchain. Tokens are pre-mined and transactions are validated using Tangle. Simply put, it functions as a network of non-sequential nodes which allow each node to be connected to several other nodes in sort of a 'tangle’. Nodes are connected in one direction only, therefore any node cannot refer back to itself.
IOTA’s DAG mechanism works differently from that of other blockchains. On IOTA's network, transactions can be processed simultaneously due to its non-sequential architecture. This means that transactions are not bound by a queue, but can occur and be validated in any order. As more nodes are added to the network, the speed of validating transactions will only increase, and become more secure.
What is noteworthy about IOTA?
Since IOTA doesn't have a blockchain, there are no miners. Its decentralized distributed ledger works where each new transaction validates the previous two. This means that the Tangle network does not need to spend resources to verify transactions as users on the network do it for them. This both solves the scalability problem as well as results in zero transaction charges. As such, using the Tangle network does not cost anything. It does not matter if a user sends a million dollars or one cent, the recipient will receive the exact amount.
How to Buy IOTA on an Exchange
Step 1: Choose a Reputable Exchange Platform
Select a trusted platform from among many available options for purchasing IOTA. Some reputable platforms include Bybit、OKX、Binance, and others.
Step 2: Register an Account
Here, we'll register an account on the OKX (registration link) trading platform. You may need to provide personal information such as phone number and email to complete the registration process.
Step 3: Complete Identity Verification
For security purposes, some platforms may require you to complete identity verification. Follow the platform's instructions to provide necessary identity information (such as country/ID number) and undergo facial recognition. Once your identity is confirmed, you'll receive notification.
Step 4: Link Bank or Payment Method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing IOTA.
Step 5: Purchase IOTA
Find the option to buy coins on the exchange platform, choose the C2C coin purchase process, and then input the quantity of IOTA you wish to purchase. Typically, you'll choose to buy USDT first and select your preferred payment method. Simply place the order, make the payment to the seller, and you'll receive the cryptocurrency. Once payment is complete, you can use your exchange assets to buy IOTA.
Step 6: Store Your IOTA
After purchasing, you can choose to store your IOTA in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Reminder
To protect your exchange account and IOTA assets, be sure to use a strong password and enable two-factor authentication.
IOTA Price:IOTA is a distributed ledger technology (DLT) that features unique architecture and an open-source product suite for individuals, businesses, and institutions to use in Web3.The price fluctuates daily, You can go to the exchange: okx to check the price.
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