IOTA (MIOTA) is a relatively new virtual currency in the top 10 global cryptocurrencies.
IOTA currency was created at the end of 2015 as a tool for payment on the Internet of Things (IoT)
The creators of the currency are David Sonstebo, Sergey Ivancheglo, Sergey Popov and Dominic Shiner.
IOTA is a peer-to-peer system based on transactions between users using the Coordinator. Transaction must be validated by other users, who otherwise want to confirm their transaction, to be confirmed. At the early stages of the network’s life the Coordinator participates in it ensuring an proper level of security for transactions. At the futher stages of life the network does not need a Coordinator.
IOTA MIOTA features
1. Carrying out user's transactions for free. This is possible due to the fact users confirm the transactions of other users by themselves.
2. IOTA uses the Tangle platform (tangle) with a higher transaction processing rate instead of Blockchain (block chain).
3. The currency is now being traded on only one BITFINEX exchange.
4. Today all IOTA are mined. The total is about 2.78 quadrillion.
5. Provides micropayments. In other systems micropayments become absurd due to the fact the commission exceeds the amount of the payment itself.
IOTA mining
Is it possible to make money on mining IOTA cryptocurrency? According to the IOTA cryptocurrency principle mining will not work cause IOTA mining does not exist. If we consider the possibility of mining another cryptocurrency, for example, Bitcoin, then there are users in Bitcoin who send each other currency and miners who earn money from transactions. Commission in this system is obligatory since miners are involved precisely for earnings. With the growing popularity of currency and the number of transactions the commission of the system also increases and becomes less attractive for users.
As for the IOTA cryptocurrency, in the Tangle system, which IOTA uses, users are at the same time miners. To complete one transaction you need to confirm the previous two. As a result, the commission for funds transfer is not charged for this action. This allows network to scale to gigantic sizes as well as transfer very small amounts, for example, 0.001 cent.
As a result, network makes regulations itself and confirms transactions which allows you to make it without the miners. So, there is no need for miners who would have to confirm the operations on their farms which are located throughout the world. With IOTA cryptocurrency each user becomes a miner but mines only committing another transaction. Therefore, earning on the IOTA currency by mining does not work.
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