IOTA [MIOTA] Cryptocurrency Market Status

IOTA [MIOTA] Cryptocurrency Market Status

 IOTA is the first open-source distributed ledger that is built to power the future of the Internet with microtransactions and data integrity for machines. IOTA has been designed for a new economy. The digital asset of IOTA is called [MIOTA].

When the token and technology was created the developers of IOTA had the aim to supply “Internet of Things (IoT)” which basically means a physical device’s network with reliable, useful and cheap economic conditions. IOTA was aimed to ensure and secure data transmission between the devices in the “Internet of Things”. Here data transmission basically means payment data.  built to pow

IOTA [MIOTA] crypto-token has become one of the most popular altcoins in recent months. IOTA was launched in 2015. The absence of fees while transferring funds between different devices is the main advantage of the payments performed on the IOTA cryptocurrency platform.

Iota is the smallest unit of calculation in the IOTA system. The multiplying units are applied to operate with IOTA. 1000 IOTA are called a kiloIOTA. 1,000,000 Iotas are called a megaIOTA or MIOTA. MIOTA is the most frequently used calculation unit.

IOTA [MIOTA] is currently ranked 12th according to the reports of coin market cap in the spreadsheet of pricing. Currently, IOTA has a market capitalization of $1.3 Billion. This when converted to bitcoins is 214,707 BTC. As of 5th November IOTA is priced at $0.499104. This value in bitcoins is approximately 0.00007725 BTC.

The volume of the cryptocurrency transacted in the last 24 hours has been worth $12,101,193. This is equal to 1,873 BTC. The circulating supply has been 2.7 Billion MIOTA. An increase in price by 0.75% has been marked in the last one hour (recorded at 10 am). A consequent increase in price by 4.87% has been recorded in the last 24 hours. If we talk about the record of the last seven days there has been an increase in the price by 5.06% which has been a good percentage increase.

The exchange of the payment data is performed through Flash Channels which are highly specialized. These are the channels through which mutual transaction accounting takes place. This advanced technology helps to shorten the time necessary for transaction confirmation, summarizing the financial data of millions of transactions.

Noticeably, the balances are sent to the common IOTA network. Experts have predicted that the IoT will have a huge growth sector. Google’s acquisition of smart home automation company Nest for $3.2 billion in 2014, also IBM’s $200 million investment in the Watson IoT are evidence of this.

IOTA is still being developed and consolidating after a year of rapid success and growth in 2017. Hence there is plenty of potential in the IOTA as reported by the cryptocurrency traders. 

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