IOTA (MIOTA) Price 2020
The current price of IOTA fluctuates around $0.157626; the total market capitalization is $438,125,211, which makes MIOTA one of the 23 most popular digital currencies as of December 2019. The circulating supply is 2,779,530,283 MIOTA. The daily trading volume is around $2,986,659.
The all-time high of IOTA, $5.69, was reached in December 2017. The estimated ROI (return on investment) of MIOTA is > 9000%, which means that $100 worth of MIOTA bought at the time of the IOTA launch would yield more than $9000 today.
In autumn 2017, the IOTA representatives announced a plan for the development of special processors for IoT that would process several thousand operations simultaneously. Microsoft got interested in this project, and by December 2017, the two companies signed a cooperation agreement. In one day, the price of MIOTA increased by 44% and reached its historical maximum. Since then, the price dynamics of MIOTA have pretty much followed the general crypto-market behavior.
The massive development of the “Internet of things” is expected in the next few years, and so is the need for technical solutions for the IoT. So far, IOTA has presented a fast and secure solution for online transactions; the team is currently working on the development of dedicated IOTA microprocessors. To illustrate the success of the project, the IOTA Foundation has already settled agreements with prominent companies (Bosch and Volkswagen) to extend the platform’s utility.
IOTA is the most popular IoT-related project in the industry (apart from Vechain, the market capitalization of its competitors – Waltonchain, and IoT Chain – do not even come close).
The price of MIOTA is thus extremely likely to grow proportional to the rate of adoption of its technology; according to WalletInvestor, a gradual increase in its price up to $2.232 is possible by 2025.
What is IOTA (MIOTA)
IOTA is a distributed ledger optimized to record and execute transactions between machines and devices in a dedicated IoT (Internet of Things) ecosystem. The project was conceived in 2015 by a multinational group called The IOTA Foundation. To account for transactions within the network, the ledger uses an internal cryptocurrency called MIOTA.
The ultimate goal of IOTA is to support the Fourth Industrial Revolution and machine economy – a concept according to which machine trade services and resources without third party involvement. The Internet of Things is a new technological paradigm, an interconnected network of computing devices involved in everyday life (such as fridges, cars, ovens, and maybe even houses) through the Internet. The IoT market is expected to reach $267 billion and consist of 30 million interconnected devices by 2020.
IOTA does not use a blockchain; instead, the system is a directed acyclic graph structure. A simple analogy: if a blockchain is a linear sequence of blocks (chain), and any branches from it become forks, then Tangle is a branched system that is continually evolving in various directions. IOTA is written in ternary rather than binary code.
The uniqueness of IOTA is in the quantum-secure protocol called Tangle – a system of nodes used to confirm transactions. According to IOTA representatives, Tangle is more efficient and faster than conventional cryptocurrency blockchains. Since there are no blocks, no mining is involved, which also means no transaction fees. There is also no defined limit on the number of transactions that can be confirmed in a second, hence the (in principle) unprecedented speed. Instead, IOTA works in such a way that the throughput grows together with the activity in the network: the more activity, the faster the system.
To summarize, some of the remarkable features of IOTA are:
- Activity-dependent scalability: the more transactions there are, the faster they are confirmed. Currently, the average confirmation time is around 3 minutes;
- Zero-fee transactions – thanks to the quantum-proof Tangle protocol;
- Quantum immunity – a special cryptographic feature called Winternitz signatures makes IOTA immune to the next generation of computers.
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