What is IOTA in India?
IOTA is an open-source distributed ledger (cryptocurrency) focused on providing secure communications and payments between machines on the Internet of Things. Using directed acyclic graph (DAG) technology instead of the traditional blockchain, IOTA’s transactions are free regardless of the size of the transaction, confirmations times are fast, the number of transactions the system can handle simultaneously is unlimited, and the system can easily scale. Buy IOTA India with BuyBitcoin.
As the Internet-of-Things keep expanding, the need for interoperability and sharing of resources become a necessity. IOTA enables companies to explore new business-2-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees.
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History of IOTA
IOTA founded by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr Serguei Popov. The fixed supply of 2,779,530,283,277,761 Iota were created. As there is no mining, no more Iota will be created. A few months later, IOTA began open beta testing.
While beta testing continued, trading began over-the-counter between users for the next 11 months.
In May, IOTA announced a $10 million ecosystem fund to promote larger corporate collaborations, community projects, and developer acquisition initiatives. By June, IOTA was listed by its first exchange: Bitfinex Outlier Ventures, a venture capital firm, invested 7 figures into IOTA, their first direct investment into a distributed ledger technology.
SatoshiPay announced a transition from the use of bitcoin to the use of IOTA as the transaction cost of bitcoins increase. By August, the IOTA Foundation forged a partnership with REFUNITE, the world’s largest missing person database, in order to use IOTA technology to help reunite families during and after conflicts.
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Additionally, IOTA’s Flash Network (supporting extreme high speed, instantaneous nano payments) became active, ahead of Bitcoin and Ethereum’s versions. Monster Cleaning Services, a London UK based company, announced that they are accepting IOTA as a payment. Sopra Steria announced a partnership with IOTA to create a framework to optimize security between devices on the Internet of Things.
Background of IOTA
IOTA is a futuristic protocol for distributed ledger technology. It is more than just a cryptocurrency. Even as a cryptocurrency, with its zero transaction fee, unlimited scalability, the ability for nano transactions and quantum resistance, IOTA overcomes all the limitations of traditional cryptocurrencies like Bitcoin, Ethereum and Ripple. It works on a technology called DAG (Direct Acyclic Graph ) and the IOTA implementation of DAG is called ‘Tangle’.
IOTA has the potential to disrupt the entire financial, database management systems of the world by enabling micro/nano transactions in the IoT (Internet of Things) , as a facilitator in the IDoT ( Identity of Things ) , as a replacement to money in human to human transactions, in secure messaging, data storage, data security and validation.
The main innovation behind IOTA is the Tangle, a revolutionary new blockless distributed ledger which is scalable, lightweight and for the first time ever makes it possible to transfer value without any fees. Contrary to today’s Blockchains, a consensus is no-longer decoupled but instead an intrinsic part of the system, leading to decentralized and self-regulating peer-to-peer network.
In the future, IOTA will allow companies to introduce new b2b models, turning every technological resource into a potential service that will be sold on the open market in real time without any charges. Secure and authenticated communication channels between devices will be built through the Tangle.
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In the future, any physical resources connected to the network can be rented in real time: not only equipment but also computer capacities and data storage volumes. Also, Tangle opens up new opportunities for secure data transfer to eGovernance, including for electronic voting. Several companies are already conducting research in this direction.
Despite the prospects, the project has critics. In September, experts from the Massachusetts Institute of Technology (MIT) discovered weaknesses in the IOTA protection system. Although the developers did not agree with the comments, the value of the cryptocurrency fell by 15% after a long period of growth.
How to buy IOTA India directly in INR?
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