What is IOTA (MIOTA) Token? How To Buy MIOTA In India?

What is IOTA Token?

With the evolution of technology, payment systems have also transformed to a large extent. If your device is connected to the internet, then it can communicate with any other device and carry out any action. Moreover, the IoT, or the Internet of Things has become a vital part of one’s life. IOTA is one such platform that specializes in handling payments between physical IoT devices. 

The IoT devices which are connected to the internet often face challenges while facilitating transactions and payments. IOTA is designed to empower micro-transactions among these devices. It also helps investors and companies to monetize data feeds from IoT. The platform is powered by its native token MIOTA to carry out transactions on the network. It is also used to reward the network participants. 

Who Are the Founders of IOTA?

The platform was founded by Dominik Schiener who is also the chairman of the IOTA foundation. The other founders of the platform are Sergey Ivancheglo, Serguei Popov, and David Sonstebo. The main aim of the foundation is to support the research and development of new distributed ledger technologies which include Iota Tangle. 

The IOTA token sale took place from November 24, 2015, to December 21, 2015. The token was first listed on Bitfiniex, one of the largest crypto exchanges on June 13, 2017  

How Does IOTA Work?

IOTA is built on a distributed ledger technology but is not similar to the blockchain on which the top cryptos like Bitcoin or Ethereum work. The platform uses tangle which is a consensus algorithm that requires the users to validate their transactions to complete the transactions. Tangle uses Direct Acyclic Graph (DAG) algorithm which has no miners or validators and no block or transaction fees. 

The DAG is designed to make the platform more scalable and cost-effective by enabling zero fees, and lower computing costs with the ability to connect to other devices. 

What Makes IOTA Unique-Uses Cases?

• Faster Transactions with zero Fees:

As mentioned earlier, there are no miners or validators involved to pay the transaction fees. The platform can handle up to 1,000 transactions per second 

• Energy Efficient

The platform is designed to accommodate IoT devices like sensors that operate in a low-energy environment. 

• Highly adaptable

Large institutions use IOTA for other use cases to build an open-source framework allowing access to control systems.

• Future Projections

The platform is working hard to keep up the decentralized feature and hence bought up IOTA 2.0

IOTA Price Analysis

Source: TradingView

• The IOTA price has been trading within a descending parallel channel for a long time
• The price raised high to test the upper resistance but faced rejections each time that compelled the price to hit the lower support
• However, the token has sparked a rebound from the average bands and hence is believed to head towards the upper resistance
• Besides, the RSI also displays a bullish divergence due to which the token may maintain a fine upswing to rise high.

How to Buy IOTA in India?

To buy IOTA token in India, just follow the below-mentioned steps:

• Download the CoinDCX App on your Smartphone
• Enter the details required for registration
• Complete KYC
• After your profile is verified, fund your wallet and buy a IOTA token.