iota

IOTA – Free Transaction Fees

Went live in 2016, the objective of the IOTA platform is to provide broad support Internet of Things. The core feature of IOTA is feeless transactions. Also, the platform acts as a data layer for the device to device communication.

Due to the no-fee transactional system, IOTA is a heaven for micro and even nano transactions.

Tangle, the distributed ledger of the platform, also a Directed Acyclic Graph (DAG), with transactions themselves acting as blocks.

The architecture of Tangle ledger is entirely different from that of a Bitcoin blockchain or Ethereum blockchain. However, the Tangle ledger profoundly follows the universal blockchain principles which address the double spending problem.

Also, the platform has recently introduced Flash channels which enable off-chain transactions making transaction confirmations instantaneous.

The currency of the platform is also IOTA coin. In some places, the Cryptocurrency is also called MIOTA or just IOT. The supply limit is  2,779,530,283,277,761 tokens, and the tokens are pre-mined when launching the platform. So, there is no miner reward model.

Mining Mechanism

Apparently, the transaction initiator has to verify two other transactions in the network with a small Proof-of-work. After that, the network accepts and verifies the new transaction. This enables the ultimate feeless model.

Wallets

Due to the unique method of transaction processing, the software client has to take care of all the transactional work. So, there are not many out of the box wallets available.

The IOTA.org provides the GUI client. Within a few days, the Source Code would be available for compiling the code for whatever platform you need. So, get ready to play with the Internet of Things.

How to get IOTA tokens?

As there is no mining reward model, you have to get the IOTA tokens from Cryptocurrency exchange. Or a friend who is willing to trade his tokens.

The recommended Cryptocurrency exchange is Bitfinex, for which the base location is Hong Kong, the planet’s financial hub.

 

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