IOTA is a crypto token specially designed and optimized for the Internet-of-Things (IoT). The IOTA development team designed a new distributed ledger architecture to support the 4th industrial revolution and machine economy, where machines trade resources and services with each other, without any third-party involvement. And what about MIOTA? What’s the difference: IOTA vs MIOTA?
In the near future, your phone and computer probably won’t be the only devices connected to the internet. Every physical device ranging from your fridge, oven, car, and even house may be interconnected via the internet. This inter-networking of equipment is called the Internet of Things (IoT)
IOTA is both a cryptocurrency and a system for instant micropayments without any commission. In this way, it is significantly different from other coins, since a transaction of 1 coin or, roughly speaking, 0.001 cents in dollar terms, is possible. What does it give? For example, with IOTA, you can ensure the fulfilment of the smallest tasks in the unified network; turning off the tap in the bathroom, sticking on a tag, or at least blowing away a speck of dust. And thanks to these features, IOTA can be integrated into the Internet of Things by performing transactions between points.
What is IOTA system?
The main innovation behind the IOTA system is Tangle, a directed acyclic graph (DAG) based ledger. In DAG-based cryptocurrencies there are no blocks. Instead, transactions are confirmed by one or more following transactions (Tangle requires two parent transactions). As a result, the structure of the network and nodes is represented by a directed graph with no directed cycles, which makes for a lighter structure that resembles a never ending tree. Consensus and validation are decided by the whole network of active participants. This makes it so that everyone has an equal say in the network regarding the transaction making process. Since it doesn’t use blocks, the ledger can transfer value without any fees. Consensus is no longer decoupled, but instead, it’s an intrinsic part of the system (unlike modern blockchains). This leads to a decentralized and self-regulated peer-to-peer network.
IOTA allows companies to explore new business-to-business models “by making every technological resource a potential service to be traded on an open market in real time, with no fees.”
IOTA is already collaborating with well-known technology enterprises like Tesla, Bosch, Volkswagen and others. You can read more about IOTA partners here. Therefore, we can expect that all new developments concerning the IoT will be working with IOTA.
What are IOTA features?
The primary role of project is to help us manage and utilize smart devices in a more effective way. It creates an “economy of things”, where we can share the computing power of our smart devices in real-time anywhere in the world.
Whereas many cryptocurrencies are considered only means of payment, the developers of IOTA made it their business to control the Internet of Things with their software. So, the refrigerator at home can check when vegetables or milk are running short and automatically order from the supermarket or online shop. The washing machine starts when there is a lot of (eco-) power in the power grid, but utilization is low. Or you operate your shutters using your smartphone when driving home. Or your car with e-wallet buys a parking ticket by itself.
What is IOTA Foundation?
The IOTA Foundation is a non-profit, open-source driven organization behind the IOTA distributed ledger technology (DLT) and other related technologies. The Foundation is headquartered in Berlin and houses academic researchers, developers, industry experts, and other engineering and business professionals working on the development and adoption of the IOTA protocol for the machine economy and the IoT industry. Apart from research and development, the Foundation also fosters the adoption of its technologies into real-world production use-cases at scale by providing an open, collaborative ecosystem where companies, startups and developers alike can innovate with the technologies and build proof-of-concepts, case studies and pilots together.
MIOTA is a unit of IOTA. It is bought directly on almost all stock exchanges, and the price of IOTA is usually quoted in MIOTA. The “M” stands for mega, so one million. Thus, 1 MIOTA is equivalent to 1,000,000 IOTA.
Don’t forget that all current exchanges trade IOTAS in the MIOTA scale. If you are sending funds from your wallet be aware of the measurement units. There is also PIOTA but realistically no one will ever have 1 PIOTA.
Confusion often arises when the IOTA is transferred from a wallet and the wallet displays the correct unit of measurement. For example, if 1 MIOTA was purchased from Bitfinex, the wallet displays 1,000,000 IOTA.
You might also see IOTA referred to in various ways, such as Mi, Ki, MIOTA, KIOTA and others. IOTA is both the name of the token and also the smallest possible unit of the token. For example, you can own 0.0000001 Bitcoin. With IOTA, the smallest unit is a single IOTA. You can never own less than 1 IOTA, unless you have zero.
IOTA uses the SI system of measurement, if you understand basic computer measures, then you know: 1 byte – 1 Kb – 1 Mb – 1Gb – 1Tb…
- IOTA – a single IOTA
- Ki, KIOTA – One thousand IOTA
- Mi, MIOTA – One million IOTA
- Gi, GIOTA – One thousand MIOTA
- Ti, TIOTA – One thousand GIOTA
- Pi, PIOTA – One thousand TIOTA
IOTA is one of the most innovative projects ever seen in the crypto world. Not a lot of information is known about certain aspects of the project, and the information that is available is highly technical. But I hope this article made clear the difference between IOTA and MIOTA, so you won’t be confused in the future.
IOTA’s unique Tangle ledger could change the IoT world as we know it. The full potential for the Tangle ledger, however, extends far beyond the IoT, and it could be used in everything from eGovernance to masked messaging. We need a solution to manage all of this smart technology. And IOTA promises to be that solution.