Like most of the digital currencies, the team that developed IOTA cryptocurrency wished to make a sort of transaction system that would enable a faster, more secure and economical process to take place.
But, IOTA had more in its mind and didn’t want to be limited to being known just as a financial service provider. It also wanted to allow the data movement from one machine to the other.
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A Brief Introduction to IOTA
IOTA stands for Internet of Things Application referring to the complete individual project. The real name of the coin is MIOTA, that is often referred to as the IOTA coin. The overall project is aimed at making a better connection between machines and not simply making a transaction system.
If IOTA is successful, then there will be a connection among every device. Simply imagine the implications of every device on the electric grid getting connected and being able to create a communicate among themselves. Collection of all commands and instructions can be stored and analyzed more efficiently.
So, Who Are The People Behind this Creative Idea?
Dr. Serguei Popov, Dominik Schiener, Sergey Ivancheglo, and David Sonstebo are the founders of IOTA cryptocurrency. They launched IOTA in 2015 with a certain supply of IOTA coins. It was established with the aim of making the transactions taking place in the IoT system more effective and easy.
In some time, a beta model of the system was launched which continued throughout 2016. The team of founders has been raising funds using ICO and has received bitcoins worth $434000.
In June 2017, IOTA got listed in the first exchange Bitfinex. Bitfinex invested a seven-figure amount directly in IOTA. By August in the same year, they joined hands with REFUNITE and Sopra Steria aiming to form partnerships. Not only this, their Flash Network got activated which allowed all-fast nano payments.
Finally, in November 2018, LATTICE80, a Singapore-based firm, made an agreement for opening an IOTA Lab for the IoT. Since the capitalization IOTA, the digital asset has reached amounts as high as $14 billion.
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The Growth of IOTA Coin
With all that, this project literally caught the attention of some reputable corporations as well as scientific organizations, which helped this project in the growth of the IOTA coin.
Yes, it is true that the project isn’t solely centred-around the cryptocurrency market, but with its advancement, IOTA can surely be a good competitor for the current rulers of the cryptosphere.
As a project that’s aimed at making the machines even more communicative, the IOTA founders have recently begun to work on smart city technology all across the world. Their technology will create a sort of systems in the cities where palm reading will be linked to digital identities of people, making devices even more secure and accessible.
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