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What is IOTA? Read MIOTA in one article
IOTA (Internet of Things Application) is a blockchain dedicated to supporting machine-to-machine payments in the Internet of Things (IoT) economy. IOTA enables all computing devices embedded in home, enterprise and factory machines to communicate, send data and conduct zero-fee transactions.
For example, people can order drinking water through a drone connected to the Decentralization water delivery team; vehicles on the highway can interact.
IOTA makes these activities possible. IOTA has unique selling points in the fields of internet of things and Crypto Assets because it has developed a unique Consensus method directly through blockchain.
This article will delve into the basic concepts, working principles, native Token MIOTA, and market trends of IOTA.
IOTA Ecosystem
In order to establish and maintain a leading network reputation, allowing users' digital assets to be securely stored in this digital world, the IOTA Foundation has built a complete ecosystem, with partnerships established in both the private and public sectors as well as the academic community. Specifically, the IOTA ecosystem consists of the following parts:
IOTA Tangle system and its working principle
IOTA Tangle is an innovation in Distributed Ledger technology, which works differently from traditional Blockchain technology. It is a system developed specifically for the internet of things. Unlike Cryptocurrencies like BTC that require transaction fees in the Blockchain, transactions in IOTA are free because there are no Miners in the Tangle system.
In a traditional block chain, blocks are linked together through cryptographic technology to maintain the ledger history. The network of Decentralization computers that mine new Blocks and validate on-chain transactions is called Node. The dedicated computer that validates transactions is the Miner, who is responsible for producing new tokens and maintaining the Block chain, and also receives a percentage of the transaction fee as a reward.
On the other hand, in the Tangle system, multiple Nodes quickly and continuously connect and verify transactions. Tangle does not adopt the Proof of Work (PoW) Algorithm, which requires Miners to achieve Consensus. Instead, it requires participants to confirm the two transactions sent before him. The Tangle system supports a decentralized, self-regulating network structure.
IOTA Tangle system has no Miner, which means there is no need to pay fees to anyone on the network. In other words, the more activity on the IOTA system, the more transactions need to be validated.
Coordinator (IOTA Coo) and Coordicide (IOTA v2)
Coordinator (IOTA Coo)
Another core member of the IOTA network is the 'Coordinator', or Coo for short. It was developed in the early days to protect the Tangle, which is a distributed network, and can be seen as a centralized main node controlled by the IOTA Foundation. The Coo regularly issues zero-value transactions that can inspect the IOTA Tangle.
The function of IOTA Coo is to validate transactions on Tangle. Only when IOTA Coo verifies and announces the validity of the transaction, the transaction will be confirmed, thereby giving Coo great power and achieving the Decentralization of the IOTA network.
Coordicide (IOTA V2)
The IOTA network has introduced Coordicide as a second option besides Coo. It is a Coo-less Tangle solution. In the field of encryption, Coo is given too much power, which may cause some transactions to be invalid, so it is often criticized. In addition, Coo is vulnerable to network attacks, which may severely damage the Tangle. Therefore, Coordicide is dedicated to ending IOTA's centralized mode and transforming it into a Decentralization network.
Coordicide provides a method for resolving conflicting transactions through voting. Each Node will vote and negotiate to determine which of these conflicting transactions are valid. Each Node has the opportunity to make requests or express opinions on conflicting transactions. When a Node makes a request to another random Node, a round of voting is initiated. After reaching the predetermined number of voting rounds and Consensus, the Node will select the legitimate transactions.
How does IOTA work? Fast probability Consensus Mechanism
Unlike other blockchains, IOTA uses a modified Proof of WorkConsensus Mechanism called Fast Probabilistic Consensus, which splits transactions to each node on the network, with all users on the network sharing the workload.
To maintain activity, users need to confirm two other transactions for every transaction they send. Therefore, IOTA uses the Tangle system instead of blockchain technology. IOTA aims to cover all connected devices. To further expand, IOTA plans to improve device efficiency without increasing manufacturing costs.
In this way, any connected device will be able to use IOTA, such as traffic signals, water heaters, breeding equipment, medical equipment, as well as things related to ISO 20022 standards, such as banks, ATMs, etc.
The goal of IOTA is to achieve seamless cooperation between Algorithm and machines. In today's world, the more connected devices, the wider the scope of this cooperation, which greatly promotes the development of manufacturing and also drives down commodity prices. Since the network is free to use, it must also be scalable. To achieve this goal, every connected device needs to be assigned an ID, and that is exactly what IOTA is doing.
IOTA 2.0
IOTA 2.0 is the next-generation IOTA protocol developed by the IOTA Foundation, aiming to address some key issues of IOTA 1.0, such as Decentralization, scalability, and Smart Contract support. IOTA 2.0 is redesigned from scratch and adopts a leaderless, parallel voting mechanism where all validators can participate in the Consensus process. It uses a unique Directed Acyclic Graph (DAG) data structure that naturally integrates the mempool into the data structure, unlike traditional blockchains, enabling transactions to be continuously and parallelly voted on throughout the network, thus achieving a more dynamic and fluid Consensus Mechanism than the blockchain approach.
IOTA 2.0 brought what happened
Main Features
Testnet
The IOTA 2.0 public testnet was launched on May 15, 2024, marking the culmination of years of effort to enhance the IOTA network infrastructure by introducing a novel congestion control mechanism and replacing the coordinator with Decentralization's Proof of Stake (PoS) Consensus, freeing itself from traditional Proof of Work (PoW).
Introduced the Proof of Stake mechanism with Decentralization, replacing the old coordinator-driven system and eliminating the traditional Proof of Work. This enhances scalability and reduces environmental impact. IOTA 2.0 aims to establish a more secure, scalable, and environmentally friendly network, inviting the community to participate in testing and improving the process.
IOTA EVM
IOTA EVM is a Layer 2 solution for the IOTA network that is fully compatible with the EVM. This version has undergone extensive improvements, testing, and auditing, and this release marks an important step towards integrating decentralized finance with real-world assets. By connecting through MetaMask and using the provided JSON-RPC endpoint, and exploring the network through Firefly Wallet, IOTA EVM not only provides full EVM compatibility, but also introduces innovative features by leveraging our unique Layer 1 native asset framework.
IOTA EVM Features
These features enhance the fully compatible EVM smart contract environment, enabling the next generation of entrepreneurs and innovators to build a better, fairer, and more accessible ecosystem, and promoting the exploration of new areas where Decentralized Finance intersects with real-world tangible assets.
Goldsky integrates IOTA EVM
Goldsky integrates IOTA EVM, simplifies data access, supports real-time analytics, and provides support for applications. By integrating, it eliminates the need for a manually indexed infrastructure based on subgraphs, allowing developers to focus on building instead of debating with the blockchain data infrastructure. Goldsky's product suite enhances data accessibility, enabling efficient and cost-effective development of IOTA EVM.
Goldsky provides an easy-to-use platform for builders to create subgraphs and instant data replication pipelines. Its self-service products can be used independently or together to power data stacking:
StarGate V2
StarGate V2 integrates IOTA EVM to enhance Cross-Chain Interaction transactions, Liquidity management, and operational efficiency. It utilizes LayerZero's full-chain framework and introduces advanced features such as multiple transaction models and AI planning modules, significantly dropping bridgeTransaction Cost and improving Interoperability. By integrating and expanding IOTA's Decentralized Finance capabilities, it provides new opportunities for dApps and builders.
As a bridge, StarGate enables the flow of assets, thus achieving Liquidity between previously isolated blockchains. The combination of IOTA EVM and StarGate opens the door to seamless Cross-Chain Interaction transactions, enhanced operational capabilities, and a unified Liquidity pool, aggregating Liquidity from multiple sources into a single asset to improve transaction efficiency and reduce asset fragmentation commonly found in other bridge solutions.
What is IOTA Token (MIOTA)?
The native Token of IOTA is MIOTA, which is also the practical Token of the IOTA ecosystem. MIOTA is used to support microtransaction between internet of things devices.
In the IOTA network, the total supply of MIOTA exceeds 2 billion and is fixed. There will be no new tokens minted. Therefore, IOTA does not require miners to protect the network or verify transactions.
In 2015, IOTA conducted its first Tokenissuance (ICO), raising 1337 BTC, worth about $500,000.
Although the amount is not large, it was not common to conduct public sales and ICO in 2015. During the public sale, all IOTA Tokens were released, and the founders did not retain any, they also needed to buy from the market with their own private assets. Like other crypto assets, the price of MIOTA experienced a pump during the 2017 bull market period, reaching a historical high of over 5 US dollars, but after the bull market ended, the price of MIOTA also began to decline.
In 2023, IOTA conducted an important protocol upgrade, increasing the total number of Tokens from the previous amount to 460 million. This increase is aimed at supporting the further development of the IOTA ecosystem and enhancing its competitiveness in the internet of things (IoT) field. Through this measure, IOTA hopes to attract more developers and users to participate in its network, thereby promoting technological innovation and application implementation.
In addition, IOTA has also established a new foundation in Abu Dhabi, aiming to promote the development of blockchain and internet of things technology in the region. This foundation will focus on supporting projects in the IOTA ecosystem, providing funding, resources, and technical support to help developers realize their ideas and solutions. By establishing the foundation in Abu Dhabi, IOTA hopes to strengthen cooperation with local businesses and governments, and promote the application of blockchain technology in various industries.
MIOTA Market
MIOTA is listed on gate and other mainstream exchanges, so the volume and Liquidity are both dispersed across multiple exchanges.
MIOTA executes transactions within the Smart Contract and IOTA networks, and it offers different products and services through Firefly Wallet, IOTA Tech, and IOTA Streams, among others. As a Distributed Ledger, MIOTA also offers solutions for eHealth, Supply Chain, Automotive, and more.
Tokenomics
One of the main aspects that sets the value of IOTA Token (MIOTA) apart from other cryptocurrencies is that MIOTA holders have access to various resources within the ecosystem.
One key factor that gives MIOTA value is the presence of Mana in the IOTA network. Mana is a scarce resource in the IOTA network, responsible for performing various tasks, including defending against Sybil Attack. MIOTA Token holders obtain Mana, and active Nodes are ranked ahead of new Nodes, potentially being granted priority processing rights. In addition, MIOTA holders can lease Mana in exchange for IOTA Tokens or cash.
IOTA 2.0 is designed to make it easier for users to manage Mana and MIOTA Tokens by introducing an account system that will allow users to stake their MIOTA Tokens to help validate the network and earn corresponding rewards.
Mana and its use in the IOTA network
The IOTA Consensus model is a mechanism that uses Node voting to resolve transaction disputes. Starting from IOTA 2.0, the IOTA network introduces a finite resource called MANA. MANA establishes a way for Nodes to influence different components of the IOTA protocol structure, and can be seen as the core of the IOTA Consensus model. MANA can be viewed as a versatile tool in the IOTA network, including:
Mana can be seen as a reputation Token equivalent to MIOTA, owned by users within the IOTA network and proportional to the IOTA Token, with various use cases.
Governance
The IOTA ecosystem allows community participation, which has led to the creation of the IOTA governance forum, allowing community members to express opinions, share insights, and propose solutions.
The advantages of IOTA
Disadvantages of IOTA
How to own IOTA (MIOTA)?
Users can purchase MIOTA through a Centralized Exchange for Cryptocurrency. Taking gate as an example, first, you need to create and verify your account, deposit funds, and then you can purchase MIOTA through Flash Exchange, Spot market, or Margin Trading market.
Reference
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