The IOTA project was originally created in late 2015 by Sergey Ivancheglo, David Sontesbo, Serguei Popov, and Dominik Schiener. Since IOTA was launched, it has been managed by the IOTA Foundation, which is located in Germany. It was introduced to make all kinds of transactions secure and safe.
The most interesting concept to the IOTA coin is that it doesn’t use blockchain technology like Bitcoin or Ethereum. alternatively, it uses something else called a Directed Acyclic Graph, which IOTA calls “Tangle”. The IOTA project has its own cryptocurrency too, that's called MIOTA.
Another fascinating aspect about Tangle is that it doesn’t use miners, it doesn't require miners to verify any transaction. Instead of miners users verify two transactions before they add their node to the network.
In the IOTA network, things work differently, as anyone who wants to use the system to transact any fund must also make contributions to the community by confirming different people’s transactions. Suppose if I want to do a transaction then first I need to verify two other people's transactions, after successfully verified then I will be able to add my node to the network.
The concept in the back of this is that as an increasing number of human beings use the IOTA machine, the community turns more and more scalable. This means that there's no restriction to the number of transactions the community can do each second, meaning that it's far “infinitely scalable”.
As there are no miners required to verify any transaction that means the transaction fee is basically free. The only cost that will be required is the small amount of electricity. Due to no transaction fee, it can be used in performing microtransactions.
As IOTA is still in its early days, there is no official transaction time yet. There are various factors that determine how quickly funds arrive in your wallet is depending upon some factors like:
How much time does the user's computer require to verify the previous transaction?
As I told previously that as the number of users increases the transaction speed will increase gradually. Until IOTA become popular the team has introduced something called coordinators. They act as individual users to verify the transactions like in a centralized system.
If the coordinators stop working then the whole network become vulnerable to any attack and the whole network will collapse.
Can process any data, not just financial transactions
Hopes to achieve instant transactions
No IOTA mining – everyone contributes
Quantum resistance - that means it can prevent any attack performed by quantum computers.
No finished product yet
Unclear when the project will be ready
Currently needing to use a centralized coordinator
Has experienced lots of technical flaws and bugs
Future and Scope:
In my opinion, IOTA has a lot of potentials to be used on a world scale. As long as the group can deliver their goals to life, then I think the mission will be a huge success
As soon as it is fully developed it can not only improve but also secure the data processing and financial transactions. As many numbers of individuals will join the network, the faster the transaction will be and can be used in daily life microtransactions.
Where to Buy MIOTA (IOTA coin)?
Some of the popular crypto exchanges where you can buy MIOTA are: