Everything you need to know about the IOTA token and its history.
IOTA: History and About
IOTA is the creation of the German nonprofit organization, the IOTA Foundation, which came into existence in 2015 by David Sønstebø (business and technology expert), Dominik Schiener, Sergey Ivancheglo, and Dr. Serguei Popov (doctor of mathematics). These four remain the most crucial parts of IOTA’s core team, with every one of them being involved in the crypto community for a number of years prior.
IOTA also works in “partnership” (more on that later) with over 20 companies, which include Microsoft and Fujitsu, to launch a new data marketplace. This marketplace will be powered by distributed ledger technology, and the shareholders are encouraged to securely provide their data with IOTA tokens.
The IOTA Foundation also developed “The Big Deal” community funding project, which has the target of enticing and involving developers and corporations within the IOTA sphere. Participant individuals in The Big Deal get a share of IOTA tokens in return for their knowledge, developers, media publicity, and resources. Most of those involved in The Big Deal are not yet publicly known for legal reasons, but connections formed through The Big Deal can potentially increase both the value and practical use of IOTA.
How Does IOTA Work?
IOTA is the only crypto around which does not utilise blockchain technology. Instead, it uses another type of network, called a Tangle. According to IOTA’s website, the benefits of using Tangle include: a lack of fees, speedy transactions, secure data transfer and transactions can be conducted on infinite scales. Other aspects include pay-on-demand and micropayment abilities. IOTA was created to be “the backbone of the internet of things”, and fully supports secure machine-to-machine (m2m) communication.
IOTA finds a solution to this problem by being a zero-fee currency. The transaction fees on the Bitcoin network would discourage users from using Bitcoin for smaller purchases on an everyday scale. IOTA has no transaction fees and is therefore much better-suited to both practical and m2m (machine-to-machine) use.
IOTA is currently traded on several major exchanges with the company planning on adding more in the future. Binance, Bitfinex, Coinone, OKEx, and Exrates are the ones that carry the coin at this moment.
MAny believe that IOTA's technical value is not truly reflected in the current monetary valuation as it is still a concept that is to be fully realised. There are aspects of it which can be improved in the future as the Internet of Things fulfills its potential. Therefore, there is a lot of potential for the network to go further.
IOTA has a native wallet, the IOTA GUI Client. This wallet can be installed on a user’s desktop or as a mobile app. There is also an option for a paper wallet, which adds an extra layer of security.
Scandals and Controversy
On the whole, IOTA has not endured much in the way of scandals. However, there are still some aspects to consider and highlight in terms of controversy.
In January of this year, the wallets of some users were emptied by individuals operating malicious online seed generators. There were also Github wallets that were hacked, but this is (unfortunately) a fairly common incident in the cryptosphere.
Another aspect that’s already been mentioned is IOTA's controversial relationship with Microsoft. It was initially suggested that the companies were in a partnership but it later emerged that the two had no formal working relationship, and that Microsoft was merely a participant in this case. It is unclear whether this was just misunderstanding by the media or deliberate misleading by IOTA.
There have also been some accusations of bullying and intimidation by certain factions of their team according to a Financial Times article, which claimed that IOTA does not take kindly to criticism. This can even be seen by their failed relationship with TheNextWeb, which was highlighted by IOTA’s official tweet:
IOTA is the creation of the German nonprofit organization, the IOTA Foundation, which came into existence in 2015 by David Sønstebø (business and technology expert), Dominik Schiener, Sergey Ivancheglo, and Dr. Serguei Popov (doctor of mathematics). These four remain the most crucial parts of IOTA’s core team, with every one of them being involved in the crypto community for a number of years prior.
IOTA also works in “partnership” (more on that later) with over 20 companies, which include Microsoft and Fujitsu, to launch a new data marketplace. This marketplace will be powered by distributed ledger technology, and the shareholders are encouraged to securely provide their data with IOTA tokens.
The IOTA Foundation also developed “The Big Deal” community funding project, which has the target of enticing and involving developers and corporations within the IOTA sphere. Participant individuals in The Big Deal get a share of IOTA tokens in return for their knowledge, developers, media publicity, and resources. Most of those involved in The Big Deal are not yet publicly known for legal reasons, but connections formed through The Big Deal can potentially increase both the value and practical use of IOTA.
How Does IOTA Work?
IOTA is the only crypto around which does not utilise blockchain technology. Instead, it uses another type of network, called a Tangle. According to IOTA’s website, the benefits of using Tangle include: a lack of fees, speedy transactions, secure data transfer and transactions can be conducted on infinite scales. Other aspects include pay-on-demand and micropayment abilities. IOTA was created to be “the backbone of the internet of things”, and fully supports secure machine-to-machine (m2m) communication.
IOTA finds a solution to this problem by being a zero-fee currency. The transaction fees on the Bitcoin network would discourage users from using Bitcoin for smaller purchases on an everyday scale. IOTA has no transaction fees and is therefore much better-suited to both practical and m2m (machine-to-machine) use.
IOTA is currently traded on several major exchanges with the company planning on adding more in the future. Binance, Bitfinex, Coinone, OKEx, and Exrates are the ones that carry the coin at this moment.
MAny believe that IOTA's technical value is not truly reflected in the current monetary valuation as it is still a concept that is to be fully realised. There are aspects of it which can be improved in the future as the Internet of Things fulfills its potential. Therefore, there is a lot of potential for the network to go further.
IOTA has a native wallet, the IOTA GUI Client. This wallet can be installed on a user’s desktop or as a mobile app. There is also an option for a paper wallet, which adds an extra layer of security.
Scandals and Controversy
On the whole, IOTA has not endured much in the way of scandals. However, there are still some aspects to consider and highlight in terms of controversy.
In January of this year, the wallets of some users were emptied by individuals operating malicious online seed generators. There were also Github wallets that were hacked, but this is (unfortunately) a fairly common incident in the cryptosphere.
Another aspect that’s already been mentioned is IOTA's controversial relationship with Microsoft. It was initially suggested that the companies were in a partnership but it later emerged that the two had no formal working relationship, and that Microsoft was merely a participant in this case. It is unclear whether this was just misunderstanding by the media or deliberate misleading by IOTA.
There have also been some accusations of bullying and intimidation by certain factions of their team according to a Financial Times article, which claimed that IOTA does not take kindly to criticism. This can even be seen by their failed relationship with TheNextWeb, which was highlighted by IOTA’s official tweet:
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
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▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa