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What Is IOTA?

Nov 28, 2022
4 min read

This blog post will cover:

  • About IOTA (IOTA)
  • Where did IOTA (IOTA) come from?
  • What are the advantages of IOTA (IOTA)?
  • What are the disadvantages of IOTA (IOTA)?
  • How to buy IOTA (IOTA) on SimpleSwap?


IOTA (IOTA) is a cryptocurrency that is designed specifically for the Internet of Things and is based on the concept of Tangle, which is a distributed accounting journal. According to the developers, IOTA has a large number of advantages in comparison with the Bitcoin blockchain. This particularly applies to the implementation of micropayments (for example, one-cent). IOTA addresses the transaction fees and scalability issues of blockchain technologies by getting rid of the block and chain. Instead, in order to submit a transaction to the IOTA ledger, you must verify two previous transactions.

Where did IOTA (IOTA) come from?

 Work on the IOTA technology was launched in 2015. The team set itself the task of integrating the modified blockchain into the “Internet of things” in order to improve the transfer of payments between the IoT components. The ownership of the IOTA technology was registered with the IOTA Foundation. David Sonstebo and Dominik Schiener head the foundation as co-chairmen of the board of directors. The rest of the leadership team includes the founder of Nxt cryptocurrency, the director of digital technology at Volkswagen, the head of Fujitsu in Central Europe, along with several other experts from various industries. By 2017 the long-term work allowed the IOTA team to create a functional payment system that ensures the passage of fast, secure, always free transactions between the IoT devices, and has a good scaling potential. Due to the success achieved by the coin, large venture investors, such as, for example, Outlier Ventures, turned their attention to it, and the SatoshiPay micropayments service even announced the transition to payments through IOTA. The IOTA Fund has achieved a number of other successes in the development of partnerships and business relations. In the middle of 2017, the crypto exchanges started to list IOTA coins, and the number of exchanges that accept them is constantly growing.

What are the advantages of IOTA (IOTA)?

  1. Transaction rate
  2. Scalability
  3. Feasibility of micropayments
  4. Efficiency
  5. Verifiable manipulation security

What are the disadvantages of IOTA (IOTA)?

  1. Vulnerability
    In February 2020, the dedicated desktop client “Trinity” was hacked, causing the IOTA Foundation to shut down the entire network for nearly 2 months.
  2. Project is centralized around one master node
    It is called the “Coordinator” run by the IOTA Foundation. Transactions are only approved after being cross-checked by “milestones” created by the Coordinator.

How to buy IOTA (IOTA) on SimpleSwap?

If you plan to purchase an IOTA token, SimpleSwap is the right choice. It will allow you to make an exchange in a fast and convenient manner. Just follow these instructions to get IOTA:

  1. For example, you want to swap BTC for IOTA. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  2. Select IOTA in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  3. Click the Exchange button.
  4. Enter the Recipient's Address. IOTA will be sent. Be careful and make sure you use the correct address.
  5. Create the exchange.
  6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to IOTA exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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