{"id":3817,"date":"2018-08-20T18:23:42","date_gmt":"2018-08-20T18:23:42","guid":{"rendered":"http:\/\/www.futuresandoptions.gr\/en\/?p=3817"},"modified":"2018-08-20T18:23:42","modified_gmt":"2018-08-20T18:23:42","slug":"etoro-fx-broker-announced-has-just-added-iota-for-trading","status":"publish","type":"post","link":"https:\/\/www.futuresandoptions.gr\/en\/etoro-fx-broker-announced-has-just-added-iota-for-trading\/","title":{"rendered":"eToro FX broker announced has just added IOTA for trading"},"content":{"rendered":"

\"IOTA<\/a>Now available for trading on eToro, the IOTA coin is another interesting addition to the platform\u2019s ever-growing selection of crypto. With multiple uses as an Internet of Things (IoT) platform and quite a bit of attention from the blockchain and cryptocurrency communities, IOTA presents an alluring trading and investing opportunity to some.<\/p>\n

What is IOTA?<\/h2>\n

IOTA is a platform designed for enabling fast communication and transactions for IoT platforms. As more household items, cars and other products become connected devices, the need for a reliant protocol to mediate between them is on the rise. For example, in the near future, a smart fridge could \u201csense\u201d that you are running low on orange juice and autonomously order more from your grocery store. This scenario requires a platform that could both relay the messages between the machines and take care of the financial aspect of the transaction.<\/p>\n

And that is what IOTA is trying to do. Its Tangle technology enables multiple devices to communicate on a vast network that actually becomes stronger as it grows. Unlike traditional blockchain<\/a> platforms, IOTA does not have miners, or specific nodes that verify transactions, but rather, each device that processes a new transaction is first required to verify a previous one and register it in a public ledger. The network\u2019s overall processing power actually grows as more devices join it, while in most other blockchains, more network members could lead to latency and growing transaction processing times.<\/p>\n

The creators of IOTA set out to make a network that has no transaction fees and is extremely scalable. Its unique architecture is designed to do just that, using the process described above. Moreover, since to buy a single IOTA token would cost fractions of a cent, it is quite easy to process even the smallest of payments (microtransactions) \u2013 another important feature for an IoT platform.<\/p>\n

IOTA vs Bitcoin: Main differences<\/h2>\n

IOTA is quite different than other cryptos. To highlight these differences, here are a few key factors that separate it from the world\u2019s first cryptocurrency, Bitcoin:<\/p>\n

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  1. Scalability: Bitcoin relies on a blockchain network, which requires miners to process transactions. These miners compete amongst themselves to be the first to make the calculations necessary to approve the transaction and the winner earns a small fee in return. With its Tangle architecture, IOTA eliminated the need for miners by making each device responsible for processing its own transaction and the one requested by the device before it. This minimises transaction times and accelerates the network\u2019s speed as it grows.<\/li>\n
  2. Microtransactions: Each Bitcoin is worth quite a bit, with its value reaching thousands of dollars. Therefore, it is counterproductive to use it for transactions which require a small amount of money, as the transaction fees could outweigh the price of the services or goods exchanged. In contrast, a single IOTA is valued at fractions of a cent, so it is easy to use it to make small transactions (such as the orange juice example used earlier). In fact, those wondering how to buy IOTA will find that the IOTA coin price is so insignificant, that exchanges trade it in units of millions (MIOTA).<\/li>\n
  3. Quantum computing resistance: While there are still no functional quantum computers in existence, the scientific community is mostly in agreement that they will eventually be introduced, with computing power that is massively greater than that of current computers. While, to this day, no blockchain network has ever been hacked, it is presumed that a quantum computer used by malicious entities could theoretically do so. However, IOTA founders claim that they designed their network in such a way that is much more resilient to such an attack.<\/li>\n<\/ol>\n

    What drives IOTA\u2019s price?<\/h2>\n

    Being both a cryptocurrency and an IoT platform, the IOTA chart is subject to various factors that can move it in any direction. For example, if the entire crypto market is on an upward trend, it could lift the IOTA price as well \u2013 and vice versa. In contrast, if the market is on a downtrend due to a negative perception of blockchain platforms, that could potentially be beneficial for IOTA, since it is not a blockchain platform per se.<\/p>\n

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