What is IOTA (MIOTA) crypto and why is it rising?

May 17, 2022 10:20 AM PDT | By Versha Jain

What Is IOTA (MIOTA)?

IOTA is a distributed ledger offering faster speed than other conventional blockchains. The foundation behind this platform has also said that it is ideal for the Internet of Things ecosystem.

IOTA charges no user fees as it is not a blockchain, and there are no miners. Hence, it can provide limitless throughput at a minimum cost.

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It aims to be the de-facto platform for transactions between IoT devices that are expected to grow to 20.4 billion by 2024. The network was launched in 2016 by four co-founders: Sergey Ivancheglo, Serguei Popov, David Sonstebo, and Dominik Schiener.

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The project team expects IoT to have numerous use cases in the future where IOTA could deliver digital identities, support in making digital smart cities, provide car wallets, smart charging, and manage natural resources more sustainably.

IOTA has partnerships with more than 100 organizations, including Jaguar Land Rover, Dell Technologies, Zebra, Ensuresec, and ClimateCHECk. Its solution partners are Tech Mahindra, Filancore, BiiLabs, and Neoception.

Also Read: Why Ampleforth Governance Token’s (FORTH) trading volume surged 2000%?

Data Source: coinmarketcap.com

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MIOTA token:

The MIOTA token was up 8.17% to US$0.3775 at 11:55 am ET on Tuesday. Its market capitalization is US$1.05 billion.

The token volume surged 27.30% to US$42.6 million over the last 24 hours. It has a circulating supply of 2.78 billion and a total supply of 2.78 billion.

Also Read: Bitcoin (BTC) dips below US$30,000, sliding for seventh straight week

Bottom line:

The crypto market was up by 2.35% to US$1.29 trillion on Tuesday morning. Bitcoin (BTC) crossed the 30K mark again after gaining 1.54% to US$30,117.69, while Ethereum (ETH), the second-largest cryptocurrency by market cap, surged 2.18% to US$2,059.06 at 12:07 pm ET.

The crypto market is highly volatile, and investors must be cautious while investing in it.

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