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Cryptocurrencies: what is the iota price today

IOTA is a cryptocurrency that stands apart from others for having the base of its operation in the Directed Acyclic Graph (DAG, for its acronym in English) with an architecture called Tangle, while the most famous ones such as bitcoin or ethereum do so through chains of blocks (blockchain).

This cryptocurrency, also known as MIOTA, is created to be used as a means of payment with unlimited scalability (transactions) and through all the devices that are part of the internet of things without additional fees.

Founded by a German company in 2015, IOTA is a project that seeks to mix electronic devices and objects at a single centralized networkso that all users can process, collect data in real time and perform automated activities on its basis, thinking that in the future the Internet of Things will involve billions of simultaneous operations as basic as voice commands to turn off the lights , refrigerators that ask for the supermarket as soon as it is empty, cars that drive themselves, among others.

In the same way, IOTA technology guarantees that users of this virtual currency have a more reliable environment than that of the network. blockchainsince in the latter, transactions are allowed to be made in an asynchronous, orderly and slow manner for security reasons; while the Tangle allows to do parallel operations.

Unlike blockchainin this new scheme each of the records or users has a unique timestamp and must be subject to a cryptographic signature consisting of 81 charactersLikewise, each transaction is made through this private key that does contain details such as the sender, recipient, and amount.

With this, the main characteristics of IOTA are: they have no scalability limits, so unlimited transactions can be made; the system adjusts to usage and popularity without being highly volatile; does not require mining or miners; and has no extra fees for operating.

The popularity of IOTA has been increasing and at the beginning of 2018 Taipei signed an agreement to begin testing this cryptocurrency in order to convert its capital into a smart city.

According to information from Binance, this digital currency currently has 2.78B units created.

Iota cryptocurrency price

Hour: 3:45 p.m. (UTC time)

Worth: 0.2248411 dollars

Change in the last 24 hours: 1.88%

change in the last hour: -0.06%

Popularity by capitalization: #62

The world of virtual currencies

“cryptocurrencies"
Physical representations of various cryptocurrencies. (REUTERS / Banco Santander)

cryptocurrencies They are ceasing to be outsiders and have begun to enter the language of everyday life, arousing the interest of those who are concerned about finances or even to the point of being legalized in some regions of the globe.

As its name implies, virtual currencies use cryptographic or encryption methods to carry out transactions in a deregulated system and, most of them, through block chains (blockchain), which distances it from traditional models where banks function as intermediaries.

Its innovation has caused many people to be interested in investing in the coins digital, since its value has grown considerably in recent years, being bitcoin, ethereum and dogecoin the most popular and the ones with the largest capitalization in the market.

Each of these units are produced through a process called “mining” and users can acquire them through different agents or digital currency exchanges, to later store them in “cryptographic wallets” or make various transactions with them through unique keys.

Although It was in 2009 when bitcoin entered the market as the first cryptocurrency in the world.the truth is that these are just experiencing a boom in the financial field, so it is expected that their use will increase in the not so distant future.

Cryptocurrencies have several elements that make them unique: not being regulated by any institution; not require third parties in transactions; and almost always use accounting blocks (blockchain) to prevent new cryptocurrencies from being created illegally or transactions already made from being altered.

“cryptocurrencies"
A worker helps a man with the use of bitcoin in front of a “Chivo” ATM, the Salvadoran government-backed digital wallet, in San Salvador, El Salvador. September 8, 2021. (REUTERS / Jose Cabezas)

However, by not having regulators such as a central bank or similar entities They are pointed out as unreliable, volatilepromoting fraud, not having a legal framework that supports its users, allowing the operation of illegal activities, among others.

Although it could be a paradox, cryptocurrencies in turn guarantee security to their miners in terms of the network in which it is located (lattice) and that implies code management; breaking this security is possible but difficult because whoever tried it would have to have a computational power superior even to that of the own Google.

Whoever invests in this type of digital assets must be very clear that this form brings with it a high risk to capitalWell, just as there can be an increase, it can also unexpectedly crash and wipe out the savings of its users.

To store them, users must have a digital purse or wallet, which is actually a software through which it is possible to save, send and make transactions of cryptocurrencies. In reality, this type of wallet only stores the keys that mark the ownership and right of a person over a certain cryptocurrency, so these codes are the ones that really must be protected.

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