IOTA
About IOTA
The price of IOTA (IOTA) is $0.12050555 today, as of Sep 16 08:12 p.m., with a 24-hour trading volume of $8.73M. Over the last 24 hours, the price has decreased by -3.70%. IOTA currently has a circulating supply of 3.42B and a market cap of $412.24M.
MIOTA is the native cryptocurrency of IOTA, which is a blockchain-based project that aims to conduct transactions between machines and devices that are connected to the Internet of Things (IoT), a term that refers to a system of smart devices like Alexa speakers that share data and information between one another.
More specifically, IOTA creates a data storage and communication layer for web-enabled devices. Unlike traditional distributed ledger technologies, however, Iota uses a type of centralized distributed network system known as Tangle, which can operate without blocks, chains or miners.
One MIOTA represents 1 million IOTA, the native currency of the IOTA distributed ledger ecosystem. It’s commonly referred to as MIOTA as opposed to IOTA because IOTA is too small a unit. IOTA doesn’t feature on-chain governance or blockchain mining, meaning MIOTA doesn’t give holders an opportunity to vote on the direction of the protocol and isn’t used as an incentive mechanism for honest participation in the network. Instead, MIOTA is simply used for payments on IOTA’s feeless ledger.
In December 2015, IOTA held an initial coin offering for its IOTA tokens, by offering 1 MIOTA (1 million IOTA) for $0.001 worth of bitcoin. All IOTA tokens were created at the start of the ICO, and the total supply of IOTA was capped at 2.8 quadrillion. (A quadrillion is a number followed by 15 zeros.) At the conclusion of the ICO, the project raised around $500,000 for the development of the project, and IOTA opened a portal for ICO investors to claim their MIOTA. While the IOTA team didn’t reserve any MIOTA for early backers or developers, only 60% of the MIOTA supply was claimed by ICO participants, and so the remaining 40% went back to the project.
On Dec. 19, 2017, six months after the project was first made available on a token exchange, MIOTA skyrocketed over 1,000,000% to an all-time-high of $5.69, giving the token a market capitalization of over $12 billion and making it the seventh-largest cryptocurrency by market cap at the time.
MIOTA hit an all-time-low of $0.07962 on March 13, 2020. That came during a period of major tension between the IOTA Foundation board that caused co-founder Sergey Ivancheglo to leave the project and followed several days of network shutdowns,