1IOTA = 0.0064829822 NGN
1IOTA = 3.2258064516 USD
|Highest||₦154:25||on Nov 27, 2020|
|Lowest||₦0:00||on Oct 28, 2020|
|Highest||$0:31||on Nov 27, 2020|
|Lowest||$0:00||on Oct 28, 2020|
IOTA is a cryptocurrency that works in a decentralized manner that makes use of a technology, which is quite different from the regular blockchain.
This technology is known as the IOTA Tangle, and it makes use of a concept mathematically designed to function efficiently.
This concept is referred to as the Directed Acyclic Graphs (DAG). They offer an open source ledger that take record of all transactions.
In cases of transactions on the IOTA Tangle, each DAG node must validate two transactions that has previously passed through other nodes.
Thus, users must validate two other transactions before theirs can be validated. It is important to note that this cryptocurrency makes use of the “proof-of-assignment” system.
Thus, during this process the miners validates the transactions, and then the network keep growing based on the amount of users.
Also, miners get to receive some rewards for doing this job. These transactions are made for free, as the Tangle technology is light weighted and it is scalable.
Since the inception of IOTA in 2015, it is generally accepted and this platform was able to process over three million transactions in 2016.
Their partnerships with several platforms like Microsoft, Cisco, Volkswagen, and Samsung, has increased the volume of their exchanges.
New users can get started by getting a suitable wallet to hold their IOTA crypto coins.
Furthermore, these coins are traded on various platforms, and users can also trade their coins.