The name Iota comes directly from the Internet of Things (IoT). In the coming decade, it is expected that there will be an excess of 50 billion Internet enabled devices. With that in mind, Iota offers a way to transfer micro-transactions between these devices. The goal with Iota is to allow these devices to send micro-payments for technological resources on the open market, in real time, and without fees.
Iota – The Ledger Of Things – The Tangle
With the Ledger of Things, the Iota backbone enables participants to settle transactions with zero fees, making it an attractive resource for nearly anyone. Iota offers the innovative Tangle ledger that is both scalable and lightweight in order to transfer exact amounts of resources on-demand and settle transactions without charging fees. The Tangle is a blockless, distributed ledger that functions as a self-regulating, decentralized peer-to-peer network. For more information about the Tangle, read the Iota white paper.
Micro-Transactions With Zero Fees, Secure Data Transfer, And Leasing Out Connected Devices
The nice thing about Iota is that frictionless micro-transactions can take place, as there aren’t any fees that would typically render small monetary transfers impossibly expensive. This truly is the holy grail of monetary transfer, as it opens up so many new business avenues.
With the Tango, Iota allows for a secure way to transfer data from party to party. Since data transferred through the Tangle is only shared between authenticated devices, it is secure and impossible to exploit.
Another advantage to using Iota is that it can serve as an e-governance system, most notably, e-voting. Unlike typical ballots that can be theoretically tampered with, using e-voting through the Tangle, on the Iota network, is an accurate way to record and tally votes.
Another huge concern for individuals around the world is how to send messages to others in a secure fashion. Masked messaging on a module of the Iota core offers a way to exchange data in a fully authenticated and encrypted manner.
Another revolutionary service that Iota offers is a profitable way to lease out nearly anything with a chip in it. For instance, appliances, tools, drones, computer storage, computing power, and Wi-Fi bandwidth can all be leased out to others, allowing individuals to earn value with their interconnected devices that they are not currently using instead of letting them sit idle.
All of these revolutionary ideas have allowed Iota to stand out from the pack of cryptocurrencies, as it offers a complete solution for frictionless micro-payments without fees between interconnected devices.
How To Get An Iota Wallet?
Since Iota is a relatively new project, there aren’t any real user friendly wallets to choose from so many people are storing Iota on the exchanges. While that is generally not a good idea, many beginners without a solid understanding of technical details are opting for this. However, this doesn’t mean that storing Iota on the exchange is a good idea. Individuals who can set up the desktop wallet should use that or print out a paper wallet in order to secure their coins.
Iota Desktop Wallet
The most common option for storing Iota is to download and install the Iota GUI client directly from Iota. This wallet is available for Windows, Mac, and Linux. When setting up this wallet, choose light node and a host. Then, generate an 81 character seed that contains only uppercase letters and the number 9. Now keep this seed in a safe spot.
Here are the directions and comments from users on Reddit who are complaining about how hard this wallet is to set up. Truthfully, setting up the Lightwallet shouldn’t be too hard, but some beginners might not be able to complete the task. Here is a video that should help with setting up the desktop wallet on Windows.
Iota Web Wallet
The Iota Web Wallet is in testing and the web page doesn’t appear to be able to establish a connection at the current time. Again, this is a new project so this should be expected.
Iota Mobile Wallet
There is an Iota mobile wallet for both Android and iOS, although they are both in Beta. The Android version comes with a disclaimer to use at your own risk so keep that in mind.
The iOS Iota mobile wallet appears to be functional according to users, but it probably shouldn’t be used for holding a large number of Iota since it hasn’t been officially released as of yet.
Iota Paper Wallet
The Iota paper wallet requires 81 characters with uppercase letters and the number 9 just like the desktop wallet. After generating the paper wallet, it can be printed out and IOTA can be sent there. This paper wallet should be stored in a safe place for future use.
Here is another Iota paper wallet that is even easier to use because it generates an Iota seed and encodes it in mnemonic words. Simply move the mouse around for a random seed and print out the wallet without having to do much else.
Where Can You Buy Iota?
Iota can be purchased on a number of different exchanges. Currently the exchange that offers the greatest liquidity is Bitfinex, where it can be purchased with BTC, USD, and ETH. However, Bitfinex is no longer verifying United States users so these individuals will have to look for another option. Anyone who is located in the USA and has Iota on Bitfinex must get them off this exchange as soon as possible. Iota can also be purchased on Binance, the Iota Exchange, and Bit520.
Anyone who wants to move their Iota off the exchange may want to use a paper wallet, as this appears to be the easiest solution for long-term storage. Holders who are technically savvy may want to set up the desktop wallet. For the most part, avoid using the web wallet and mobile wallets, as they are still in beta.
Iota Has A Promising Future Ahead
With their grand vision, Iota seeks to revolutionize the Internet of Things by bringing together micro-transactions with zero fees across all connected devices. With a frictionless way to exchange value, it is clear that Iota has a bright future ahead. Anyone who wants to take advantage of early adopter status still can, as this project is still in its infancy.
The only real drawback to purchasing and storing Iota is that the desktop wallet is relatively difficult to install for anyone who is inexperienced. In addition, the web wallet and mobile wallets are in beta, making the Iota paper wallet the best and easiest solution for long-term holders.