What is IOTA (IOTA)?

IOTA is an open-source, feeless, and scalable protocol for value and data transfer. It uses a fundamentally reengineered distributed ledger technology (DLT) that allows the parallel execution of transactions and their tamper proof storage. The network of nodes used by this DLT is called Tangle, and it records and verifies transactions between Internet of Things (IoT) devices and ecosystems.

The IOTA token is the native asset of the IOTA platform. It was created by the IOTA Foundation to solve real-world challenges like exchanging data and services. Unlike most cryptocurrencies, the IOTA token has no locked supply, early corporate investors, or any supply allocated to its founders. It also has no miners and token inflation, as the value and data transfer on the IOTA network occurs without any fees and miner rewards. The total supply of the IOTA token is 4,600,000,000 IOTAs.

Iota is preparing to roll out its IOTA 2.0 network upgrade in 2024 to improve the network in advance. As per its official roadmap, the upgrade will first be launched as a testnet, and towards the end of 2024, it will finally launch the IOTA 2.0 mainnet. The improvements will include uninterrupted transaction processing, democratic consensus and advanced protection against minimum extraction value (MEV) manipulation.

How Does IOTA (IOTA) Work?

IOTA aims to power microtransactions among IoT devices. It is built on a distributed ledger instead of a blockchain and uses the Tangle consensus algorithm, which requires users to validate two transactions first to complete their one IOTA transaction.

Specifically, Tangle is a direct acyclic graph (DAG) consensus algorithm with no miners, validators, blocks, or transaction fees. This helps IOTA overcome the key affordability and scalability issues most decentralized blockchains face. Thus, the directed acyclic graph of IOTA offers potentially higher scalability compared to its blockchain counterparts. Since IOTA requires no fees for processing transactions, the amount deducted from the sender's wallet is exactly the same as the amount added to the receiver's wallet.

Tangle forms a directed acyclic graph of blocks across a network of nodes, allowing it to establish parallel transaction validation faster. A non-profit organization, IOTA Foundation, powers all the developments associated with Tangle and IOTA.

The initial supply of the platform's native token, IOTA, was around 2,779,530,283. It increased to 4,600,000,000 IOTAs on 4th October 2023 after the mainnet completed an upgrade under the Stardust protocol. The additional new supply of 1,820,469,716 IOTAs gets distributed in the community through an annual inflation of 12-13%25.

Additionally, IOTA also has a staging network, Shimmer, which aims to build a secure, permissionless infrastructure for future economies. It supports dApp development through Ethereum-compatible smart contracts, an advanced consensus algorithm, and balanced incentives.

How to Buy IOTA (IOTA) in India?

There are many platforms where you can invest and Buy IOTA (IOTA) in India.

One such platform is Flitpay. To buy IOTA in INR, you have to sign up to Flitpay, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy IOTA and execute the purchase.

You can instantly convert your INR to IOTA and IOTA to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What to Do After Buying IOTA (IOTA)?

IOTA can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the IOTA till it reaches a high price, and then you can sell it through Flitpay's OTC order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

FAQs

What is IOTA (IOTA)?

IOTA is the native currency of the IOTA Protocol, with a fixed total supply of 4.6 billion tokens. It features no locked supply, early investor allocations, mining, or token inflation, making it a uniquely stable digital asset.

What is IOTA (IOTA) price in India?

Check out the current INR price of IOTA crypto in India on Flitpay.

Which is the best crypto app in India to buy IOTA?

Flitpay is the best cryptocurrency app in India to buy IOTA, MATIC or your favourite cryptocurrencies. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the benefits of IOTA (IOTA)?

IOTA is a powerful protocol for value and data transfer. Unlike traditional blockchains, IOTA uses a fee-less, scalable Tangle ledger, enabling microtransactions among IoT devices without transaction fees or miners. Its decentralized network ensures parallel transaction validation, offering superior scalability and tamperproof storage. IOTA's native token has no locked supply, early investor allocations, or token inflation, making it stable and secure. The upcoming IOTA 2.0 upgrade will further enhance the network's efficiency and decentralization.

Is it safe to invest in IOTA (IOTA) in India?

Yes, investing and trading IOTA is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying IOTA crypto. It offers real-time prices and advanced investing features.

Where can I deposit and withdraw IOTA (IOTA) crypto in India?

Flitpay facilitates hassle-free and Instant deposits and withdrawals of numerous cryptocurrencies with minimal or no fees.

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