– What kind of virtual currency is this?
IOTA is a cryptocurrency that has no transaction fees and requires no miners in order to process transactions. It does, however, require some computational power to submit a transaction, making it perfect for machines to use as a currency and distributed communication protocol for the Internet of Things “IoT”.
– What is this virtual currency primarily used for?
IOTA: The main purpose of IOTA is to solve some of the major problems with Blockchain technology, the main one being that the bigger the Blockchain (such as Bitcoin), the slower, more expensive, and also more restricting it is to actually transfer funds.Another issue with the Blockchain is size, as more and more Blocks are added, the longer the Blockchain gets, and therefore the less amount of computers are able to mine it. Right now BTC is over 150GB long, and so is ETH. If this size increased tenfold, very few computers would be able to mine it at all. Making them relatively centralized (the top 2 Bitcoin mining pools own about 56% of hashing power). (Source: https://hackernoon.com/iota-coin-review-6a1c73c5cfa3 )
– When was this virtual currency first introduced?
IOTA: November 27, 2016
– What is this virtual currency’s most recent market cap?
IOTA: $6,572,699,670 USD ( https://coinmarketcap.com/currencies/iota/ )
– What is the history of this virtual currency?