How to Buy and Start Investing in IOTA in Australia?
IOTA is a recognized network and cryptocurrency project based on DAG technology and that aims to be the bridge that unites all the IoT devices in the world under a high speed, scalability and security network. Listed on almost every big cryptocurrency exchange out there, its IOTA token is being traded throughout the entire crypto community in Australia and around the world.
What is IOTA?
The IOTA protocol and its cryptocurrency are one of the projects that seeks to bring DLT technology to a totally new field: the Internet of Things (IoT). To achieve this, IOTA has developed a unique technology that seeks to develop the full DLT potential for these devices that little by little begin to have a greater relevance in our daily lives.
So we have IOTA, it is a DLT protocol that, together with a cryptocurrency, seeks to develop highly scalable solutions that allow IoT devices to be interconnected in a secure and decentralized network. Of course, this vision does not give up other utilities of cryptocurrencies, such as financial transactions, but its focus is more focused on other things.
How does IOTA work?
IOTA is not a blockchain as we are used to seeing in the crypto world. Rather, it is something else entirely, it is a DLT (Distributed Book Technology) that works under a DAG. But what do all these technicalities mean? To find out the answer, let’s start deconstructing IOTA and then know how it works.
The birth of IOTA gives rise to Tangle, a protocol that moves away from the concept of blockchain to embrace a new and little-known technology, the DAGs or Directed Acyclic Graphs. This curious construction allows IOTA to be built on a new network scheme that is radically different from the blockchain system and technology.
If you don’t know it, a DAG is a graph where we can locate different nodes (known as vertices) that are related to each other by strings. These strings are directed, that is, they have only one specific direction. But the most important thing about DAGs is that if you start to go through it from point A, you will be able to go through the entire graph until you reach point B, without repeating the same path and, most importantly, without returning in any way to point A.
Simply put, a DAG can be organized in such a way that its operation is equivalent to the blockchain. That is, moving in one direction and without the ability to go back to make changes or alterations in the data. Surprising isn’t it? We can see then that a DAG works like a blockchain, only in a somewhat unique way.
DAGS also offer several advantages and Tangle knows how to use them. For example, thanks to Tangle and its construction on a DAG, there are no blocks in IOTA. So that essential information unit compaction that we see on the blockchain is completely gone in this project.
Without blocks, there is no blockchain and this already tells us how completely different IOTA works. The changes do not end by discarding blocks, as the miners and their role in the network is unnecessary. So we have that Tangle creates a structure in which there are no blocks or miners. But then, how does the network work? How do you process and validate the transactions and that this is safe?
The answer is very simple, Tangle uses the DAG, to turn it into an improved version of the blockchain. This structure (the DAG) allows Tangle to build two new concepts:
- Sites that are nothing more than transactions represented in the DAG.
- The nodes, which are the issuers and validators of each transaction.
Thus, the sites are part of the graph that forms the Tangle (part of the DAG), which contains one or some transactions that relate to each other. The nodes are all IOTA eligible users to issue transactions, and at the same time, validate two previous transactions on the network.
A short history of IOTA price in Australia
IOTA debuted in the Australian markets at the beginning of 2017 with a price of AUD $0.692 and would culminate that same year in an uptrend that took its price to almost $7 ($ 6.86, to be exact). The fact that this cryptocurrency was backed by an innovative protocol that went beyond Bitcoin and other altcoins prompted much of the crypto community to invest in the IOTA tokens.
By 2018, IOTA’s price started falling until it reached $1.29 but started rising up again in May, reaching $3.41. Ever since then, IOTA stabilized throughout the years and has kept almost the same price despite the bullish and bearish trends that the crypto market has witnessed.
Considering IOTA has already reached way higher levels in its price history, it’s very likely to look for those digits in the upcoming years if the conditions are met, especially when the price has been accumulated for so long now.
Why should we invest in IOTA?
Australian has an outlook of acceptance towards cryptocurrencies, although it is safe to say that IOTA has become very popular in Australia and the world for its advantages, among which are:
- In the IOTA network, there are no transaction fees, that means that each transaction is free. Spam is avoided by simply leaving it free, spam in IOTA unlike in Bitcoin, helps to strengthen the network because it helps to validate your transactions faster.
The network has no intermediaries. No entity manages the payments and no miner confirms the transactions.
- It is highly scalable. It could be said that the scalability of a DAG is much better than that of a blockchain. This is because in blockchain the blocks tend to act as a bottleneck, causing a queue of transactions to form when they fill up that must pay higher commissions to the miners so that they include their transactions in the next block. In IOTA there are no blocks, all transactions are incorporated into the network, thus achieving lower latency and better scalability.
- Tolerance to partitioning. Unlike systems based on the block chain, where a fragmentation of the network causes the appearance of another chain incompatible with the original (hard fork); in IOTA the fragmentation of the network is possible, allowing a part of the network to be separated from the main one and later rejoin it.
- It offers a good level of decentralization, although at the moment it is clouded by the existence of the Coordinator.
How to Buy IOTA in Australia?
You have plenty of options online to buy and/or exchange IOTA tokens in Australia, although it is always recommended to do it with a legit local exchange platform to ensure the safety of your deposits and future transactions.
Easy Crypto is one of the best options in Australia to buy all of their listed tokens (ETH, DASH, BTC, LTC, EOS, XRP, ZEC, XLM and plenty more) or use the Crypto Swap feature to exchange them. All you have to do is sign in the Easy Crypto AU website and create an account. After registering, you will do a KYC verification process to be an official member of the platform.