IOTA

IOTA is a permissionless distributed ledger designed for a “new” economy. The platform powers the “Internet of Things” by having feeless microtransactions and “data integrity”.

IOTA uses a distributed ledger technology called the Tangle. With the Tangle, individual transactions exist as an entangled stream. In contrast, Bitcoin uses blocks of transactions stored in a sequential chain.

 

Blockchain_vs_Tangle

 

Additionally, IOTA utilises a “pay-it-forward” system versus offering a validation reward. To incentivise every user to participate, the two previous transactions must pass validation before their transaction can. If you want to understand more about how the Tangle works, check out this post.

For now, let's move on to IOTA wallet seed generation.

 

How to Create an IOTA Wallet Seed

Below are steps for both Windows and Mac users to generate a secure IOTA wallet seed.

 

  1. Download the IOTA wallet, which can be found here: https://iota.org/
  2. Choose whether you want to use a Lite Wallet or a Full Node Wallet. We generally recommend using the Lite Wallet as they use less computing power.
  3. Generate the IOTA seed.
  4. For Mac Users:
    1. Open the “terminal” application. Once open enter this code: cat /dev/urandom |LC_ALL=C tr -dc 'A-Z9' | fold -w 81 | head -n 1
    2. This produces a unique 81-character seed. Once generated, the seed will look something like this: EKAKXNDWMKBISCGQKHP9FGVSCRVBERZTTCXPSFIDPVZJBDOBINSUNGIFYIDURQGUEDLKUMDTKLHEQKTII
  5. For Windows Users:
    1. Go to this site: https://repl.it/@ramuta/IOTA-seed-generator
    2. Copy all of the code on the left side of the page (white box) and paste it into Python on the right side of the page (black box).
    3. This creates a unique 81-character seed. Once generated, the seed will look something like this: EORKZMHBUEIJZNKTKE9VQWSXDCGQXFGRMHIUKIPRPH9YYGNAYYTHVOZORNCYFMOCSDVTNWLE9ETKW9ZTO

 

 

If you require any additional assistance there are several resources, you can use. Firstly, I recommend checking out IOTA’s website which has many guides and FAQs. Secondly, YouTube tutorials can provide a handy walkthrough. Lastly, contact us if you have any questions

 

IOTA Future Focus.

IOTA aims to be the primary digital currency used internationally for peer-to-peer transactions. Since development IOTA has concentrated heavily on security, scalability, and efficiency, moving forward, these factors will continue to be the focus. IOTA has always had a long-term perspective; the team wants to provide sustainable benefits with technology that will remain relevant for many years to come.

 

How to Buy IOTA (MIOTA) in NZ?

To easily buy IOTA (MIOTA) in New Zealand you can do so right here, at BitPrime. First, if you haven’t already done so, please register an account with us and have your ID verified. Finally, visit our IOTA page to order your MIOTA. If you require any further assistance, please contact us and we will be happy to help.

 


Disclaimer: The above references an opinion and is for informational purposes only. It is not intended as personalised financial or investment advice. The opinions expressed by the author do not represent the opinion of BitPrime.

Last updated: 12/06/2018

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