IOTA, MIOTA, Tangle – What a Web We Weave
I am excited about IOTA but I tell you, their platform and Tangle technology can kick you in the rear as you scream with pain!
You WILL encounter hiccups while Setting up the IOTA Wallet
IOTA has an exciting underlying technology called Tangle. They do NOT have a blockchain as we know it.
I’ll do a video on it in layman’s speak rather than in techie nerd speak before end of year. It will include setting up the IOTA wallet.
The price of IOTA has been going CRAZY. (note when I write IOTA, it is interchangeable with MIOTA. 1 million IOTA = 1 MIOTA. We are buying MIOTAs)
The price for MIOTA, the cryptocurrency for the IOTA platform, has exploded over the past week, gaining huge value and kicking Ripple’s butt to take the #4 spot among cryptocurrency market capitalizations.
The price explosion is due to a major agreement signed with some heavy hitters – Microsoft, Fujitsu, and others for business-to-business (B2B) data sharing.
The price rally began around 02December2017 with the price closing in on $1.50. However, the real explosion was in the past 2 days with the price increasing exponentially. MIOTA was trading at $4.64 but as I write this it has fell 27% to $3.71. Which is what I expect after all of the hype.
Now it is time for them to DELIVER!
Two of the unfortunate things about IOTA are:
- Only sold on Bitfinex. All USA citizens have been kicked to the curb and can’t use Bitfinex.
- The IOTA wallet is so non-user-friendly and you WILL have some struggles… I am a techie and I am still shaking my head.
The IOTA Wallet
Download IOTA wallet: https://github.com/iotaledger/wallet/releases/ and get the latest release .exe file if you are a PC user.
- Choose light node and choose a host during SETUP. You can change to a different host later on if you desire.
- Generate an 81 character seed of uppercase letters and the number 9.
- Once you’re logged into your wallet, click the RECEIVE tab.
- Now click the ATTACH TO TANGLE button.
- Let it work itself out. It does some POW in the background. When that has completed, opy your RECEIVE ADDRESS
- NEVER USE YOUR RECEIVE ADDRESS MORE THAN ONCE!
- Transfer 1 IOTA from Bitfinex exchange to your RECEIVE ADDRESS.
- When you receive 1 IOTA in your desktop wallet, then you know everything was setup correctly.
- Now transfer the rest of your IOTA sitting in Bitfinex to the IOTA desktop wallet.
- https://iotasupport.com/gui-newseed.shtml to generate seed.
- I went to https://ipfs.io/ipfs/QmdqTgEdyKVQAVnfT5iV4ULzTbkV4hhkDkMqGBuot8egfA
- I then generated multiple seeds and then copied and pasted a part of each seed to create an 81 character seed.
- Why did I do that? I have a healthy paranoia online. Never trust the internet! Just in case the seed generation web site owners are saving seeds or are nefarious sneaky folks.
- *** All you need to keep safe is your 81 character seed. ***
UPDATE 09December2017 from the Co-Founders of IOTA:
IOTA has been under intensive development for over two years and has not spent any money on marketing. In this time our focus was on making this next generation distributed ledger technology a reality. In this period we refused exchanges listing IOTA in order to ensure everything was working properly before it went to market.
This explains why IOTA is now getting a lot of attention seemingly out of nowhere. People have been following the project for a long time and then they are finally able to enter.
Until Next Time …
Faith Sloan “QueenWiki” “CryptoQueen”
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