Learn more about these three tokens:
What is IOTA?
Originally known as Jinn, a crowd sale for the project was held in September 2014, and the network officially launched in 2016.
Fun fact: IOTA is a distributed ledger but not actually a blockchain. Instead, IOTA uses a directed acyclic graph called Tangle, a system of nodes that confirm transactions. The foundation behind this platform claims this offers far greater speeds than conventional blockchains — and an ideal footprint for the ever-expanding Internet of Things ecosystem.
As IOTA does not operate on a blockchain, there are no miners needed, and therefore no fees incurred. Many established networks see costs balloon when congestion intensifies, but IOTA aims to provide limitless throughput at minimal expense.
Executing Transaction between IoT devices
IOTA’s goal is to become the de facto platform for executing transactions between IoT devices, and the team believes that its potential use cases don’t end here.
Eventually, IOTA aims to use their distributed ledger to deliver digital identities to all — resulting in car insurance policies that are based on actual usage, paving the way for cutting-edge smart cities, delivering seamless global trade and proving the authenticity of products.
MIOTA has a maximum supply of 2,779,530,283 tokens — and all of them are in circulation. It is worth noting that the supply of MIOTA did increase in later years, with the team arguing that a greater level of supply would make the token suitable for the “tiny nano transactions” that we’ll likely see through IoT devices.
What is Fantom?
Fantom aims to solve problems associated with smart-contract platforms, specifically transaction speed, which developers say they have reduced to under two seconds.
The Fantom Foundation, which oversees the Fantom product offering, was originally created in 2018 and was founded by South Korean computer scientist Dr. Ahn Byung Ik.
Solving smart contract problems
Fantom attempts to use a new consensus mechanism — built from scratch — to facilitate DeFi and related services on the basis of smart contracts. The mechanism, Lachesis, promises much higher capacity and two-second transaction finalization, along with improvements to security over traditional proof-of-stake (PoS) algorithm-based platforms.
Its main mission is to “grant compatibility between all transaction bodies around the world.”
FTM forms the backbone of transactions, and allows fee collection and staking activities.The total supply of FTM is 3.175 billion tokens, of which 2,134,638,448 FTM is currently in circulation at the time of writing. The rest will be released subject to a schedule running through 2023.
What is OMG Network?
OMG Network, formerly known as OmiseGo, was founded by Thai-born Vansa Chatikavanij and operates as a subsidiary of SYNQA — a Thailand-based fintech firm.
It is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain and is designed to allow users to transfer ETH and ERC20 tokens significantly faster and cheaper as compared to directly transacting on the Ethereum network.
The network is based on a novel scaling solution called MoreViable Plasma, which uses a sidechain architecture to group several transactions off-chain into a batch, which can then be verified as a single transaction on the Ethereum root chain.
Scaling Ethereum and cutting down on carbon footprint
OMG Network was created as a solution to Ethereum’s significant speed and cost barriers. The OMG network also aims to reduce its the carbon footprint via its plasma-based sidechain solution, which is able to reduce electricity usage by up to 99% compared to Ethereum, and cut fees by around two-thirds.
OMG is a utility token powering the OMG network. It can be used as one of the payment methods for fees on the network, and will eventually be stakeable — helping to secure the network in return for rewards. OMG Network tokens have a fixed maximum supply of 140,245,398 OMG. Unlike many other cryptocurrencies, this total supply has already been fully minted.
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As with every other supported token on Coinhako, we endeavour to update our users on key news about each project through our various channels. The Coinhako platform also features a News Feed section where you will be able to receive all the latest updates on the other top DeFi projects, like uniswap, polkadot, band protocol, as well as IOTA, FTM and OMG.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.