What is IOTA?
IOTA is one of the most popular cryptocurrencies in the world with some very impressive partnerships. But what is IOTA?
IOTA is a decentralized form of distributed ledger which doesn’t use a blockchain. Instead they use a technology called Tangle, which is a third generation distributed ledger technology (DLT), which will be powered by machines all over the world known as the Internet of Things (IoT).
What is IOTA going to do differently? The main difference is that unlike the blockchain, transactions can be made without fees! This has been a sticking point in blockchain technology being adopted more universally and IOTA hopes to bring their technology to the hands of more users given this key benefit. IOTA and the tangle has a number of other key differences between blockchain technology. Some of which are below.
- IOTA is based on a directed acyclic graph (DAG) aka the Tangle, not a Blockchain
- IOTA has no mining, no blocks, no difficulty
- IOTA has no transaction fees
- IOTA is much more scalable than most other present blockchain technologies (almost infinitely)
What is IOTA looking to achieve? The platform will allow businesses and projects to build decentralized apps with the benefit of decentralized control and complete interconnection between the network. The aim is to build a decentralized network connecting ‘The Internet Of Things’ (IoT) using the token IOTA as the store of value and token of exchange.
IOTA has some very exciting partnerships, and big plus point for both investors and the general cryptocurrency industry. The Internet of Things is a rapidly growing industry and IOTA is looking to be both the currency and interoperability protocol that solves the problems of the IoT.
What is The Internet of Things (IOT)
The Internet of things has actually been around for sometime now but is becoming somewhat more of a reality now. Put simply the internet of things is the network of physical devices, vehicles, home appliances and just about everything electronic which is connected through the internet. The connection that these objects have allows them to share and transmit data which is slowly creating a world in which everything and anything is connected… The Internet of Things