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Review on IOTA by QUAN VU VAN
IOTA brought its solution of being zero-fees for transaction. For the system…
IOTA brought its solution of being zero-fees for transaction. For the system to function properly, there is no need for miners to complete transactions as the network is planned in that way that every time a new transaction is issued, it is confirmed by the next one as the present one confirms two prior itself being requested. Accordingly, the system-network Tangle can handle infinite amount of transactions at zero-cost.
Pros
- First things first, IOTA joined the crypto-world in 2015 with the work of David Sønstebø, Dominik Schiener, Dr. Serguei Popov and Sergey Ivancheglo who still are running the show in the most important parts of IOTA’s team. Despite the fact that the concept and idea of blockchain in general is loved and much welcomed as it sums almost all up what the cryptocurrency ecosystem is made of – IOTA, like no-other, introduced a coin that is not utilizing blockchain tech to function.
Cons
- The fact that the project is actively developing and cooperating with the world’s largest consortia suggests that it has prospects. The idea that it will become a driving force in such an innovative direction as the Internet of Things is a definite plus of IOTA. This means that coins really have some weight behind them. After all, they must fulfil the role of ‘fuel’ in a rapidly developing sphere. But the unique IOTA platform, and the unusual proof of work without mining as such, potentially creates a situation in which a powerful transaction will disrupt network security. If it comes from a node that has collected 51% of the total capacity, then the so-called 51% attack will occur. The node will gain control over the network, which will allow it to double expenditure. This is like a Bitcoin mine with 51% of the processing power.
