Review on IOTA by Danh Huỳnh Ngọc Công
IOTA - The leader in decentralized data marketplace
IOTA is by far one of the best cryptocurrency with many outstanding features. It is very important to the growth of the emerging data marketplace. That many big companies have established partnership with it is a concrete evidence it will be a very huge in the near future. However, right now, it does not allow users to write smart contract and the network is predicted to suffer from a 34% sooner or later. Let's wait and see for its next development.
Updated 6 years ago
Rating changed from 4 to 3
Negative point: The community has many concerns about the vulnerability and centralization of IOTA raising so many negative rumors about the project's real value
Pros
- - All the transactions on IOTA blockchain can be processed without any fee. No "gas", no "tip", no problem. This is a big advantage for users who want their businesses run faster and more efficient
- - As it takes nothing to send IOTA within this network, it is possible to transact any amount from the biggest to most little one
- - Tangle is the groundbreaking technology of IOTA which solve the scalability of most currently existing blockchain. In the future, the number of processed transactions per second may reach the infinity
- - Tangle also allows very slow computer join their network in a short time and this opens up many possibility for many people in the world
- - IOTA enables a data marketplace where everyone can access and sell data even with very small amount of money and low-specs computers
- - IOTA won't be attacked by quantum computers in the future as it runs "trinary," or balanced ternary computations that can help it network resist any attempts to perform 51% attack
- - It is backed by many big corporations such as Microsoft, Tesla, Porsche, Fujitsu, Volkswagen, Samsung and many others. This proves that IOTA is a big innovation that it will grow bigger and bigger in the future
Cons
- - Smart Contract is not available on IOTA blockchain so it is a very big challenge for this project's adoption. However, the team behind it is building an additional layer to support this important factor on their distributed ledger
- - It is possible that a malicious node on this blockchain can perform a 34% attack (while other networks usually offer 51% attack)
- - DAG protocol that is used by IOTA is not suitable to its overall idea
