Review on IOTA by David Olayide

Name: IOTA
Item: IOTA
Rating: 4

January 01, 2021

IOTA In Retrospect

 
This project seeks to make things a lot easier for people to carry out their daily transactions without the too much risk. In order to do this the company has also claimed that they can eliminate most of the problems that are facing standard  today such as backlogs or the decentralized nature of mining crypto currencies and other difficulties that come with it. However IOTA is not as invincible as it might seem to be because they are also vulnerable to cyber attacks. 
Unlike Bitcoin their cryptocurrency mIOTA is premined, and consensus of transactions occurs differently compared to a blockchain. IOTA also came up with a new technique for data structure. This technique is known as Tangle. What it does is that transactions can be processed simultaneously instead of sequentially. Then, as more systems are  to it, the 
IOTA is an open source distributed ledger and cryptocurrency that is designed to record and execute transactions between machines. The currency is known as mIOTA. This project was designed initially to cut back on processor cost. It aims to become the standard mode for carrying out transactions among mobile devices as its long-term goal. Billions of mobile devices have been connected to the internet by the year 2020 and as a result more and more devices are communicating with each other through the internet and transactions are being carried out on a daily basis. IOTA what was founded in October 2015.

This project seeks to make things a lot easier for people to carry out their daily transactions without the too much risk. In order to do this the company has also claimed that they can eliminate most of the problems that are facing standard blockchains today such as backlogs or the decentralized nature of mining crypto currencies and other difficulties that come with it. However IOTA is not as invincible as it might seem to be because they are also vulnerable to cyber attacks. 

Unlike Bitcoin their cryptocurrency mIOTA is premined, and consensus of transactions occurs differently compared to a blockchain. IOTA also came up with a new technique for data structure. This technique is known as Tangle. What it does is that transactions can be processed simultaneously instead of sequentially. Then, as more systems are added to it, the Tangle becomes more secure and efficient at processing transactions.

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