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Review on IOTA by Mr Benji

The blockchain 3.0

IOTA is a cryptocurrency-based book. Unlike other cryptocurrencies, however, it does not use classical blockchains (such as all known bitcoins), but it works with a new DAG blockless technology, also called "TANGLE".

1. Tangle - allows the network to operate without transaction fees and no limits to determine how many transactions are possible per second. There are no miners in this network because every IOTA holder and user can confirm the transaction.

The protocol states that when you send one transaction, your computer processes and confirms two other transactions. So you will almost never have to wait for any transaction. This technology has one big advantage, namely, the more it uses, the faster and safer it works. IOTA works as a peer to peer network that has been designed for the Internet of Things, which is probably the most important information.

The aim of the IOTA system is to provide a free and fast transfer of values ​​and data to each other, which would allow any consumer or vehicle connected to the IoT network to be leased or used effectively and credibly.

2. Progress - The development of the IOTA cryptocurrency began in 2015, and by the end of the same year all tokens were released, which were used for beta-testing until 2017. \ t The community received the tokens, with no one left behind to developers. Thus, tokens are overloaded, indivisible, and users do not need them to use the network. There are a total of 2,779,530,283 million tokens in circulation. This number does not change and will not change.

The number of devices that will be connected to the same network in the future over the next decade will exceed $ 50 billion. And in this network of connected devices, the IOTA digital currency works as a means of transferring data.

As the number of devices that these tokens should use in the future grows, the demand for them is also increasing. In 2015, the co-founder David Sonstebo introduced the cryptocurrency and is called the third generation cryptocurrency.

3. Fees what? - IOTA has no fees

There is currently no other cryptocurrency that would have the strong side of the so-called micro-transaction, ie sending money in such small volumes. IOTA has solved this problem and is now a substantial part of the Internet. In 2016, Outlier Ventures Capital invested a significant amount in this project.

The big advantage is that this cryptocurrency has no fees. It doesn't matter the size of the transaction. Instead, so-called Nodes are motivated to participate in validation and transaction creation by other nodes. It uses a weight mechanism to prevent hackers and spam attacks. Transactions are confirmed with respect to their weight. This weight corresponds to the amount of work each node invests in the transaction.

It differs from other cryptocurrencies by focusing primarily on the Internet of Things. It is a IoT concept that includes global networking devices such as home appliances, cars, etc. Able to communicate or modify data. It is possible to monitor them remotely and also control them.

Updated 2 years ago
Rating has not been changed

- Dr. Bing-Yang Lin joins The IOTA Foundation as a Senior Software Engineer.

- STM32 x IOTA

- Announced second IOTA development contest focused around machines with wallets

- Evaldas joined The IOTA Foundation

- Louay joined The IOTA Foundation

- IOTA Trinity Wallet

Pros & cons

  • Tangle
  • IOTA is already being used in certain places
  • Super rychle a levné transakce
  • Dobře škálovatelný systém
  • Does NOT use smart-contract options