Review on IOTA by Inioluwa Okedeji
A Review On IOTA
Iota a distributed ledger for the Internet of things (IoT).
Co-founded by Sergey Ivancheglo, Serguei Popov, David Sønstebø, and Dominik Schiener, Iota is designed to take records and to complete transactions in the Internet Of Things ecosystem.
Iota foundation was established as a non-profit organization in 2017, at Germany.
Iota's roots can be traced back to the Jinn Project in September 2014.
It uses a directed acyclic graph (DAG) in place of blockchain platform.
It's DAG I.e directed acyclic graph has no transaction fees
It places no fixated limit on the number of transactions that can be confirmed
It's network supports a quantum-proof protocol known as Tangle.
Tangle was developed by Iota's founders.
Tangle allows scalability in infinite amount
It also allows zero transaction fees.
Transactions are faster on its network.
Most importantly, data transfer is secure.
Iota aims to solve the problems of centralized mining on the conventional blockchain.
Iota's digital currency is known as mIOTA. It runs on the Tangle.
mIOTA is currently ranked 27th on coinmarketcap.
It presently has a market cap of $823,377,606 USD
It's circulating supply is 2,779,530,283 mIOTA
It has a maximum supply of also 2,779,530,283 mIOTA
Pros
- Iota is a non-profit organization
- Its operations are decentralized
- It is an invention for the future.
- It's transactions are fast
- Data transfers are secure
- There are zero transaction fees
Cons
- Iota is just emerging and still yet to be proven
- It has a small network size, hence it isn't popular
