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Review on IOTA by Luca Raven
The Iota project is extremely unique. First, the way transactions are approved…
The Iota project is extremely unique. First, the way transactions are approved on this platform is in stark contrast to other platforms. The Iota platform introduces a new way for transactions to be approved. Because individuals that want to engage in a transaction need to approve two or more transactions this platform has the potential to scale. Scalability of the networks that support cryptoassets has been a topic of debate in the community over the last few years. It seems the Iota team has solved this issue
Pros
- No transaction fees make Iota ideal for micro-payments. Integration with internet of things devices will make for a more robust machine to machine payment ecosystem. Quantum proof algorithm may not be important now but it might matter a lot in the future.
Cons
- The platform cannot execute smart contracts at this time. This could change in the future. Poor wallet experience reported by users. User experience should be paramount because it drives adoption.The network could potentially be more susceptible to attack if a lot of transactions are not taking place on the network.
