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Review on IOTA by Fırat Aksun
2018 will be the most important year yet for Cryptocurrencies. A lot of the…
2018 will be the most important year yet for Cryptocurrencies. A lot of the newest platforms are trying to solve the greatest problems with the Blockchain technology, and IOTA is one of them. Their ICO occurred in November of 2015. IOTA’s team decided to create their own Cryptocurrency technology instead of using or patching the Blockchain.
Pros
- Iota also has created a platform that is resistant to quantum computing. This might not matter now (because quantum computers don’t exist) but if and when quantum computers are created this will be important. Quantum computers are so powerful that they would be able to attack public blockchain networks like Bitcoin on a large scale.
Cons
- The Iota platform does not charge transaction fees because each user must work to validate transactions when engaging in a transaction themselves. The network will scale better when more transactions are being engaged in. This means that a transaction fee free environment will remain intact as more users participate in the network.
