Review on IOTA by Manuela Gottschalk

Name: IOTA
Item: IOTA
Rating: 5

August 30, 2018

They want to develop the idea of Internet of Things and make it possible for…

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They want to develop the idea of Internet of Things and make it possible for various companies to cooperate by selling all of their services easily. IOTA wants to make every technological resource a potential service to be traded on an open market in real time and most importantly with no fees. Their site is very well designed with this futuristic vibe, it really grabs user attention, therefore encourages potential investors to research the project further. As they will act as the base for further development, the project can become very useful. They may also be revolutionary in a way with their Tangle architecture, which provides developers with a brand new set of tools for their applications in both IoT and Web and this is something different than a classic blockchain.
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Pros

For IOTA , the transaction rate increases dramatically as more users use the system. In addition, the time until the confirmation of the transaction at IOTA much lower. At Blockchain, there is the consensus, that is, all must have the same state and that in turn is not the case with IOTA. Consensus costs a lot of time.

Cons

The security If you want to use Blockchain , you always have the following problem: You can use the Blockchain only economically and with high transaction rate, if you neglect the security - that is: the computing power "down screws". So, if you screw down the security to increase the transaction rate, the blockchain is modifiable, So you can not prove that data can not have been manipulated. Basically, the method is only designed to prevent manipulation from the outside - that is, to reassure the company that others can not change the internal data because they have no physical access to the actual systems. However, the owner of the blockchain can theoretically recalculate it with new data and thus manipulate it. This is a dilemma for companies that want to integrate the blockchain for externally auditable applications and must prove the absolute immutability of the data.