Review on IOTA by Olukayode Oyelami
IOTA THIRD GENERATION CRYPTOCURRENCY THAT CAN ALLOW MICRO TRANSACTIONS BETWEEN ANY DEVICES.
Each project has the vision.
IOTA is being developed by the IOTA Foundation, lt headquartered is in Berlin, Gamany. It objective is to be third generation cryptocurrency that can allow micro transactions between any device.
IOTA foundation is dedicated to building sustainable ecosystem around IOTA to accelerate it development and commercial adoption. it does not use blockchain technology, what it use is called DAG. every connection between nodes is called an edge, which confirm transaction. It seeks to be intergrated with the IoT.
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it token is a unit of value in the IOTA network, stored in IOTA wallet protected by seed, you can access and spend the Tokens,it provides a cryptocurrency wallet.
IOTA is trade on digital currency exchange such as Bitdinex. Like other digital currencies, IOTA's token value has soared and fallen.
Pros
- Attempting to remove transaction fees and cut transaction time down.
- The system can handle many transaction simultaneously.
- It is designed to be so light, any device can use it as long as it has a connection to the internet.
- It aima to get rid of all the biggest troubles of major cryptocurrencies, such as lack of scalability, mining expenses, and slow transaction speed.
Cons
- It is vulnerable than blockchain
- Small transaction can take a long time to be confirmed
- It is threat towards the Cryptocurrency mining industry and they may want to quell it
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Comments (1)
May 15, 2020
IOTA is a cryptocurrency that has no transaction fees and requires no miners in order to process transactions. It does, however, require some computational power to submit a transaction, making it perfect for machines to use as a currency and distributed communication protocol for the Internet of Things “IoT”
