Review on IOTA by The hsotaka
My review about IOTA.
Today i want to tell you something about the IOTA foundation and the its coin called MIOTA.
The IOTA Foundation was established in Germany as non-profit organisation in 2017 by Dominik Schiener and David Sønstebø.
The IOTA founders developed a technology, called the "tangle architecture".
It's distriubuted ledger technology like the blockchain but it offers several important advantages compared to a ordinary blockchain.
While a blockchain is designed as blocks in a chain (like the word "blockchain" says itself), the tangle have no blocks and no chain at all.
Tangle is a stream of interlinked and individual transactions. A transaction on the tangle is always connected with two previous transaction which is said to approve.
Like on blockchain, approving a transaction implies that its history was verified and found to be valid.
A blockchain has an inherent transaction rate limit, because all participants agree on the longest chain.
The Tangle allows different branches to eventually merge, resulting in a much faster overall throughput.
The consensus will be found by cumulative weight.
Cumulative weight corresponds to the amount of proof-of-work which validates a particular transaction.
In order to change data on the tangle, for example "un-approve" a transaction, an actor would have to invest a similar amount of computing power.
This leads to a better scalability and even to improved security compared to transactions on the blockchain.
While the block size limite of the bitcoin blockchain is limited to 1 MB, there is no limit on the tangle.
The foundation even claims that the Tangle technology is quantum computer restistant.
Even the fees are way lower than on a proof of work based blockchain, because there are no miners.
This was a quick try to explain the technology, forgive me if it isn't more detailed. It's a very difficult topic.
Let's come to MIOTA, the currency which runs on the tangle.
The current supply are 2,779,530,283 MIOTA
MIOTA is called a token for the IoT (The Internet of Things), because it was designed to be the currency for automated transaction between connected electronical devices.
In the future, there will be billions of connected devices in the Internet of Things, so there will be the need for a secure currency with almost no transaction fees which isn't limited in scalability.
My opinion:
IOTA is a token which is based on a amazing technology. It has huge potential, which sadly has not reached yet.
You could say IOTA is ahead of its time, because the Internet of Things is still in its infancy.
Investing money in MIOTA is a risky investment. If IOTA really will be the technology for IoT transactions it will be more than worth it.
Pros
- IOTA foundation is a non profit organisation.
- Real decentralized currency.
- Amazing distributed ledger technology, called "tangle".
- No block size limit.
- Fast transactions with almost no fees.
- Claim to be quantum computer resistant.
- Huge potential to become THE IoT transaction protocoll.
Cons
- IOTA is ahead of its time, so very risky investment.
- Technology is even more difficult to understand than blockchain.
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Comments (1)
February 04, 2020
Iota despite its good ranking and good repercussion in the world of cryptocurrencies has not yet reached its real value, I also see great potential in that currency for the future!
