Review on IOTA by Fanuel PORPORTY
IOTA the technology that facilitates transactions between connected objects.
Over the past ten years, has the blockchain changed the way we see money? But is it already perfect? Can we still improve it? Many have advanced blockchain technology and overcome its shortcomings.
One of the inventions is IOTA, a cryptocurrency for the Internet-of-Things (IoT) industry.
IOTA uses a different technology called Tangle, which is based on Directed Acyclic Graph (DAG), instead of blockchains. Unlike traditional blockchains where users perform transactions and miners verify transactions, at IOTA the users are the verifiers. To issue a transaction, each node must verify two other transactions. As the number of nodes in the network increases, the reliability of each transaction increases (as each transaction is verified by more and more nodes). The main advantage of IOTA is that there is no transaction fees. This makes it an ideal cryptocurrency for carrying out transactions of small amounts. In the Tangle, the computing power increases with the growth of the network. IOTA thus allows fast and free transactions.
IOTA is positioning itself in the booming market of IoT and its vision is closely linked to the interconnection of objects. It aims to become the benchmark platform for machine-to-machine transactions, which are essential for developing the potential of IoT.
Pros
- Traditional blockchains levy transaction fees to reward minors, With IOTA, transactions are free because it is the users Who maintain the network.
- A very innovative project, which is positioned on a market with enormous potential!
- An ultra-scalable network
Cons
- A strange consensus with very weak security;
New products
Comments (1)
January 05, 2020
in general I had a bad investment in the currency in addition to including certain delays when sending assets to a personal wallet which I dislike a lot but in general I think it can improve over time
