Review on IOTA by Nguyen cuong

Name: IOTA
Item: IOTA
Rating: 5

August 28, 2018

This is a real game-changer that will allow for microtransactions that…

This is a real game-changer that will allow for microtransactions that facilitate the Internet of Things (IOT). IOTA is an incredibly interesting project that is already being harnessed for these characteristics by the block chain community
It's just amazing to me how this one is a top ten cryptocurrency. Hard to see it running properly on a cordless drill or a solar panel.
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Pros

It’s biggest selling point: no transaction fee. This makes micro-payment more feasible. This is realized by using a new concept called “Tangle”. Traditional miners are replaced by each network participant, which means you cannot mine IOTA and get rewards from doing it. Every participating blocks are required to verify two transactions in order to join the network

Cons

No smart contracts in IOTA: We can think of smart contracts are codes to define a set of rules/functions that is accepted by everyone and can be called later by authorized parties. Since the Tangle network doesn’t have strongly ordered transactions(We can see this from the above screenshot), no such rules can be defined and make use of as not all participants agree or have validated the same transactions before. However, it is said in the forums that IOTA is going to implement smart contracts based on other protocols. There will be no incentive for extra nodes to help verifying the transactions, as there will be zero reward for validating each transaction. That is, the network depends fully on its users.