Review on IOTA by Özgün A
Supports Germany's Best Software Firm IOTA!
IOTA is a cryptocurrency that claims to be secure, focused on providing communication and payment between computers on the Internet. So to explain even more: The aim here is to use every object that connects to the internet, for example; smart phone, tablet, computer and smart watch etc. It is to make objects such as mutual communication more useful, fast, secure and capable of performing multiple operations at the same time.
So is it really a viable system?
Many renowned universities and research campuses have seen the potential of IOTA and have decided to work with it. Regardless of the size of the transaction, IOTA is free, fast, the number of transactions that the system can simultaneously implement is unlimited, and the system is easily scalable. The Tangle system makes IOTA a more reliable system. At the same time, the Tangle system gives the ability to trade free of charge.
Now let's get to the most interesting part ..
It is the first cryptocurrency that does not use blockchain. In a normal system, as the number of transactions increases, the speed of the system slows down, so users' processing times also increase. However, unlike Blockchain with Tangle technology, the transaction speed increases due to the increase in the number of users. This is really interesting! In short, we can explain the basic working logic of Tangle technology as the approval of each transaction by the previous two transactions. In other words, the system provides its own security automatically.
Mining is not possible in IOTA. The price is very low now, but I see it among the stars of the future.
Pros
- It is the first cryptocurrency that does not use blockchain.
- Innovative steps forward
- Eliminating blockchain challenges
- Secure data transfer
Cons
- Low in value
- Transaction volume is low
