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Review on IOTA by Bert Harper
IOTA review
IOTA intends to become the standard way of transactions between internet-connected devices in the future. One of the most unique features is that it doesn’t even have a blockchain.
IOTA is a distributed ledger that uses the Directed Acyclic Graph (DAG) technology or also called Tangle.
The IOTA network gives its users the ability to trade data in a marketplace between themselves. This is an amazing concept that could benefit research and development of different products or technologies that need quality data to operate.
One the them being advanced machine learning and AI cannot be successful without large quantities of accurate data.
IOTA does not have a blockchain. It is the first open source distributed ledger made to power the future with feeless microtransactions and high data security.
Since IOTA does not operate with a blockchain, mining for this currency is out of the picture. The ways you can obtain this crypto coin is either by buying from exchanges.
Pros
- The more users in the network, the faster Tangle becomes creating a possibility for an endless scaling factor
- Since there is no blockchain, there are no large amounts of data necessary so that you can use the network. What you would need is just a partial download of the history that includes neighboring transactions
- IOTA Marketplace – it allows users to trade data with their peers
Cons
- The biggest drawback of IOTA is the lack of smart contracts and dApp support.
- While there have been no security issues as of now, the community is skeptical towards the Tangle tech as hypothetically, it would require less computing power and control over the nodes to be able to attack the network
- The multiple types of units and subunits in the network can be confusing for a beginner
