1 Level
12 Review
5 Karma
Review on IOTA by Mohammed Umaru
Unlike Bitcoin which uses a blockchain architecture for maintaining it’s ledger…
Unlike Bitcoin which uses a blockchain architecture for maintaining it’s ledger, IOTA uses the ‘Tangle’ which is a Directed Acyclic Graph, known as a DAG.
This Tangle solves both the scalability and transaction fee issues faced by Bitcoin (And most cryptocurrencies) by requiring the Sender in a transaction to perform a kind of proof of work which approves two transactions.
This removes dedicated miners and makes the system fully decentralised.
Pros
- The most remarkable result is that in IOTA, the network transaction speed INCREASES as the number of users increases (as opposed to blockchain cryptocurrencies which get slower with increased numbers of users)
Cons
- Seeing the way how iota is experiencing ups and down on the market. I recommend they impose a transaction fee so as to have more coin on circulation.
