Review on IOTA by ava sandres
IOTA Platform
iota is the first open source distributed general office designed to power the Internet of Things (IoT), transfer money without incidental costs, and integrate data for the machine. This means that this cryptocurrency allows data to be exchanged between machines equipped with different sensors in the Internet of Things. IOTA is the platform's local digital currency, currently ranked 18th among cryptocurrencies based on market size.
IOTA does not use the traditional blockchain design used by most cryptocurrencies. Instead, it has created a new platform called Tangle, which uses a well-known mathematical concept called Directed Acyclic Graph. In this method, the IOTA user must randomly verify the other two transactions on the network to send one transaction.
This means that in order for the validity of a transaction to be maintained, each node in the Tangle graph must validate the previous two transactions in another node.
ο»Ώ
Updated 3 years ago
Rating changed from 3 to 2
This project was one of the first projects that provided the possibility of free transactions in the blockchain network. However, this project did not achieve the success and reputation it should have due to the provision of special services. Of course, the fact that other projects after IOTA also introduced this feature is one of the reasons for the decline in the reputation of this project, and this year this project has really received little attention.
ο»Ώ
Pros
- zero transactions fee
Cons
- The official iota wallet was hacked
