Review on IOTA by Francisco Varela
IOTA Project
It is an open source distributed accounting technology, whose objective is to securely allow the exchange of information and value on the Internet of Things. It is not based on the traditional blockchain, but instead uses a mathematical concept called a Directed Acyclic Degree, which makes it possible for there to be no commissions and improves scalability.
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Pros
- It has fee-free transactions, that is, 0% commission per transaction.
- This project is supervised by the Iota foundation located in Germany is non-profit.
- The design of this project is not a linear sequence, it is rather similar to a spider web with interlocking nodes that form a great set but that advances individually.
- It has a total Iotas supply that is fixed and unique of 2,779,530,283,000,000, which means that no more Iotas will ever be created.
- Iota can be traded without problem on many digital exchanges.
- The cryptography used by IOTA includes Winternitz signatures that make the network immune to attacks by quantum computers.
Cons
- It is a rather complex technology, which somewhat hinders its adoption by new users.
