What is IOTA – Cryptocurrency Review; Revolutionizing The Tech
Since it debuted and dashed upward to the top of the list, gaining enthusiasts and fame in a blink of an eye – cryptocurrencies called ‘Third Generation Coins’ are increasing in supporters and development/rate. One of them which leads the way of the crypto 3.0 IOTA has many characteristics that make it very respected around the place.
According to the team, IOTA [MIOTA] will make instant transactions and zero-fees reality, which is a target many find dreamy as fees for transaction completion on other blockchain platforms are flying above the roof.
Being developed slowly but steady from scratch, the group of individuals backing up the coin created a new platform that has brought with itself many solutions to existing problems. As it has been completely written on Java, they did away with the traditional concept of blockchain altogether.
Why many ask that when it comes to IOTA being one of the first choices for future understanding among thousands of cryptos – well it is considered a coin ahead of its time being the first one not employing the use of blockchain tech, in which case various issues where nullified as the platform uses a system called Tangle.
“The tangle is what is known as a directed acyclic graph (DAG): a data structure that moves in one direction without looping back onto itself.” – David Floyd
Whenever [every-time] a transaction is taking place, the issuer must support the authentication of two random transactions with the use of cryptographic hash functions.
All the processes happen behind the curtain on that scale which any device could handle, showcasing the IOTA is trying to create the first coin with a lightweight network, low cost and scalable.
What makes the Tangle system very unique, is that the more people use it – the network is faster and performs better accordingly. The case is very in contrary to other cryptocurrencies, especially the leading ones. Bitcoin and many following altcoins do find the network slow-downs irritating and very difficult to deal with as more individuals step in. That will be giving birth to major problems in the future as more people enter the market and the ecosystem.
The token is not only designed for peer-to-peer exchanges, but also for the Internet of Things . For example, IOTA could be used to enable a robot to be programmed to clean and vacuum a room automatically.
Obviously that other digital currencies will do their best to find solutions and have improvements over their infrastructure like the Lightning Networkthat has been implemented on Bitcoin for faster scaling. However, still what Bitcoin was originally thought to be is far from being reached, for example it would be not that reasonable to use it on daily transactions lets say coffee, food etc.
Best way to purchase tokens for yourself would be buying Bitcoin from famous exchange via your bank account, debit card or credit card, which would be followed with the BTC being exchanged for IOTA tokens.
Everyday, more and more reasons are dusted out to enter and diversify your wallet with additional IOTA as at some point it could be to late. Will IOTA really revolutionize the future of cryptos – it could be very well possible.