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IOTA makes uses of distributed ledgers unlike most other cryptos which do not use blockchain. Instead it uses a technology that the developers called the “tangle” which is based on a mathematical concept known as “Directed Acyclic Graphs” and this was a purpose for move from the developers as within this design was a separate IOTA from every other cryptocurrency. Within the design we have the removal of miners without sacrificing decentralized with the need for miners were moved so the miners would need the …
The “Internet of Things” is the driving force behind IOTA. The main motive behind IOTA is to provide an infrastructure that enables machine – to – machine transactions to happen between all the different devices that are hooked into the Internet.
If we define IOTA, it is an innovative “new spin on the blockchain” which is called “the tangle”.
“IOTA’s tangle architecture is designed to manage transactions in the rapidly growing digital economy that undergirds that so – called Internet of Things”.
How is IOTA Different From Bitcoin
Bitcoin introduced two fundamental concepts to the world: decentralised digital currencies and the blockchain. IOTA has built upon both of those ideas to create a new kind of infrastructure designed for the expanding network of Internet -connected machines, or smart devices. Instead of focusing on peer – to – peer transactions, like bitcoin, IOTA is designed primarily for transactions that happen on a machine-to-machine level.
Is IOTA a Cryptocurrency
The IOTA cryptocurrency is one aspect of the larger IOTA platform. Designed with mass adoption in mind, IOTA hopes to provide a foundation for digital transactions to occur throughout the Internet of Things. The IOTA cryptocurrency is intended to serve as a universal method of payment for the future of machine-to-machine transactions that happen on the IOTA network.
The IOTA Tangle
One of the most unique and exciting parts of IOTA is the tangle. Building on the idea of a distributed ledger, a central component of today’s blockchains, the tangle has emerged as a new kind of data structure. The tangle is a decentralised, peer-to-peer network that does not rely on “blocks,” mining or an external consensus process. This allows secure data transfers to happen directly between digital devices, without transaction fees, in a self-regulating manner.
How to Buy IOTA
Currently, IOTA is only available through a few exchanges, most notably the Bitfinex exchange. As the project develops, it is likely that more exchanges will begin to offer IOTA.
Can I make Money with IOTA
At this phase of IOTA’s development, traders located in a country with access to an exchange that offers IOTA may buy into the currency. Particularly because the project is still very new, it’s possible that early investors may earn a profit as the technology develops. As with any cryptocurrency, it’s important to be aware that there’s risk involved, there are no guarantees, and the cryptocurrency market is notoriously unstable.
When the IOTA network is ready for mass distribution, users will have the potential to earn money by allowing others to harness the unused power of their connected devices. While the project is not currently at this stage, IOTA launched a public test-net in May of 2017 to give people a chance to interact with the platform. A “bug – bounty” program is ongoing, which pays rewards to individuals who find bugs within the IOTA framework.
Things to Keep in Mind
IOTA has gained considerable popularity, however, it is not completely done yet, it is still work in progress. It is uncertain when the IOTA network will be ready for mainstream implementation and whether it will achieve mass adoption
It also has a new kind of data structure which is the tangle architecture, which is also central to IOTA. With a new technology, its reliability will be clear once it is implemented
What is the Future for IOTA
The vision of IOTA is to “make a platform accessible and geared towards real – world adoption”. Towards this goal, IOTA has created several clients on different programming languages, making the system flexible for developers.
At present, it is also working on researching solutions in order to improve networking between the many different kinds of devices connected to the Internet of Things (Internet of Things or IOT are the network of physical devices, vehicles, home appliances and other items embedded with electronics, software, sensors, actuators, and connectivity which enables these objects to connect and exchange data).
Another important issue with existing blockchain – based applications, which includes bitcoin as well is scaling. IOTA is dealing with this problem by using a method called “snapshotting” to handle data on the tangle ledger in a way that enables the network to efficiently process many transactions at once.