What is cryptocurrency IOTA
The official website of cryptocurrency IOTA has the following address: iota.org. At the moment this cryptocurrency has a capitalization of 1.5 bn. dollars, and occupies the 8th place in the rating, according to this indicator.
Developers cryptocurrency IOTA is IOTA Foundation, this organization is not a non-profit organization, and is located in Germany. The goal of this team was to develop a project that has no analogues in the world. And the truth is, they did.
If you go to the official website of IOTA, you will be able to understand and familiarize yourself with this cryptocurrency, but that you do not lose your time, we will help you with this. Cryptocurrency IOTA is extensible, decentralized, modular and has no commissions, but more on that later. On the project site, there is an opportunity to familiarize with variants of work of network IOTA, and use cryptocurrency. Among the examples, the opportunity to pay a cup of coffee, buy gasoline at a gas station or buy a phone, and all this to do with your phone. This is the main idea of the project – the economy of things or the machine economy. This concept grows from the concept of the Internet of Things – the concept of computing networks of physical objects, such as smart TVs, refrigerators, robots vacuum cleaners and other devices that can interact with each other, eliminating the possibility of participation person. Sounds a little “cosmically” right? But all this becomes a reality, because we live in a digital world. According to Forbes Magazine, the world of Internet of things, every year, will gain more and more popularity. Thus, by 2020, the number of devices would grow to 30 billion, and by 2025 – to 75 billion. And these devices are potential members of the same network, in our case network IOTA.
The peculiarity and distinction of IOTA from other projects is that the project structure does not use blockchain technology. For IOTA developers invented their model, which has the name Tengl, which in its structure uses the principle of directional cyclical graph. Roughly speaking, it is an object that has many vertices connected by graphs (arrows). To send a transaction, the receiving party must open the purse Iota-Iota Light Wallet, generate a special address, bind it to tangle (plexus, tangle) and execute a transaction.
The transaction is confirmed in the following way: any transaction made on the network confirms the previous two transactions. Thus, each computer tangle, is both user and its participant. In this way the IOTA network is freed from the services of miners, without whose capacity the blockchain system could not work. In addition, with the growth of network members, the rate of confirmation of transactions in the network becomes faster.
Advantages of IOTA
Part of the advantages of this network, we have already indirectly touched, but let’s go through each separately.
No commissions IOTA
This advantage is due to the lack of blockchain technology. Thanks to which, there is no need to pay extra money miners for their work. All transactions within the network are confirmed by the users-it became possible thanks to the system tangle.
Transaction Speed IOTA
This advantage has also appeared thanks to the so-called tangle (tangle). To confirm the transaction, the user needs to confirm the transactions of 2 other users of the network. This approach allows you to make the transaction speed faster than Blockchain.
Decentralization of IOTA
And why do you think the IOTA of 100 percent is a decentralized platform? You won’t believe it, thanks to all the same tangle. After all, users who conduct transactions are the only members of the network, that is, they are its managers.
From all the above written, we can say that the main advantage of cryptocurrency IOTA, is the platform on which it is written-is the platform tangle. Let’s see if tangle can push blockchain. Your options write in the comments to this article.
How and where to buy cryptocurrency IOTA
At the moment, cryptocurrency IOTA is trading on the exchange Bitfinex it is there you can buy it. In addition, you can trade in pairs, where it is traded together, Bitcoin and dollar. In addition, it is possible to change your money and place them on the purse IOTA-IOTA Light wallet. If you are lucky, you can read about the purse here, but if there is no hyperlink on the word that leads you to the review, then we have not had time to write it. Here’s a bit of humor in the middle of the article.
Perspectives of cryptocurrency IOTA
If you have ever wondered how to write articles correctly on the site, then you probably know that to search for the right topics for the article and the sections that are needed in it, search by keywords is performed. So, one of the frequently asked questions in this section was the request: “Cryptocurrency IOTA future.” We thought so, and decided that this query is closely related to the title of this subsection, so we answer.
If not in the next year, then by 2020, this project will be able to get a very big move, and go down, if not in the top three cryptocurrency, then in the five exactly. IOTA is currently a member of the Microsoft Azure Partnership, and soon IOTA plans to launch in the development of IoT processors that are capable of processing thousands of transactions instantaneously. Partnership in Microsoft Azure, it is not the only collaboration of the project, there are many of them at the moment, and we simply do not score the article names, who are interested, can look for information on the Internet.
We’ve sorted out a project that looks great, both from the technical and the organizational side. The project, which has unimaginable potential, and most importantly, he began to find a response in the masses, among the practical application. Our opinion is that these projects are the future. Not for nothing, on the English-language resources IOTA called the murderer of Bitcoin. If, after this review, you wanted to buy yourself a few coins IOTA, where to do it, you already know.
Here is the end of our second article about cryptocurrency IOTA, if you have not read the first, you can do it here. That’s all, if you liked our review, and you would like to see exactly such a review on another cryptocurrency, you can write your options either in the comments or in the mail.