IOTA is a revolutionary new, next generation public distributed ledger that utilizes an invention, called a “Tangle”. The Tangle is a new data structure based on a Directed Acyclic Graph. As such it has no Blocks, no Chain and also no Miners. Because of this radical new architecture, things in IOTA work quite differently compared to other Blockchains.
The major difference that is worth mentioning is how IOTA achieves consensus and how transactions are made. As mentioned previously, there are no miners. What this means is that each participant in the network that wants to make a transaction has to actively participate in the consensus of the network by approving 2 past transactions. This attestation on the validity of two past transactions ensures that the whole network achieves consensus on the current state of approved transactions, and it enables a variety of unique features that are only seen in IOTA.
IOTA is the missing puzzle piece for the Computational Economy to fully emerge and reach its desired potential. We envision IOTA to be the public, permissionless backbone for the Internet of Things that enables true interoperability between all devices.
IOTA has a range of features that are uniquely enabled due to its architecture:
• Scalability: IOTA can achieve high transaction throughput thanks to parallelized validation of transactions with no limit as to the number of transactions that can be confirmed in a certain interval
• No Transaction Fees: IOTA has no transaction fees.
• Decentralization: IOTA has no miners. Every participant in the network that is making a transaction, actively participates in the consensus
• Quantum-immunity: IOTA utilized a newly designed trinary hash function called Curl, which is quantum immune (Winternitz signatures)
IOTA is revolutionizing the Internet of things. When this token was released to the exchange platforms they quickly positioned their self in the 8th position. This because IOTA is facilitating a blockchain system for the internet of things to work in. Even though, the value of this coin at its peek have only touched five dollars, this is an incredibly interesting cryptocurrency and we have to kept an eye on it. That’s why we have choose this crypto as the Coin of the Week. Join the conversation on the comments below and do not forget to subscribe so you don’t miss anything! Thanks for watching and I see you later.
