Hi followers & steemians !
Through this post, we will try to talk about IOTA project! let us know what happens in this world!?
IOTA has introduced a cryptocurrency known as "MIOTA" (one million iota). But instead of using the Blockchain technology used by other similar systems, the platform of IOTA has used *DAG or "Decentralised acrylic Graph" (called THE TANGLE) for creating its cryptocurrency. A non-profit foundation that supports this platform has also signed agreements with some of the major companies of Germany including Volkswagen and Bosch etc. to increase the utility of this platform among the devices connected to it.
The future plans of IOTA are to be a kind of standard that can transact between the devices connected to the Internet of Things. According to the statement provided by the founders of IOTA on their website, IOTA has been assumed as a communal backbone for the Internet of Things that do not need any permission to allow real interoperability between all the devices connected to it.
MIOTA(one million iota), the cryptocurrency of IOTA, will allow transactions of micropayments between the devices connected to it. for instance, it can allow you to use your fridge connected to the internet to buy individual items of grocery from any site of e-commerce.
Mr. Gartner was of the view that by 2020 the expected number of devices enabled by IoT can increase up to 20.4 billion. During the day all of these connected devices will make several transactions with the other devices connected to the internet or using the internet alone.
IOTA has a future objective to work as a delivery service for these transactions by using its cryptocurrency and platform. The number of transactions in the network of IOTA will be controlled by the number of micropayments between the connected devices.
IOTA also has an aim to solve the problems faced by the cryptocurrency Bitcoin on its system including transaction fees, the speed of the network and scalability. According to the team developing IOTA, the network of IOTA is faster and lighter than the Blockchain network of Bitcoin.
DAG of IOTA is the key element that has allowed them to avoid systems based on Blockchain technology. The dependency of such systems is on the configuration of nodes to mine coins by generating blocks connected in a chain formation. Normally, in order to approve the transactions, the nodes in a Blockchain of cryptocurrency use the algorithm of proof of stake or proof of work. And to reach an accord for the validation of the transactions in their network these algorithms need nodes.
So by avoiding the use of Blockchain DAG has eliminated the dependency of miners. Its network grows through the connections between the approval of the transactions and the nodes. In the network of IOTA, no consensus is required for the approval of a transaction. In its place, to be considered valid, every new transaction will have to approve two past transactions. In this way, the network will increase in size by itself.
For IOTA these transactions will originate by creating a balance by using all of its cryptocurrencies, MIOTA, which will be mined as required. These tokens were distributed to the addresses of other founders. As per the plans, 27 quadrillion will be the total number of IOTAs that will remain ever in existence. According to the founders of IOTA, the total number of IOTAs is within the maximum limit of the value allowed by the programming language, JavaScript.
The network of IOTA is known as Tangle which in the beginning is not able to make difference between the contradictory transactions. So for this reason, all the transactions, contradictory or non-contradictory, will be found in the Tangle in the beginning.
However, a system of approvals will be used to remove orphaned transactions from the network. The nodes in IOTA will use the previous history of the transactions as the most important sign to approve a transaction. As a measure to approve the transactions the system has to be confident for selecting algorithm.
For instance, the approval of a transaction by the nodes can be 97% confident if it has been approved in the past for 97 times. Transaction weight is another term related to this concept. The weight of a transaction increases with the number of its approvals as it moves through the network of IOTA.
The node activity is another factor to be considered while cleaning up the Tangle. For instance, some nodes are dropped by their neighbours if they are not approving or supporting transactions or are lazy to do any work on the IOTA network.
Some of the features of IOTA resemble with that of the system of Bitcoin. A transaction can be issued only by a node after solving a puzzle of cryptography. Along with it the security of the network depends upon the number of nodes. Therefore, the network of IOTA will be safer from the attacks if the number of nodes in the Tangle of IOTA in increasing progressively. This feature of IOTA is similar to the network of Bitcoin as its security increases with the increased number of miners.
The technology used in IOTA is still under the process of development like the technologies used by most of the platforms of other cryptocurrencies. The first issue faced by IOTA is the weakness of the hash function used to encrypt transactions by IOTA.
According to a team of Digital Currency Lab at MIT, the platform of IOTA has a function Curl’ that provides same results when two different inputs are given to it. this property shows a function of broken hash and is known as Collision.
The team further wrote that by using their technique, a bad person can destroy or steal the funds of the users. since then the team of IOTA has corrected the faulty code.
An attack was the second problem faced by IOTA. As a result of this attack, the users of this platform have lost cryptocurrency worth millions. The development team of IOTA has written a blog post to develop and create strong seed for using its cryptocurrency in response to that attack.
Like any other good cryptocurrency use case, IOTA project looks strong and very useful for the future of the internet of things!.
I will let you watch this awesome video by "Everything Tangle" that present IOTA by numbers against other cryptos like ETEHEREUM & BITCOIN!
soon I will reassemble in a single post several videos that explain the iota technology, this post may be useful for the developers who seek to better understand this technology as well as investors who also seeks to anticipate the future of this technology!
Let me know in comments below if you are interested !?
Buy and sell IOTA tokens freely on Binance
source :
https://www.iota.org
https://blog.iota.org
IOTA white paper
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All the best!
simo
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
