IOTA - the German giant among cryptocurrencies
IOTA uses different technology than Bitcoin
IOTA is always mentioned in a sentence with Bitcoin, Ethereum and Co. But on the other hand, the general opinion, the cryptocurrency has nothing to do with blockchain technology. IOTA is an innovative and groundbreaking, quantum-proof protocol based on the so-called Tangle.
IOTA has partnerships with big players in the business world
It was founded in 2015 by David Sønstebø, Sergey Ivancheglo, Dr. Serguei Popovvom and the only 22 year old South Tyrolean Dominik Schiener. An interview conducted by Martin Lanz on ZDF can be found below in the article. Meanwhile, IOTA can do a lot of the big players in the business world partners counting. These include VW and Bosch. Other companies like Microsoft, the German Telekom and Fujitsu already showed interest. So the future is promising!
Do you want to buy IOTA? You can do that at Binance , one of the largest and safest exchanges on the crypto market. If you don't have bitcoins yet, you have to buy bitcoins first - you can find out how this works with this simple instructions!
What is the tangle?
Tangle transactions run in parallel
The Tangle is very different from the blockchain technology used by Bitcoin and Ethereum. The biggest difference and at the same time enormous advantage to blockchain technology is that Tangle with increasing number of transactions does not slow down - but faster and more secure!
Unbelievable, is not it? This is achieved because the Tangle technology enables parallel confirmations of the transactions. By sending a transaction always confirmed two other transactions at the same time. The network is powered by the nodes of the users. There are no miners and the maximum number of IOTA is included 2.779.530.283 MIOTA.
Like right now? IOTA, MIOTA or GIOTA?
With the cryptocurrency IOTA, you always have to be very careful about the letter before the word. If you read about the current IOTA course, you actually always experience the course of a "MIOTA". 1 MIOTA corresponds to a million IOTA. Because pictures say more than 1000 words, here is a simple picture for explanation. Tip: You also buy a certain number of "MIOTA" on the platforms and exchanges.
What can IOTA do better?
- No transaction fees
- The network becomes faster the more people / machines use it
- Infinitely scalable
- Comparatively little computing power required
- No more miners necessary: the transactions are taken over by other computers
- IOTA is supported by its own IOTA Foundation
- Partnerships with VW, BOSCH and Fujitsu
IOTA and the Internet of Things
The cryptocurrency is particularly useful for the IoT, i.e. the Internet of Things. More and more devices are permanently connected to the Internet. For the time being, IOTA is concentrating on the payment between two machines and, at least until now, wants to be less of a currency for people. It remains to be seen whether the many advantages will continue to be so in the future. For example, your car could pay for the parking lot, or your fridge would regularly order yogurt, eggs, and butter and pay the supplier automatically. But IOTA can also be used in completely different areas, such as temperature measurement. An example: with the help of the Tangle, the unused energy from private solar or wind systems could be resold every second.