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IOTA: The project differs from Bitcoin & co.

IOTA is a little different as Bitcoin, Ripple and Ethereum. These things distinguish the project from other crypto-currencies. By Phillip Horch 12. September

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IOTA: The project differs from Bitcoin & co.

IOTA is a little different as Bitcoin, Ripple and Ethereum. These things distinguish the project from other crypto-currencies.

By Phillip Horch
12. September 2019BTC$10.276,96 2.84%part Facebook Twitter LinkedIn xing mail

crypto-currencies, there are thousands. Apart from Bitcoin, Ethereum, and Ripple, there are some that stand out from the crowd. IOTA is one of them. Some of the Features that the project of other crypto apart currencies.

The Use Case of IOTA

The application IOTAs hidden already in the name: IoT, Internet of Things or Internet of things. Because the crypto-currency is designed to be the currency for the communication of machines with each other. In a figurative sense, a barrier to the Smartphone: "IOTA says," and communicates that it wants to be opened. Use cases like this are there to distinguish the crypto-currency from others.

The technological basis: IOTAs Tangle

Also in the technological design distinguishes the project from other crypto-currencies. Bitcoin uses the Blockchain technology and the Proof-of-Work consensus building IOTA on a Tangle. The "ordinary tangle" is a directed, acyclic Graph. As a result, the technology promises to be the parallel processing of transactions. While Bitcoin is about Block to Block in a "chain" to each other will be ranked, the processing and propagation for IOTA simultaneously in all directions. This comes with a price.

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the orientation of The Tangle and parallel transactions, the request has, as yet, an instance that controls everything, to the coordinator. What in the Bitcoin Blockchain and the Proof-of-Work and the Miner take over, will take place at the IOTA directly in the transactions – each transaction is confirmed at least two prior. In addition, there are no fees for transactions in the Tangle – a further feature of IOTA. Thus, the network grows with each new transaction safer. Since there is not at the beginning, however, enough transactions to keep the network secure, it requires a Central instance, which is responsible for the correctness of transactions: the coordinator. Because of this IOTA, however, with critics again and again, as a centralized apply and the System will be mainly on your own two feet, wants to abolish the Foundation, the coordinator and the Coordicide.

scaling

Due to the parallel processing of transactions promises IOTA infinite scalability. While the Bitcoin Blockchain and similar Proof-of-Work-need systems, some of them quite long, in order to process many transactions, does IOTA simultaneous (see above). As a result, the Tangle is scaled currencies, in theory, much better than some of the other Crypto.

by the Way: The Name of the project is not, as is often assumed, for an "Internet of Things Association". Rather, it refers to the eponymous Greek letters, and translated it means as much as "the smallest letter" – according to the tiny little transactions in the Internet-of-Things-fabric process.

More:

What is behind IOTA? The Tangle – a neat tangle "IOTA", said the barrier to Smartphone IOTA News: Foundation, distributed developer-scholarships#Coordicide#IOTA#Tangle
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