As the heading and the name itself implies, IOTA has to be something related IoT i.e Internet Of Things. If you thought that way then congratulations you're right, it is related to IoT. So basically IOTA is working on something futuristic scenarios and they're going to change the way humans interact with machine or the way machines interact with humans.
So let's dive in...!!
What Is The Problem ?
We all heard about IoT and now instead of just a terminology it's becoming a reality. Many machines are getting connected to the internet like cars, fridges, drones or in one word your whole house can be connected to internet. And once the machines are connected to the internet they can communicate with each other and transfer data, this interconnection of machines is known as Internet of Things.
Once we entered in the world of smart devices where almost each and every machine is connected to internet. More the devices become smart more data will be generated and that is the problem, at present time they're very few networks to handle such large amount of data, as they're not designed for that purpose.
And to solve that problem IOTA comes into picture.
What Is IOTA ?
IOTA stands for Internet Of Things Application and it is a distributed network, similar to other blockchains like bitcoin but it is designed to solve the scalability issues of other blockchains. Instead of miners, it uses it's unique approach towards verifying transactions which makes it ideal for huge amount of data to power the internet of things.
To handle the data generated by IoT devices, the operational network has to perform huge amount of transactions, maybe in billions, taking that thing into mind IOTA team created a Tangle.
What's Tangle ?
Tangle is simply a term used for network's distributed ledger. In Bitcoin tangle, it has to verify transactions, but in case of IOTA is somehow different as it does not require many people or computational power to solve the cryptic puzzles to create a block. Instead of the miners, to perform & verify a transaction here, it has to approve two more transactions. In this way more the transaction occurs on network faster the speed of transactions become.
IOTAs features doesn't end with only the solutions of speed and scalability. There aren't any transaction fees on the network, which means that you could perform small amount of transactions without losing funds from your wallets. On the other hand, other blockchains like Bitcoin & Ethereum it's very costly to perform small transactions due to their network fees. This why it is considered that IOTA is the evolution of both Ethereum and Bitcoin.
Looking at the chronology, Bitcoin is the first step in the blockchain revolution, Ethereum is the second as it provided a platform for developers to develop dApps on blockchain and IOTA is the third step, as it allows machines to work anonymously on network.
Who Invented IOTA ?
The co-founders of the IOTA project are Dominik Schiener and David Sønstebø and the team of researchers and engineers all over the world works on the project.
Do You Know ? 💡💡
IOTA project has it's own crypto token called MIOTA, and you can buy & hold it on exchanges !!
Future Of IOTA
As I mentioned earlier, IOTA is a project of future, so now the question is what will the IOTAs future. As the IoT gets boomed the IOTA will also start to boom. Assuming the IoT implementations ,se of the future use cases of IOTA are as follows :
The highly researched field in IoT is the automobile, one particular concept in Europe is that the developer allows smart cars to automatically pay for their parking and electronic charging.
Along with those usages, IOTA foundations are also working with city planners and energy companies to increase speed and efficiency of network.
"When everything is connected to everything, there emerges the idea of the 'Economy of Things' where all the data generated be viewed as a commodity like water and gold"
If you want to get latest updates about IOTA project visit official website : https://www.iota.org
Originally posted on Read.cash by me
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