IOTA is an open-source, decentralized, permissionless record/ transaction keeping system that’s feeless. It's feeless because it doesn’t have miners, it can work with the devices that are connected to the internet (IoT) and its highly scalable since the transaction speed decreases the more users it gets.
What is IOTA?
IOTA is a open-source, decentralized, permissionless record/ transaction keeping system that’s feeless.
It doesn’t have miners, it can work with the devices that are connected to the internet (IoT) and its highly scalable since the transaction speed decreases the more users it gets.
Who created IOTA?
IOTA was founded in 2015 by David Sønstebø, Sergey Ivancheglo, Dominik Schiener and Dr. Serguei Popov
What are the benefits of IOTA?
The early cryptocurrencies Bitcoin and Ethereum brought the hope of decentralized, permissionless and very low-fee transactions. However, in the past 10 years blockchain based cryptocurrencies have really taken off and their adoption have skyrocketed.
With the high adoption rate, the transaction fees have also gone up, since the cost to validate transaction on a blockchain required more resources.
Speed of the transactions is another issue that needs to be fixed with major cryptocurrencies. Increasing the number of blocks cause “block bloat” which is as the network gets bigger, it gets slower.
Benefits of IOTA:
No miners to validate the transaction means no transaction fees. It's truly feeless.
Faster transactions as the network grows, so IOTA won’t be facing the “block bloat” problem
Low emissions and fewer resources required by the network
It’s quantum attack proof, due to the collective computing power of the whole network will always be more than the computational power of quantum computer.
Built-in immutable contracts within IOTA Tangle.
For further insights and updates on IOTA please visit https://cryptochainx.com