Apart from the potential of the market cap, the IOTA distinguishes itself from all other platform coins by its unique ability to use a fork in new chains, which allows the IOTA to solve a multitude of problems, with each forked string related to specialized sectors such as IOT, Gaming, transport, and many others.
Launched in 2015, IOTA goes beyond the blockchain through its basic invention of the “no – block and quantum”. IOTA focuses on being useful for the burgeoning machine – to – machine ( m2m ) economy of the Internet of Things ( IoT ), data integrity, micropayment and other applications where a scalable decentralized system is justified.
Why IOTA’s baffles many people in the crypt scene is easy to explain: the IOTA promises most of them to be irrecoverable, and makes design decisions that may seem strange, even strange to outsiders. IOTA will be the backbone of such a machine economy – the platform that enables the acquisition and transfer of money and data. But parts of the community sometimes seem to be the complete response to scalability. A few design decisions at IOTA exacerbate the mistrust: firstly, IOTA uses a post-quantum cryptographic algorithm.
Theoretically, IOTA will be able to handle an unlimited number of transactions per second once the confusion is over. Iota is best known for its Quantum blending, which is one of its main competitive advantages, thanks to which it can stand out among Bitcoin, Ethereum and other blockchains.
Will IOTA Survive?
If IOTA manages to perform the function – and right now, it’s the obvious frontrunner – the IOTA price will see huge gains. Instead of miners who confirm transactions as with Bitcoin, each IOTA user contributes to maintaining the network. It is not so for Bitcoin or Ethereum ( although both are likely to be improved in the future for quantum resistance ). Previously, IOTA unveiled its “digital marketplace,” a conceptual design that showed the ability of IOTA to distribute and monetize data.
Since IOTA has no mining, but little evidence of work, electricity consumption can only be generated in renewable energy clusters in all cities and regions around the world, “Zero margin electricity” can support IOTA working in a multi-connected, distributed net. IOTA is theoretically infinitely scalable ( as far as the bandwidth is concerned ) thanks to its unique consensus mechanism. Payment channels are a new approach that Bitcoin and Ethereum are investigating, as mainstream adoption leads to huge transaction fees and queues.
Unlike blockchain, which has produced bitcoin, litecoin, ether and a whole series of other lesser-known cryptocurrencies, so far the tangle has only one: IOTA. Moreover, even if the tangle can establish itself, IOTA may not end up being the only or most successful cryptocurrency based on technology.
Since there is very little empirical evidence to show the IOTA – or the jumble for such a thing – in action, there is no guarantee that they will survive the growing pains and obstacles to development.