IOTA , the decentralised Internet of Things tokens, is now going into beta version. IOTA is a micro-transaction crypto-token that will facilitate the architecture involved with IoT . The IOTA protocol runs off of Tangle, which has similar functionality to a blockchain yet acts more like an emulated version, giving it more versatility.
IOTA tokens will be available for testing by a limited number of users outside the company starting early February, said its co-founder David Sønstebø.
David Sønstebø had earlier talked to CoinTelegraph in October 2015 after the release of IOTA. We catch up with David again, to hear more about the beta version that is about to launch.
CoinTelegraph: Since you last interviewed for us, what is new with IOTA?
David Sønstebø: We have raised almost half million dollars from the community and been accepted into the Wanxiang Blockchain Labs grant.
CT: What features will you be testing in the BETA version?
DS: Data and Transaction transfers. IOTA is all about data transport layer and transactions .
CT: Would you like to elaborate on the underlying technology of the IOTA beta version? DS: IOTA is the first blockless cryptographic token, that is instead of a regular blockchain we created something brand new called a Tangle which is based on a Directed Acyclic Graph structure. This enables further decentralization of the network and also greatly enhances the scalability. There are no fees in IOTA which makes it optimal for real-time compensation. This creates opportunities where for instance a sensor that is gathering data pays a processing station nearby to process said data in real time. Another example that is easy to grasp is the sharing economy of electric bikes, with IOTA you can pay for EXACTLY how much you use the bike, no more and no less, […]
