IOTA is a Decentralized Internet-of-Things Token, it advertises itself as the fuel for the IoT growing economy, IOTA It’s built on top of an innovation called ‘Tangle’, which replaces the concept of a regular blockchain. Transactions are completely free and the platform is ‘Quantum Secure’.
IOTA is a new Cryptocurrency token focused on providing an infrastructure suitable to carry out micro-transactions for the Internet-of-Things ecosystem, in order to do this, the project features a brand new consensus mechanism called Tangle.
The Tangle is a Directed Acyclic Graph (DAG) designed to keep tabs on the transactions. When a node in the network wants to make a new transaction it must validate and approve the previous two, as a consequence, the network security is achieved by the same users of the platform. The main goal is to have a lightweight network that allows Internet-of-Things devices to freely transact with one another. According to IOTA’s team: The number of connected devices that will permeate our modern landscape in the coming decade is estimated to be 50 billion(!) Each of these are designed to make the world a better and more seamless place for us. Tied to this fantastic promise are of course a ton of obstacles to be overcome, of which one major one is micro-transactions. We talked to David Sønstebø Co-Founder of IOTA, David is a futurist who believes that technology is the best way to improve the world from an effective altruist point of view, below is a series of questions I asked David through an email-based interview:
1- According to the official statement, IOTA goal is to create a lightweight cryptocurrency, how does the project achieve this? Indeed, the role of IOTA is to be the ‘Ledger of Things’ that fuels the ‘Economy of Things’. Up until this point […]
