The IOTA Project Financial & Tech Overview as of September 2018
As the cryptocurrency sphere becomes more popular, other crypto projects apart from Bitcoin have received an increased attention. Today, tokens vary from platform to money oriented altcoins and are all finding a niche within the Fin Tech ecosystem. The IOTA project is among those hot fundamental valued crypto ideas as it stands.
The IOTA project whose design is inspired by the Internet of Things was developed by Sergey Ivancheglo, Serguei Popov, Dominik Scheiner & David Sønstebø. Its efficiency in machine-to-machine communication has further increased the platform’s competitive advantage.
IOTA In Brief
The initials of this blockchain project stand for Internet of Things while its token ‘MIOTA’ has an M to show the coin’s class as per the SI unit. The letter ‘A’ meaning has been a topic of debate for a while now.
IOTA network has attracted a good number of users within various industries. Most notably is the platform’s compatibility with the smart power grids systems. IOTA network ensures that records of watts & commands are done properly. Solar panel owners could therefore tokenize the extra production units & leverage IOTA to get payments for these. In addition, IOTA facilitates data collection & enables analysis of the same for monetizing purposes.
The IOTA & IoT Compatibility
IOTA ecosystem is a good suitor for the M2M communications & IoT integration because of a few enhanced features within its network. The IOTA platform is highly scalable & charges nothing for operating within its network hence its suitability. Furthermore, the network design uses a protocol that is quantum-resistant preventing its users from such attacks.
Unlike most crypto projects, IOTA’s network is based on ‘Tangle’ as opposed to the popular blockchain network. This Distributed Ledger (DLT) facilitates the scalability aspect of the IOTA network making it an attractive integration candidate for industries.
Tangle uses a unique transaction verification approach. The network does not have a 3rd party or miners for validation purposes but instead transactions are used to verify themselves. Basically, every two transactions will be validated by the 3rd transaction; this is what makes the IOTA network highly scalable. As long as transactions happen, the network will be in a position to accommodate even more.