In the recent decade, we have experienced the unprecedented rise of Blockchain technology as it offers P2P transactions of assets without needing to involve any middlemen or geographical barrier. While the transaction speed and fee associated were power points of prominent blockchain projects, the current scenario of adoption has shown that both factors are substantial and quite slow due to the congestion of the network.
The answer to most blockchain projects to this is a process called ‘scaling.’
IOTA is a blockchain-based project that eradicated the scalability issues by offering its own distributed ledger, which is a bit different from the standard blockchain.
Designed to empower machines and humans, IOTA improves their participation in flourishing new permissionless economies. Get a proper understanding of IOTA blockchain in our introductory article.
IOTA has a few advantages that set it apart from other blockchain projects. Such as high scalability, secure data transfer, low resource requirements, offline transactions, and many more.
So, here’s a list that describes top 3 features of IOTA. Those are known for providing IOTA with an edge for real-world applications.
Potential for Unlimited Transactions per Second
First, to understand the practical applications of IOTA, it’s necessary to comprehend the technological trends, IoT (Internet of Things). IoT refers to as a technological advancement whereby machine (like cars, phones, refrigerators, watches, or any electronic or software-based device) communicate and exchange data with each other without any human involvement, which results in improved efficiency and economic growth.
The whole concept of IoT is to connect the physical world with the web world and enable technological devices to transfer data with each other without any human interaction.
Today, the exchange of data and information often is associated with payments. And, for IoT to become a reality, it’s a must to provide a platform that can enable M2M (machine-to-machine) payments. That’s where IOTA comes into play. IOTA’s designed whereby the more transactions on the network, the more the network processes.
Currently, the IOTA network can process between 13 to 1,500 transactions per second. This unique scalability is one of the top features of IOTA.
Indeed, we can say that very soon everything is going to be “smart.” And the platform capable of seamless microtransactions to make this real can be seen in the form of IOTA. Therefore, the future of IoT is in the hands of IOTA.