IOTA is a currency in the crypto world that has managed to secure huge gains since its inception. Created in 2015 by David Senstebe, Serget Ivcanchegio, Dominik Schiener and Dr. Serquei Popov, the coin was created to help secure payments across all devices connected to the internet. The world of Internet of Things has begun to take over the broader tech market. We have increasingly become intertwined with the idea that all of our devices need to be connected to the internet whether it be a fridge or a microwave.
This coin has promised to come into the space to help solve any financial interplay issues between these devices. The tech that the coin runs on is not the same as most other cryptocurrencies. The coin uses a type of direction acylic graph technology known as Tangle. The advantages of this system according to one report are that “Unlike transactions on blockchains, such as those involving bitcoin, tangle transactions are free regardless of size. Confirmation times are quite fast. The tangle system can handle an unlimited number of transactions simultaneously, unlike bitcoin.” IOTA has the large advantage of not needing any miners on the system.
The authentication on the network involves the users being all linked together in the above system. This completely eliminates the need for miners to spend a large amount of money and time solving computational problems. The problem with traditional cryptocurrencies is the amount of energy it uses as well as the slow transaction speeds dependent on the amount of miners and the network. These issues do not occur on the IOTA coin platform, which has helped to make it so popular in the current day. The hopes are high that this coin can continue to grow and reshape the market on cryptocurrency.