IOTA Foundation, a German based non-profit firm runs on its own unique network called as tangle network. IOTA boasts itself for zero transaction fees and ensures data integrity, which is unique in the cryptocurrencies world. The value of the coin has increased 90% this week since Microsoft partnership with IOTA was announcement. The digital currency has added 12billion to the crypto space making it the 4th largest in crypto currency trading. Even Samsung partnered with IOTA for its Tangle network.
Chart from coinmarketcap.com
Microsoft decided to partner with IOTA for its superior technology. Data is the new oil and companies want to find ways to explore more of it and get as much value they can. IOTA fits exactly to solve this problem which makes it a reliable technology. IOTA aims at solving a huge chunk of issues faced by Internet of things which hasn’t found a solution yet in the commercial space yet. Its open source platform does not use encrypted blocks like majority of the blockchain network for transactions.
IOTA relies on a slightly different technology to decentralize and distribute its ledger unlike the current blockchain solutions. Contrary to the current blockchain based networks ( e,g bitcoin, ethereum ) which uses binary logic, IOTA uses something called Tangle uses an alternative known as balanced ternary – a numerical system based on three, rather than two digits: -1, 0, and 1.
David Sonstebo the CEO & founder considers IOTA as a sleeping gaint which can solve the scalability issue of majority of the cryptocurrencies such as Bitcoin or Ethereum.
As per IOT “As the Internet-of-Things keep expanding, the need for interoperability and sharing of resources become a necessity. IOTA enables companies to explore new business-2-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees.”
The future of IOTA depends on the Tangle network which can revolutionize the world with the internet of things scalability problem. 2018 may hold a great year for IOTA as more companies join forces to its impressive tangle network to introduce innovation.
