IOTA (MIOTA) is a cryptocurrency that focuses on providing secure payments as well as communications between machines via the Internet of Things. The most interesting aspect about it is that it doesn’t use the traditional blockchain technology. Instead, it uses something called the “Directed Acyclic Graph” or DAG technology.
The thing about DAG technology is that it does a lot more than the blockchain. Using DAG means that all IOTA’s transactions are free – no matter what the size. Additionally, the time taken to confirm transactions is minimal, and the number of transactions that the network can handle at one time are limitless. And the best part is that the system is really easy to scale.
With current blockchain technology (read: Bitcoin), transaction fees are right now in the range of $30 per transaction, high transaction times and a slow network that hasn’t scaled well.
Another thing with IOTA is that it has real life applications. The first thing is zero transaction fees. The second application is that IOTA can be used for the secure transfer of data and anchoring nodes and machines in the network – the Internet of Things. The Internet of Things, while in its early development stages right now, is going to rule the world in the future.
So the question is – why hasn’t IOTA taken over the cryptocurrency world till now? The most plausible reason is a lack of marketing and communication strategy. IOTA needs to hire a person who will spread the word about the crypto through all media channels. The company should also get a well-known tech guru to be the ambassador for IOTA. And also find a bank to partner with that can start using the crypto for its operations.
Basically, IOTA is the hidden gem that is waiting to be discovered.
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