The blockchain technology, since its inception in 2009 has seen a tremendous increase in innovations. Companies are striving to bring real-time solutions to problems in various industries, for example, the financial sector, big data industries, the education systems among others. IOTA (MIOTA), on the other hand, has reimagined the blockchain world and is making changes in areas that have never been tried before.
The world we live in now requires a constant trade of data between systems and machines. The machines that handle these resources are growing every day. The progress is continuously transforming the economy and has finally created a new economy referred to as machine to machine economy.
The blockchain, on the one hand, is viewed as the technology that will take over this machine to machine economy. On the side, it is not very scalable as witnessed by the Bitcoin blockchain. However, the developers of IOTA saw the problem and decided to create a solution.
Consequently, IOTA stands out from the blockchains because it does not utilise a blockchain; instead, it is developed on Tangle; a distributed ledger technology. Tangle can transfer data and money. However, it achieves much more in regards to speed in comparison to the blockchain. For instance, with IOTA, for every transaction that is made, a couple of new transactions are validated. IOTA can handle more transactions per second compared to many other blockchains.
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19 December 2018
20 December 2018