Instead of a blockchain, IOTA relies on its own distributed ledger solution called the Tangle, which is supposed to overcome the shortcomings of blockchain related to rising transaction fees and processing scalability.
The IOTA platform does not rely on the blockchain technology by virtue of its removal of blocks, central ledger and miners which would be otherwise required to run it. In addition to this, IOTA offers immutable data history tracking and computing resource sharing, with plans to eventually expand its role to become the payment settlement and data integrity layer of smart cities, energy grids, infrastructure, financial industry, etc. Supported by its MIOTA token, the IOTA platform’s main task is to enable instantaneous and feeless transactions between devices which are parts of the IoT network, no matter how big or small it is. As such, it is found at the heart of many hi-tech concepts such as smart homes and smart cities which feature connected devices capable of exchanging data with the purpose of achieving operational synergy. In short, the Internet of Things (IoT) is the concept involving the extension of internet connectivity to include as many physical devices within a single ecosystem.
Launched in June 2016, the IOTA platform betrays its main purpose in the name itself, with it being the short form for the “Internet of Things Application”.
0 kommentar(er)
