About Iota: infobyte
November 19, 2017 at 1:32 pm #28894
What is IOTA?
A transactional settlement and data transfer layer for the Internet-of-Things (IoT). IOTA is intended to avoid the overheads of a blockchain and be lightweight so suitable for the emerging machine-to-machine (m2m) economy. IOTA is based on a new form of distributed ledger – the Tangle – which overcomes the inefficiencies of current blockchain design and introduces a new way of reaching consensus in a decentralized peer-to-peer system
How is Tangle different to blockchain?
Blockchain and Tangle are two completely distinct architectures built on the same principles. The two of the main differences of Tangle and Blockchain are;
1. Data Structure. Instead of being structured as a sequential chain where blocks are added in regular intervals, the Tangle is based on a DAG (Directed Acyclic Graph). By parallelizing validation, IOTA is able to achieve high transaction throughput with no transaction fee. As the Tangle grows and more participants make transactions, the overall system becomes more secure and faster, with confirmation times/transaction finality decreasing
2. Consensus. A blockchain requires multiple parties to “race” against each other in an attempt to add the next block to the blockchain and get the mining reward/transaction fee. In this way, consensus is delegated to a smaller subset of the network – the ‘miners’ – and decoupled from transaction generation. This can create a high entry barrier (as is the case in Bitcoin), leading to further centralization
IOTA it a self-fuelled system – each participant on the network facilitates two transactions and so also actively participates in the consensus. With validation parallelized, trust is not delegated to miners and no transaction fee is paid. The network remains decentralized
What are the main use cases of IOTA?
In its current form, IOTA’s main features are feeless micropayments and secure data transfer and data anchoring. These two features, together with IOTA’s scalability and partition tolerance, offer a wide range of possible uses cases. The primary focus area is IoT, particularly in smart cities, infrastructure and smart grid, supply chain, transportation and mobility
IOTA can also function as the backbone for any peer to peer transactional settlement needs, such as web payments or even remittances.
Are IOTA Mined?
There is no mining involved in IOTA
Is there a fixed Supply?
All IOTA’s which will ever exist were created with the genesis transaction. The total supply of IOTA is (3 ** 33 – 1) / 2. Which equals to exactly 2779530283277761 tokens
Where is IOTA headed?
The IOTA Foundation was incorporated in Germany as a non-profit corporation that coordinates and funds development in the IOTA ecosystem. As of November 2017, the Foundation has a $100 million fund to promote IOTA through working groups focused on: identity, social causes, supply chain, mobility, e-health, fintech, smart cities and infrastructure, R&D, interoperability, energy, industry 4.0, and others. Companies working with IOTA include Bosch, Microsoft and Cisco
Where can I get some?
IOTA trades for fiat currencies, Bitcoin and Ether in online exchanges
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