BTC NEWS: Iota - Crypto Currency, Developed Specifically For The "Internet Of Things"
Iota is a new cryptographic for microtransactions, this crypto currency is optimized for the "Internet of things" (IoT).
Unlike complex and heavy blockchains for Bitcoin and other crypto currency, Iota is created as light as possible. The number of connected devices that will be combined into a common network, in the next decade will exceed 50 billion. This will make the world better and more convenient for each of us.
These fantastic prospects are still facing a lot of obstacles. One of the main obstacles is the lack of a system for microtransactions. All connected devices must exchange units of value without having to add any hardware. The Iota protocol can be used not only for the "Internet of things" (IoT), but for other tasks. The basic principle of the idea of a distributed consensus blockchain is preserved, but the ease and efficiency is achieved through the use of tangle technology. This is a directional acyclic graph (an orgraph in which there are no directed cycles, that is, paths that start and end at the same vertex.)
Blockchain Iota solves the following blockchain problems:
Centralization of management
As history shows, miners tend to form large groups. This leads to centralization and the possibility of committing an attack of 51%. This possibility in the world of the Internet of things is absolutely unacceptable.
Deprecated cryptography
Although industrial quantum computers do not yet exist, the possibility of their appearance in the future should be taken into account.
Inability to conduct micropayments
The availability of operational fees for miners and to counter spam attacks is becoming critical in the world of Internet stuff.
Intolerance to separation
Crypto-currencies based on blockchain can not exist when one part of the network is separated from the whole. Also, it is not possible to arbitrarily separate a part of the network.
Discrimination of participants
Existing crypto-currencies are homogeneous systems with a clear division of roles (there are issuers approving transactions). Such systems create inevitable discrimination, which in turn creates conflicts and makes all elements spend resources on conflict resolution.
Scalability Limits
Some crypto-currencies have strict limitations on the maximum transaction speed, and this restriction can not be lifted within the framework of a decentralized nature.
High hardware requirements
Crypto-currencies, which originated from Bitcoin, use their original scenario based on the approach. Other currencies use an approach similar to that used in banks, but add additional functions. Both significantly increase the hardware requirements due to the complex logic of transaction processing.
Unlimited data growth
Saving all transactions leads to a rapid increase in data, and this inefficiency can not be removed, even with the help of data compression algorithms.
The tangle protocol solves all of the above problems, while at the same time it is compatible with blockchain. Iota is not going to completely replace blockchain, as well as Ethereum and Rootstock. Most operating systems are supported, and for running the protocol, an inexpensive microcontroller with 16 kb of RAM is enough.
