First of all, i want to give a big thank you to the entire Steemit and Iota community. You guys have shown me so much love over the past two weeks. Again, thank you for the warm welcome, and i hope i can bring much more amazing Iota content over the next year. I have now fully commited my free-time to both projects and love how were are growing strong daily. Now to my article:)
In the recent years blockchain has opened the door for a infinite range of applications outside of just financial transactions. It's truely gamechanging foundation allows for a variaty of uses and disrupts entire industries.
Several factors have hindered the blockchain architecture from expaning to even greater heights.
One of them is its young nature, aswell as certain limitations and fundamental flaws in the blockchain design.
Iota with its "Tangle" innovation has entered the market with a clear vision: Serving as the backbone for the Internet of Things. Essentially making the "Tangle" (DAG) the heart of the IoT and providing a groudbreaking architecture that improves upon all the major flaws of Bitcoin, Litecoin, Ethereum and Nem.
What unique improvements does Iota bring?
Scalability, Zero fee transactions, Security (Immutability - Quantum proof), Speed (Increases with usage do to the nature of DLT), Zero third parties (No miners & no middleman), Selfregulating consensus (PoW & PoC)
The IoT sector is quickly expanding. Experts are projecting that in mearly five years from now, smart devices per household will increase by 10 times. Meaning that each person will use 15-20 decices that may all be interconnected. Industries can expect the same dramatic change further pushing efficiency through automation and AI.
The key to making this evolution of technology possible is "interoperability". Demanding a strong network foundation and corresponding end-user hardware have to align. I like to emphasize this point as data loss, caused by limited hardware and correlating security concerns are a major hurdle in the quest for real world adoption.
The "Tangle" already posesses all the needed capabilities to tacle the matter. It is now upon indutry players and the Iota Foundation to further improve technology and find the best middle ground to fully unlock the potential of the IoT.
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