IOTA is a relatively new cryptocurrency that is fundamentally different from nearly all other coins so far in the sense that it does not use the block-chain technology. It uses a ledger system technology that is known as the Tangle. According to iota.org, Tangle is "a revolutionary new blockless distributed ledger which is scalable, lightweight and for the first time ever makes it possible to transfer value without any fees."
(SideNote: there is a coin known as byteball that also uses a ledger system similar to IOTA, but this article will focus on IOTA)
Think about that. Absolutely zero fees. You can send 1 cent worth of IOTA across the globe and not pay a fee. With bitcoin you cannot reasonably make any micro transaction without paying about a five dollar fee. This is just one of the ways in which IOTA is a game changer.
The Tangle ledger has so many technological advantages over the block-chain ledger that Tangle could be considered an evolution in cryptocurrency technology. It is going to be a struggle for even top block-chain coins like Bitcoin and Ethereum to even compete with the technological superiority of the Tangle system and the many advantages it offers.
As Bitcoin usage increases, transaction times slow down. Quite simply, that is the scalability issue that Bitcoin is experiencing. IOTA does not suffer from any scalability issues, in fact it is a scalability solution. The busier that IOTA becomes, the faster it becomes. As the volume of transactions taking place increases, the speed of transactions will increase also. It is an ingenious solution that is all thanks to the Tangle. The only thing limiting the speed of transactions on the IOTA is the speed of light.
IOTA coin is currently available on the bitfinex.com exchange. You can purchase it with USD or trade Bitcoin or Ethereum for it. Once you have acquired some IOTA you can open an IOTA wallet to keep it safe (I would not recommend leaving anything on Bitfinix as they have been hacked in the past).
IOTA has a elegant and simple to use Light Wallet that I recommend (IOTA Light Wallet 2.3.1). From my experience using the IOTA Light Wallet, I can personally testify that the whole Tangle ledger system works like a well oiled machine, speedy and wonderful.
Not only is IOTA a solution to the scalability and micro-transaction issues that block-chain currencies are struggling with, it has long-term potential to gain monumental adoption as a medium of data and resource exchange between smart devices for the upcoming 'Internet Of Things'. IOTA hopes to be the solution that will allow devices to trade exact amounts of resources with no fees. This would send IOTA soaring beyond the moon and into the Andromeda in terms of its value.
It is obvious IOTA has great technological advantages, but does it have the potential to dominate block-chain coins like Bitcoin and Ethereum within the next 2-3 years? What will IOTA be worth in a year from now? I would love to hear your opinions and speculations in the comments below.
