Lately there has been a lot of talk about cryptocurrencies and the next big thing after Bitcoin. First of all, I have to declare that blockchain is great and there are many uses in it. Specially when it comes to data analysis and data transactions. Today there are over 1000 known cryptocurrencies on the market and most of them are growing on a massive scale. But there seems to be the new player in the game. A vigilante. A unique player which does things in its own way. Let's meet IOTA or should I say MIOTA.
Source: IOTA Support
What exactly is IOTA?
IOTA is a cryptocurrency which is not like others based on blockchain. Instead, it is based on a unique platform called Tangle. The system is designed in a way that is not only faster than blockchain, but also much safer and feeless. IOTA's main goal is to engage in a communications between future systems including AI. In the future we will have AI autonomous vehicles, devices, computers, stations which will all have to communicate in some way. Here comes IOTA in place. IOTA is capable of transfering the data using its Tangle system.
But what is Tangle and how it's designed?
Tangle is a network, based on IoT (Internet of Things), in which users validate two older transactions in order to conduct one of their own. The system is capable of micro-transactions and making instant payments. Unlike blockchain, the system leverages on their own users network to process the transactions, therefore cutting the need of miners. In Tangle there is no need for miners which makes the system FEE-free.
Wait, what? You mean the transaction is FREE?
That's right! The transaction itself is free. Because there are no miners, there are no fees. In blockchain people who mine get rewarded for doing the work in other words you give them fee in order to process your transaction. In Tangle, the validation of the transaction happens between the users of the network. Pretty awesome, right?!
Source: Brainless Tales
So IOTA is awesome, but what is the exact usage of it in the future?
There are tons of usage in the future. I will only get through couple of them, because there are just too many to talk about them all. Let's say you have an autonomous electric car. Once your car runs out of battery it goes to fill itself up. Drives to the charging station and plugs itself in. The station does the charging and the car pays her IOTA in exchange. Or lets say you go to the city, you want to park your car somewhere. Once the car is parked it can communicate with the parking station and make the instant payment of parking itself. Once it leaves the parking spot the car transfers the ammount of IOTA to the parking station for the service.
Or lets say you that you have a autonomous fridge in your home. In the future, it will be able to make a shopping for you. When you start running out of things, the fridge will make a shopping list and order the groceries online. Once the drone delivers the groceries the fridge pays him using IOTA.
Now, I know this is the future I am talking about, but the fact is, we are living in time where present is history. Things move on so quickly that in 10 years we will achieve things we cannot even imagine today. This things will come quicker than we can think. We have to agree that those things are inevitable and I am glad to see where things are going. I am excited to see what future will bring us and this is one of the many stairgates to it.
Source: Organisation Development
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