In Crypto world, where new cryptocurrencies are competing against each other to become 3rd generation blockchain, IOTA follows the totally different Approach. IOTA was launched in 2014 and this Cryptocurrency doesn’t have blockchain, instead, IOTA follows the totally different and unique approach “Tangle”.
IOTA is designed specifically for the Internet of Things (IoT). IoT market is expanding and the tech giants like Google, Apple and Amazon are spending Billions of Dollars to secure their share in IoT Market. IOTA will complement the IoT and one use case of it is IoT chip in your electric car and Car will automatically pay the expense using the IOTA at EV charging station or at the toll station as your car passes through IoT “Tollbooth”. Another use case is your smartphone which will automatically load the credit in your mobile using IOTA.
Tangle is the new technology which works similar to the Blockchain but it is more advanced and it covers the shortcomings of Blockchain. Tangle follow the Directed Acyclic Graph where nodes have relation with the next 2 nodes and so on. Tangle is an amazing solution to the blockchain problems, as we all know the blockchain need miners to validate the transactions and one has to download the whole copy of Blockchain to do changes in the blockchain. Tangle doesn’t need miners to validate the transaction, instead, users in the Tangle network validate the transactions so as the users grow in the network the transactions become faster, unlike conventional blockchain. Tangle have the multiple nodes in the network and each node have weight and cumulated weight, if the weight of the node is high it shows that the node is old and reliable.
IOTA solve one of the major shortcomings of blockchain which is its size, the current size of Blockchain is more than 150 GB so in the future when the data will increase the size of blockchain will also increase as a result not many computers will be able to handle it.
Tangle doesn’t need to download the whole copy of tangle instead you only need the smaller part of Tangle to validate your transaction and node will be added to the network so you don’t high power machine for validation you can use your mobile, Laptop, Tablet etc. for your transaction.
IOTA trading was started on June 13, 2017, with the starting price of 0.638503 USD. IOTA crossed the mark of 1$ on November 28, 2017. The coin didn’t show any remarkable increase in its value however, its value has increased consistently since its inception. IOTA was trading at 1.85$ on March 1, 2018. IOTA is currently listed on Bitfinex, Binance, OKEx, Coinone, and GATE.IO. There are also rumors about the Coinbase adding the IOTA on its platform but these rumors are neither confirmed nor denied by the Coinbase. IOTA has already got funding from some big companies like LG and the Bosch group.