![]() How Tangle and IOTA works will discuss later in the guide. ![]() Hence IOTA has eliminated the concept of Blockchain technology and introduced a Directed Acyclic Graph which calls Tangle in the IOTA network. The current Blockchain network requires mining and Proof of work to process any transactions on the network which restricts this to be scalable in the future.Ĭurrent Bitcoin has the most scalability of up to 7 transactions per second, which are not enough for the future internet of things as there will be billions of transactions per second in the future. It is mainly focused to solve the Blockchain scalability issues and Micro-payment supports on a decentralized platform. The main vision behind its creation is to support machine to the machine economy, which helps in the future when more systems start communicating with each other. IOTA is a new revolutionary data transfer and payment settlement layer for the internet of things. It is currently handled by a German nonprofit organization IOTA foundation, which is lead by David Sonstebo and Dominik Scheiner as the co-chairman of the board. ![]() IOTA was first launched in ICO in the year 2015 and it raised around 3000 BTC which to worth around $0.5 Billion and by the end of 2017 its total market capitalization reached up to $4 Billion.
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