IOTA: Technology for the development of the Internet of Things (IoT)
IOTA was born in 2014, when the team behind the platform founded a Startup that had the objective of developing a microprocessor for the Internet of Things (IoT).
It is known that IOTA is a cryptocurrency which is focused on the internet of things.
Today there is a circulation of more than 2.7 billion Tokens, so any increase in its price will drastically increase its market capitalization.
It is now ranked as number 7 in market capitalization, with a quote with respect to US$ 0.55. Last Tuesday the 13th did not affect anything to make IOTA’s debut a success.
As the Internet of things continues to grow, the need for interoperability and resource sharing becomes a necessity.
IOTA allows companies to explore new Back to Back business models, making each technology resource a potential service to be traded in an open market in real time, free of charge.
In this new autonomous economy of the machine, IOTA will be the backbone.
The Tangle book is able to settle transactions with zero fees so that devices can exchange exact amounts of resources on demand; as well as store data from sensors and data loggers securely and verified in the general ledger.
In addition; it allows the ability to manage anything that is connected to the Internet; such as an intelligent car or the bandwidth of a Wi-Fi network.
Thanks to IOTA anything with a chip can be used or rented by a person anywhere in the world in real time. Welcome to the future!
IOTA is a groundbreaking new distributed and open source account book that does not use the block chain.
Its innovative new quantum test protocol known as the Tangle results in new unique features such as zero commissions infinite scalability fast transactions secure data transfer and much more.
IOTA initially focuses on serving as the backbone of the Internet of Things (IoT).
The Tangle and the Internet of Things (IoT)
IOTA uses Tangle which is a software protocol that differs fundamentally from the blockchain protocol. The brilliance of Tangle is that transactions are processed in parallel. Tangle differs from the block chain mainly in two ways:
1) IOTA is able to achieve high transaction throughput by parallelizing validation. As the Tangle grows with more transactions IOTA becomes faster and more secure with the completion of the transaction happening faster as the critical mass of the network is addressed.
2) The way consensus is achieved in a chain of blocks is through; a rigorous mechanism that requires multiple parties to “compete” with each other in an attempt to add the next block and earn the reward of that block. Since “miners” and “users” are decoupled entities the per-block rewards paid to miners will mostly consist of user transaction fees. In the Tangle “miners” and “users” are no longer dissociated entities.
For a transaction to be confirmed in a chain of blocks a certain arbitrary time interval must elapse for the creation of the blocks. Tangle allows asynchronous payments so there are no extrinsic arbitrary time restrictions on the completion of the transaction.
The Tangle is programmed in ternary which is a deviation from the traditional binary code. Ternary is much more efficient than binary and provides some significant improvements in functionality. Tangle can be run on binary or ternary systems.
David Sønstebø Sergey Ivancheglo Dominik Schiener and Dr. Sergei Popov founded IOTA in 2015. Serguei Popov Ph.D in mathematics; arranged the mathematics required for the Tangle which were later coded by programming prodigies Sergey Ivancheglo and Dominik Schiener. First of all the project is directed by David Sønstebø an expert in business and technology. This group has been extensively involved in the space of cryptocurrrencies for many years; all with impressive curricula and notable past successes.
IOTA organized a crowdsale in December 2015 at which time the entire coin issue was distributed to the crowdsale participants. The event raised 1,337 bitcoin for the development of the project. It had not pre-mined; instaminated; or any other action.
In order to encourage the co-founders and the growing team of developers; the IOTA community came together to donate a significant amount of resources to establish the IOTA Foundation. The IOTA Foundation is a “gemeinnützige Stiftung” (non-profit foundation) located in Germany.
In its continuous quest for excellence the IOTA community subsequently funded “The Big Deal” through donations. This agreement would help establish numerous corporate collaborations in the IoT area; most of which have not yet been publicly disclosed due to different legal agreements.
As if that weren’t enough the community showed its commitment once again by establishing; the “Investors Club” with a focus on funding more community-centered projects and; cultivating the ecosystem organically and sustainably. The actions of the IOTA community have demonstrated a firm commitment and belief in the long-term success of the project. It remains extremely generous with its contributions to the ecosystem.
IOTA entered open-beta testing in the summer of 2016.
It should also be mentioned that the founders of IOTA; are developing hardware to enable even more IoT. Details will be revealed in the future.
16 January, 2020