How does IOTA work..? | Divyansh Rai
Shared on Blockchain
How does IOTA work..?
Unlike other cryptocurrencies such as Bitcoin, IOTA is built on a distributed ledger technology that’s somewhat different from blockchain. IOTA uses a proprietary technology called the Tangle, which is a consensus algorithm that requires users to validate two transactions in order to complete their own IOTA transactions.
Technically speaking, Tangle is a direct acyclic graph (DAG) consensus algorithm. With this method, there are no miners or validators, no blocks and no transaction fees. This allows the crypto to “overcome cost and scalability issues of blockchain,” according to the IOTA website.
The DAG structure was designed to eliminate the scalability issues and costs related to blockchain by enabling no-fee payments, lower computing costs and the ability to connect to IoT devices.
IOTA’s structure is appealing for use in the IoT economy because it removes the friction of high transaction costs, which would require human monitoring and intervention—precisely what the IoT was designed to avoid.
This “smart contracts” platform is currently in the process of redesigning its ledger technology and its protocol for consensus. IOTA’s 2.0 version is fully decentralized.
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