IOTA: That’s behind the Bitcoin competitor

Original post in German:
http://www.computerbild.de/artikel/cb-News-Internet-IOTA-Das-steckt-hinter-Bitcoin-Konkurrenten-19457881.html – NOTE: THIS ORIGINAL TEXT IS IN GERMAN. THIS IS NOT THE BEST TRANSLATION, BUT YOU CAN HELP US.

In addition to top dogs such as the Bitcoin, there are smaller units for very special purposes – such as the crypto box IOTA . The three inventors Dominik Schiener, Sergei Popov and David Sønstebø set in developing their currency in a kind of machinery economy in which technical devices autonomously shift money among themselves. You only understand train station? Do not worry, it’s simple in principle.

IOTA: Clever technology

Two examples: You drive into the city and into a car park. Instead of receiving the card at the vending machine and then paying at the cashier, machines simply take over this job. As you drive to the exit, your car tells the parking garage how long you’ve been there. The barrier opens, the amount due then goes to the provider. Or you have a solar roof that optimally aligns with the weather. As soon as the weather changes, your roof simply asks for information from a weather station and repositions itself for money. In all these cases do not touch a finger: the machines communicate independently, called ” machine-to-machine ” (short: M2M).

 

IOTA: Unlike Bitcoin

The cryptocurrency Bitcoin works for the value creation with ” blockchains “, IOTA with a ” tangle ledger “. In other words: Bitcoin relies on a strand with many blocks, IOTA on many strands. Transactions can be continued almost endlessly, which is a big advantage over Bitcoin. Further information on the alternative cryptocurrency – also known as Altcoin – will be presented by co-founder Dominik Schiener together with Johann Jungwirth , Chief Digital Officer of Volkswagen, in the ZDF morning magazine next week . The exact day is not yet known.



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