wallstreet-online.de: Microsoft, Bosch and Telekom support Bitcoin alternative IOTA

Original post in German
https://www.wallstreet-online.de/nachricht/10123096-tangle-blockchain-microsoft-bosch-telekom-unterstuetzen-bitcoin-alternative-iota

All credits to: KryptoJournaL –

NOTE: POSSIBLE THIS ISN´T THE BEST TRANSLATION. PLEASE, IF YOU CAN, HELP US

 

Well-known technology companies cooperate with the crypto-currency IOTA. The new Tangle software protocol enables free, fast and secure transactions. “Tangle” will also be faster and safer the more transactions are made. The value of one unit of the cryptocurrency quadrupled within a few weeks. Leading technology companies such as Microsoft , Bosch, Telekom and Fujitsu are cooperating with the in-house data marketplace of the cryptocurrency IOTA, according to Computer Bild. IOTA offers many advantages over Bitcoin: free and fast transactions and infinite scalability.

 

This means that the more transactions that take place with IOTA, the faster the system gets. With Bitcoin , it is the other way around. While Bitcoin is based on blockchain technology, IOTA is working on “Tangle,” a much more efficient software protocol. A blockchain is a single continuously expanding set of data that is synchronously stored on many computers for security. The more transactions are made, the longer the blockchain becomes and the slower the system becomes. “Tangle” is different: every transaction expands the system, but there are a lot of strands that connect to a kind of network structure, the “tangle”.

 

“Tangle” will be faster the more transactions take place and also comes with no transaction fees. This works as follows: Any computer making a tangle transaction must first validate two. As a result, unlike Bitcoin, the system no longer needs external miners who provide their computing power against payment to validate transactions. In addition, “the confirmation times of transactions [. , .] antiproportional to the number of transactions in Tangle. The more transactions, the faster each transaction is confirmed.

With the help of IOTA, technical devices should be able to make autonomous payments in the future. An example: Your autonomous car drives on a toll highway. The car automatically communicates with the tollbooth when leaving the motorway and pays the tolls via IOTA. The whole thing happens quickly, safely and completely autonomously. “IOTA is initially focused on serving as the backbone of the Internet of Things (IoT),” said the developers of the new cryptocurrency.

The IOTA data marketplace, which cooperates with Microsoft, Bosch, Telekom, Fujitsu and other technology companies, makes it possible, for example, to sell weather data using the IOTA currency. Dominik Schiener, co-founder of IOTA, told the ZDF: “In ten years we see IOTA as the spinal cord of machine economics. We want to allow machines to pay each other through this IOTA standard. ”

The price of IOTA has recently made a giant jump in the price: On 1 December, an IOTA costs about one and a half dollars, today (08.12.2017, last course 08:56:52 clock) it is 4.15 dollars. IOTA has the fourth highest market capitalization of all crypto currencies after Bitcoin, Ethereum and Bitcoin Cash, coinmarketcap.com said.