WHAT IS IOTA AND WHY DO PEOPLE LIKE IT MORE THAN BITCOIN?

Originally posted by TecMundo https://www.tecmundo.com.br/mercado/125181-oque-e-iota.htm
All credits for DOUGLAS CIRIACO

The Internet of Things (IoT) is the concept in which day-to-day equipment connected to the Internet is encompassed. In an increasingly interconnected universe, then, security concerns arise especially with regard to the financial transactions carried out through this type of technology.

With that in mind, IOTA was developed. An open source cryptomeo, it is described as “the backbone of IoT” and differentiates itself from the most famous competitor, the bitcoin, basically for not using blockchain technology. In addition, transactions made with the currency are totally free regardless of the amount traded.

IOTA was created in 2015 by David Sønstebø, Sergey Ivancheglo, Dominik Schienere and Serguei Popov and is overseen by a non-profit organization, the IOTA Foundation. Even though it is much less popular than bitcoin, open source cryptomoeda also calls attention to sudden and sharp increase in value: since early November, its price has already exceeded 770%.

Such valuation led to its market capitalization of US $ 12.6 billion, making IOTA the fifth largest market cap in the crypto-coins, behind only bitcoin, ethereum, bitcoin cash and litecoin.

Benefits
While the other virtual currencies are based on blockchains, IOTA uses Tangle, an acyclic driven chart (DAG) that allows it to validate transactions as they occur, waiving the use of miners to perform the so-called proof of work in order to certify the process – and without charging anything for it. What are Bitcoins? Understand with Aegon Mongeral how this currency works Sponsored

This all guarantees the complete decentralization of IOTA, since each knot of this mesh has equal weight. The main result of this feature is the increase in the speed of the realization of transactions as the number of users increases, different from what happens in bitcoin. Scalability is infinite because each transaction requires the sender to verify two other transactions with the Tangle protocol.

The currency of IoT also does not suffer from another rival problem: the increase in rates thanks to the increasing number of transactions. In addition to avoiding this disorder, IOTA is simpler to use.Without charging fees, it allows its users to carry out micro and nanotransactions as often as necessary, always in an agile way. And the same is true when a large volume of money is traded by IOTA.

The lightness part guarantees more compatibility for the creation of an M2M (machine-to-machine) network and does not give up security. IOTA uses hash-based signatures instead of elliptic curve (ECC) encryption: the method is more agile and simplifies encoding and verification of Tangle protocol signatures.

IOTA

Fixed money supply

IOTA was created in 2015 with an initial money offer to raise money, and the total amount of tokens made available is fixed: “only” 2,779,530,283,277,761 units. The IOTA Foundation launched a few weeks ago an IOTA data marketplace and it already has leading players such as Cisco, Microsoft and Samsung, enhancing their chances of success

And for those who are thinking about investing, buying IOTA is more affordable than doing the same with bitcoin: a MIOTA is worth $ 4.50, while the second is worth $ 17,500 a unit (1 MIOTA = 1,000. 000 IOTAs)

Thanks to the reader Felipe Michelin for the suggestion



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