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All Credits to FLORIAN BAYARD
The IOTA is the new flagship cryptocurrency of the moment. Less known than Bitcoin, it is based on a totally different technology than other virtual currencies. Thanks to the IOTA and Tangle project, it is indeed possible to transfer virtual money, or other data, instantly through connected objects. How it works ?
In recent months, cryptocurrencies are on everyone’s lips. The most emblematic of these, the Bitcoin, saw its course fly up to $ 15,000 during the month of November. It is estimated that every second, 30 new people are investing in a Bitcoin wallet . Faced with this rapid rise, the French state even wanted to remind you that you must declare the gains from the sale of Bitcoins on your tax return . If you do not do it, you risk a pretty salty tax recovery.
However, while Bitcoin remains the most popular virtual currency of the moment, and even finds itself at the top of the Google searches of 2017, it is not the only cryptocurrency whose course continues to climb. Among the most popular, first Litecoin, whose value has exploded 8000% in just 1 year . Today, let’s take a look at IOTA, a revolutionary new cryptomoney that is very different from Bitcoin but just as promising.
IOTA: virtual currency without Blockchain that will make you forget Bitcoin
Designed in 2015 by David Sonstebo , Sergey Ivancheglo , Dominik Schiener and Dr. Serguei Popov , the IOTA is based on a technology totally different from Bitcoin, Litecoin or Ether . Where Bitcoin is based on Blockchain, information storage and transfer technology without a control organ, IOTA relies on connected objects . It is indeed thanks to the Internet Of Things (IOT) that you will be able to transfer currency in IOTA.
IOTA actually works with Tangle technology. Like Blokchain, this technology is not controlled by any organism. Tangle allows fast and no-cost transactions via connected devices. It’s quite revolutionary and innovative to have attracted the attention of big companies like Microsoft, Samsung (with its Smart Things platform, in the heart of its connected Bixby speaker ) or Volkswagen . Thanks to Tangle technology, it is possible to instantly transfer all kinds of electronic data.
IOTA remains a young cryptocurrency compared to Bitcoin. Yet, its total value has exploded in recent weeks to reach $ 10 billion. At the time of writing, the price of IOTA has stabilized around € 3,000. According to David Sønstebø, one of the co-founders of Iota and Tangle, his innovation is not only intended to supplant other virtual currencies.
According to him, the Tangle technology would also allow consumers who are fans of connected products, like Google Home, to ensure the protection of their personal data . Thanks to Tangle, it is indeed possible to store these data in a totally decentralized way. You will understand, the IOTA has many other vocations than economic.
However, this system will also allow users to monetize their data against IOTA. Everything is completely decentralized, so you can sell your data to companies instantly without any control body getting a hold of part of the transaction. It is quite revolutionary and even abstract in the current state of things.
Also according to its co-founder, IOTA is still in the beta phase. Cryptocurrency is indeed not as accessible to the general public as Bitcoin, Litecoin or Ether. No Iota on Coinbase for example, the most popular application to buy cryptocurrency. Nevertheless, the IOTA team is currently expanding partnerships with large organizations such as Deutsche Telekom . We will still hear a lot about Iota in the years to come ….