Original Post – https://www.instagram.com/p/Bdp8v5EFDE2/
All Credits to IotaNews by Nala.
At IOTA, there are no blocks and no chain, but the so-called tangle . Instead of a chain of blocks, these are parallel strands in a net-like tangle. A transaction is carried out when it is confirmed by several participants and not by miners.
The bottom line: Scalability increases with the number of transactions, there are no mining costs and the whole thing is resource-saving.
The associated IOTA Foundation is a non-profit foundation that aims to payments in the Internet of Things ( Engl. Internet of Things, IoT ) to allow. Information is constantly exchanged in the IoT. Machines communicate with machines, sensors produce data that is used by other devices again.
It is also an aim of IOTA that in the future the user himself can offer his data for sale, as Facebook (WKN: A1JWVX) as well as Google of Alphabet (WKN: A14Y6F) already practice with our personal information.
To this end, IOTA has set up a marketplace for sensor data from IoT devices at http://crwd.fr/2CPzENu , where information can be bought and sold using digital purses (wallets). In the market place, data that produce sensors can be bought with IOTA tokens. This should make data freely available in order to be used optimally.
Today, such information collected through IoT endpoints is barely registered, even though they have huge market potential for the future. All transactions are based on the IOTA protocol, which is to become the backbone for IoT data.
IOTA is the world’s first crypto foundation. However, IOTA’s success depends on many major companies, such as Bosch recently, getting serious. An incentive: IOTA is free and open source .