One of the cryptocurrencies that is growing faster than some altcoins is the IOTA (MIOTA), a coin that has a huge community of investors. However, the coin is greatly misunderstood and criticized. Talking about this crypto coin is more technical and complicated because you need to understand blockchain well before you can have a good foundation on it.
The disputes and criticism have made any discussions on IOTA end in a bad way. The reason why the coin baffles people can be easily explained. The promises that have been by the coin is not considered retrievable while the odd design decisions do not make much to outsiders.
Take for instance the promise is exaggerated when it comes to the internet. It boasts that the Internet of Things (IoT) is expected to contain about 80 billion devices, expected to be online. The economy backbone of these devices will become IOTA trading platform that will give the things the opportunity to receive and transfer data and money.
In June 2016, it projected a token MIOTA that is based on the protocol. Today, MIOTA is sitting on the 10th position among other 1,200 plus digital coins and has a market capitalization running into $7.79 billion.
The IOTA Foundation, whose headquarters is in Berlin has come to Tel Aviv, and plans to establish a research and development team of 10 people in Israel. The platform is already setting up some of its offices in Tokyo, Shanghai and Seoul. The move is to ensure that IOTA meets the global demand in its expansion. The Israel team will be headed by the Vice president of technology at IOTA Alon Elmaliah.
IOTA (MIOTA) was established in 2015 with a cryptocurrency distribution protocol known as IOTA Tangle. This Tangle has nothing to do with blockchain, but designed to handle the problems of scalability and increase the transaction fees that are seen in blockchain strategy or technology. It is built for the Internet of Things applications, and the protocol will give the connected devices opportunity to transfer micro-transactions, data and money.
IOTA in theory scale believes it is better with its “Tangle” network structure when compared to any blockchain-based cryptocurrencies. Smart investors know that this promise is bold and exaggerated when they look at the scalability of Ethereum and Bitcoin.
The Tangle which is the technical core of IOTA obliterates blocks. This causes latency to arise when the blocks(clumps of data) are shared across the network. The coin also generates snapshots in the course of Milestones. When this happens, the nodes may end up throwing away any transaction that happened before the snapshots were taken. The hard disk space is saved, and a new node is easily created.
However, IOTA (MIOTA) is an amazing technology that has a charm when it comes to its concept. It will be unfair to write it off because the coin is still in its experimental phase. The technology of Tangles is delightful and has a very vibrant community.