All Credits to IOTA.NEWS By Nala – Original Post – https://www.instagram.com/p/Bepz5U4FYgA/?taken-by=iota.news
David Sønstebø: The existence of a public and distributed ledger makes it possible to ensure the accuracy and integrity of data; on the other hand it allows to exchange data between owners and companies in some way interested in them almost instantaneously and ensuring an economic return.
It is not a cryptocurrency for miners
Instead of the blockchain, considered uneconomical and inefficient for a large system as is the set of objects of the Internet of Things, David Sønstebø based the operation of IOTA on the tangle , a logical-mathematical operation based on the theory of the graph direct acyclic . This “stratagem” allows to reduce (almost to zero) the time necessary to verify the transactions and cancel any cost of “management” of the various actions.
This is also made possible by a different approach to transaction verification operations and IOTA creations. If Bitcoin and Ethereum are created through mining , the IOTA have already been all created at the time of the launch of the cryptocurrency. When a user submits a transaction to the community’s approval , he also takes over the approval of two other randomly chosen transactions: this allows to “get rid of” the minerals and speed up the time to confirm the outcome of the exchange of data or cryptocurrency. Indeed, unlike what happens with the blockchain, the IOTA’s performance grows with the increase in the number of users and, therefore, in authorized transactions or to be authorized.
Source: fastweb. it