All Credits to Iota.News by Nala | Original Post – https://goo.gl/X91ZXy
IOTA is getting some attention these days, following its release as an alternative cryptocurrency back in 2014. This virtual currency was developed for a future where IoT devices trade their resources and services directly with each other, and IOTA is used for the payment. It’s a cryptocurrency which was designed to offer efficient, low-cost microtransactions.
Other cryptocurrencies are based on the blockchain, with recent transactions bundled into the new block. IOTA takes an alternative approach via a Directed Acrylic Graph (DAG) which is called Tangle.
In order to perform a transaction via IOTA, the user has to participate in the network, and they do this by verifying the last two transactions. This allows IOTA to offer free transactions, and furthermore allows it to scale – because as it becomes more popular, there will be more folks to verify transactions.
As the world of cryptocurrency matures, and transitions from a mere investment vehicle to being used to make real-world payments, IOTA’s unique approach and free transaction fees, especially for micropayments, mean it’s well positioned. Another point to note is that IOTA cannot be mined, as all IOTA was created in a single original transaction.