The more people participate in the network, the more secure, powerful and faster it is. If another person after you wants his transaction to be validated, he must also confirm two transactions and so on, which forms a web like network. Finally, a cryptographic puzzle, very similar to Bitcoin’s Proof of Work, must be solved to verify that it is not spam.It will then verify whether that person has sufficient funds to carry out the transaction.First, it will confirm that these transactions took place and, therefore, exist.To do this, the device you are using must have the necessary software installed to run the IOTA Tangle protocol: Let’s imagine that you sent 3 IOTA (Miota) to a friend of yours named Andrea.įor this transaction to be confirmed, you must first participate by validating two transactions prior to yours. It is also ideal for executing micro transactions. To this end, all IOTA users can confirm transactions within the tangle network, making it efficient, secure and highly scalable. Its working mechanism is based on the idea of parallel, fast and commission-free transactions. It is intended to be the bridge that links all IoT devices. IOTA Tangle is a distributed logging technology (DLT) based on the directed acyclic network algorithm. It was officially launched on July 11, 2016, after successfully raising funds through an ICO and being funded through cryptocurrencies by Germany.Ĭurrently, it has agreements with different ONG and private and governmental entities. Its purposes as a non profit foundation are: It was created in 2015 by the IOTA foundation, formed by David Sønstebø and his colleagues Sergey Ivancheglo, Dominik Schiener and Serguei Popov. Likewise, it is integrally designed to avoid commissions, blockchain and miners.Īs a result, it overcomes the cost and scalability limitations of a blockchain. Therefore, its objective is that, by means of Tangle, anything connected to the Internet can be managed. IOTA is a project consisting of a decentralized platform based on DAG (Directed Acyclic Graph) architecture.Ĭonsequently, it is defined as the first DLT built for the Internet of Everything (IoE), which favors a network for the exchange of value and data between humans and machines. Its platform and cryptocurrencies are based on a distributed log technology (DLT) called “Tangle”.īuckle up, because today we’re going to take a quick tour of what IOTA is and how it works. However, here its innovation, because it does not use blockchain technology, like most cryptocurrencies such as Bitcoin or Ethereum. One of the most interesting projects that we can find today is IOTA, a proposal that seeks to achieve a decentralized IoT. The concept of the internet of things (IoT) is becoming increasingly recognized, whether it’s the amazing drones that deliver Amazon’s packages or virtual assistants like Alexa or Siri.Ĭlearly, this is due to the perfect communication that these “everyday” objects have with the Internet and with a server that keeps track of everything.Īs you can deduce, it is centralized, but what does this have to do with cryptos?
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