Hi followers & steemians !
Through this post, we will try to talk about IOTA project! let us know what happens in this world!?
IOTA is a ledger that has been distributed to execute and record the transactions between the machines used in the ecosystem of Internet of Things.
IOTA has introduced a cryptocurrency known as "MIOTA" (one million iota). But instead of using the Blockchain technology used by other similar systems, the platform of IOTA has used *DAG or "Decentralised acrylic Graph" (called THE TANGLE) for creating its cryptocurrency. A non-profit foundation that supports this platform has also signed agreements with some of the major companies of Germany including Volkswagen and Bosch etc. to increase the utility of this platform among the devices connected to it.
Things to know about IOTA!
The future plans of IOTA are to be a kind of standard that can transact between the devices connected to the Internet of Things. According to the statement provided by the founders of IOTA on their website, IOTA has been assumed as a communal backbone for the Internet of Things that do not need any permission to allow real interoperability between all the devices connected to it.
MIOTA(one million iota), the cryptocurrency of IOTA, will allow transactions of micropayments between the devices connected to it. for instance, it can allow you to use your fridge connected to the internet to buy individual items of grocery from any site of e-commerce.
Mr. Gartner was of the view that by 2020 the expected number of devices enabled by IoT can increase up to 20.4 billion. During the day all of these connected devices will make several transactions with the other devices connected to the internet or using the internet alone.
IOTA has a future objective to work as a delivery service for these transactions by using its cryptocurrency and platform. The number of transactions in the network of IOTA will be controlled by the number of micropayments between the connected devices.
IOTA also has an aim to solve the problems faced by the cryptocurrency Bitcoin on its system including transaction fees, the speed of the network and scalability. According to the team developing IOTA, the network of IOTA is faster and lighter than the Blockchain network of Bitcoin.
Know about DAG of IOTA !
DAG of IOTA is the key element that has allowed them to avoid systems based on Blockchain technology. The dependency of such systems is on the configuration of nodes to mine coins by generating blocks connected in a chain formation. Normally, in order to approve the transactions, the nodes in a Blockchain of cryptocurrency use the algorithm of proof of stake or proof of work. And to reach an accord for the validation of the transactions in their network these algorithms need nodes.
So by avoiding the use of Blockchain DAG has eliminated the dependency of miners. Its network grows through the connections between the approval of the transactions and the nodes. In the network of IOTA, no consensus is required for the approval of a transaction. In its place, to be considered valid, every new transaction will have to approve two past transactions. In this way, the network will increase in size by itself.
For IOTA these transactions will originate by creating a balance by using all of its cryptocurrencies, MIOTA, which will be mined as required. These tokens were distributed to the addresses of other founders. As per the plans, 27 quadrillion will be the total number of IOTAs that will remain ever in existence. According to the founders of IOTA, the total number of IOTAs is within the maximum limit of the value allowed by the programming language, JavaScript.
The network of IOTA is known as Tangle which in the beginning is not able to make difference between the contradictory transactions. So for this reason, all the transactions, contradictory or non-contradictory, will be found in the Tangle in the beginning.
However, a system of approvals will be used to remove orphaned transactions from the network. The nodes in IOTA will use the previous history of the transactions as the most important sign to approve a transaction. As a measure to approve the transactions the system has to be confident for selecting algorithm.
For instance, the approval of a transaction by the nodes can be 97% confident if it has been approved in the past for 97 times. Transaction weight is another term related to this concept. The weight of a transaction increases with the number of its approvals as it moves through the network of IOTA.
The node activity is another factor to be considered while cleaning up the Tangle. For instance, some nodes are dropped by their neighbours if they are not approving or supporting transactions or are lazy to do any work on the IOTA network.
Some of the features of IOTA resemble with that of the system of Bitcoin. A transaction can be issued only by a node after solving a puzzle of cryptography. Along with it the security of the network depends upon the number of nodes. Therefore, the network of IOTA will be safer from the attacks if the number of nodes in the Tangle of IOTA in increasing progressively. This feature of IOTA is similar to the network of Bitcoin as its security increases with the increased number of miners.
Problems in using IOTA
The technology used in IOTA is still under the process of development like the technologies used by most of the platforms of other cryptocurrencies. The first issue faced by IOTA is the weakness of the hash function used to encrypt transactions by IOTA.
According to a team of Digital Currency Lab at MIT, the platform of IOTA has a function Curl’ that provides same results when two different inputs are given to it. this property shows a function of broken hash and is known as Collision.
The team further wrote that by using their technique, a bad person can destroy or steal the funds of the users. since then the team of IOTA has corrected the faulty code.
An attack was the second problem faced by IOTA. As a result of this attack, the users of this platform have lost cryptocurrency worth millions. The development team of IOTA has written a blog post to develop and create strong seed for using its cryptocurrency in response to that attack.
Like any other good cryptocurrency use case, IOTA project looks strong and very useful for the future of the internet of things!.
I will let you watch this awesome video by "Everything Tangle" that present IOTA by numbers against other cryptos like ETEHEREUM & BITCOIN!
soon I will reassemble in a single post several videos that explain the iota technology, this post may be useful for the developers who seek to better understand this technology as well as investors who also seeks to anticipate the future of this technology!
Let me know in comments below if you are interested !?
Buy and sell IOTA tokens freely on Binance
source :
https://www.iota.org
https://blog.iota.org
IOTA white paper
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If you like to support me! Please delegate steem power or donate steem to @simobnr
Or donate other cryptos to :
IOTA : UKLNL9KXJKIIKPGDYS9AUGUKDOKPNAZ9THYSXAKFYEVURGO9CQI9XGPMPHUBOTXDDGGEWHQG9LYSIBIFWKXBITNNGB
Ethereum: 0x63a65a8f8e850e58d941afe55df4c213295befcd
Bitcoin: 1EVbgEB2hRYoJjWckzDSXNHtAmQEPdRnHC
Litecoin: LXM1o2mvUmSMCS1a9z8X91JGGZ4os1crps
All the best!
simo
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
IOTA is and has always been a long-term research project. This is something that is all too often overlooked when people think in the limited "cryptocurrency" framework.
They are not building just another Altcoin. It's a a complete new way of approaching several old problems. And maybe it will even take a decade to get 100% working.
I am looking forward to the time. It will be very interesting to watch and participate as a whole new world is created.
And on the way, step over the burned corpses of all these stupid greedy speculators that add zero value to the project. Very pleasing.
Smart contracts for machine learning and sharing sounds like a good way to increase work efficiency that most humans aren't capable of doing, this blockchain truly has the potential to better the evolution process of societies. I cant help but think that A.I. also could use it to take over the world #skynet...even though i am still a hodler.
hey @simobnr
and You have received a 88.00% upvote of 0.11$ from @nageshwar0369 courtesy of @simobnr
cheers :)
BEGAINER MUST SEE
could you please elaborate ... i didn't understand what you are trying convey
Because of this time very down crypto cruncy
It will come back ... Don't you worry ...
Superbes illustrations pour mieux comprendre. IOTA résout certains problèmes auxquels le système blockchain actuel est confronté.
I have bought over 10000 IOTA after reading this .....
Good luck
Seems like a good idea for crypto future investment. I'm in ;)
That was tremendously awesome information.
I read every single line and I really enjoyed to know about the iota and it's technology behind. Thereafter I find out their partnership and many more.
Definitely it's future is really very bright.
Thanks for this wonderful info.
Regards
@gkumar
Upvoted
Simobrn you r awesome post my dear...thanks for share .. best of luck. friend..
Iota is ambitious but I still can't see how it will work. Maybe in a year or two with more mature technology but it seems risky right now.
Hello @simobnr,
I was bought more than 1000 iota, but now it's value is half. What i do with iota?
Sell out or hold it, tell me please @simobnr
Hello,
can't give you advice cause it could be wrong and make you unhappy! But I'm long-term on iota, and if the price drop more!? One way I buy more, I hold for long-term
If you have the holding power for 3 years then IOTA will easily reach 50$ for sure probably more then that. It all depends on your choice when you decide to exit and what are your goals.
Thnks to advice @text2crypto.
wow nice that good news.......
Sir is there any process to mine IOTA right now in both mobile & computer?
As N. R. Narayana Murthy brilliantly quoted, "Growth is painful. Change is painful. But, nothing is that painful as staying stuck where you do not belong."
been holding IOTA since ICO
IOTA the future of interacting and paying for goods and services.. I like this currency very much its very efficient and time saving..1000 TPS proves it can handle big transactions.. It was my all time favorite when I came to know about it in December 2017..thank you for the post @simobnr
This post might be helpful for the developers who seek to better comprehend this innovation and also financial specialists who additionally looks to foresee the eventual fate.
This post has received a 39.58 % upvote from @boomerang.
You got a 56.46% upvote from @oceanwhale With 35+ Bonus Upvotes courtesy of @simobnr! Delegate us Steem Power & get 100%daily rewards Payout! 20 SP, 50, 75, 100, 150, 200, 300, 500,1000 or Fill in any amount of SP Earn 1.25 SBD Per 1000 SP | Discord server
IOTA seems to have a good future
@simobnr
what is the future of this Cryptocurrency in the Crypto world & social day to day activities
I vote for you, you vote for me.
You upvote me i upvote you
Now ur turn
https://steemit.com/bitcoin/@nit4588/will-bitcoin-cross-usd9000-july-month
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IS IOTA HAVE A BETTER FUTURE?
I love iota as the thing they are trying is great but i thing they are bit slow on implementing.
@simobnr please suggest me if you have 100$ to invest which coin you invest in ?
Fantastic work with this one, kudos
well every crypto currency is still not developed, there is no product available from anyone , hence we cannot decide how IOTA will work in future, lets hope for the best , what do u think ????
https://steemit.com/mgsc/@online87700/microsoft-deploying-huge-block-chain-system
pls do upvote , follow and response, thank u
Great illustrations to understand better. IOTA does address some problems that the current blockchain system is facing.
Is there any possibility of iota to come back in top 10 list of cmc?
Already investing in it. In my opinion, this is the next big thing besides Komodo...I think...nice article..you got my vote
If they will do good from other then it will rise what is your opinion dude? @simobnr
iota has good technology doesn't mean that it will succeed in future as there r still many competitors in the market.
ethereum is the future of crypto.
Congratulations @simobnr!
Your post was mentioned in the Steemit Hit Parade in the following category:
I'm pretty sure DAG stands for Directed Acyclic Graph.
So if it's considered 97% certain that a transaction is valid if the node's last 97 transactions have been approved, does that mean that a node can send 100 valid transactions and then be guaranteed to have all future transactions approved, regardless of whether they are valid or not?
Not at all ...But the information regarding iota is really helpful
is it safe?
you're doing great i like you information thanks to sharing with us
You're doing great i
Like you information thanks
To sharing with us
- sujon05
I'm a bot. I detect haiku.
is Iota actually being used yet or is still in a conceptual stage?
Hi, IOTA is in the phase of advanced dev and research, but already tested !! I will make a post with examples of IOTA real-world use casee :)
How much price predict IOTA in next year?
I have been a fan of IOTA since day one and seeing them work together with Volkswagen, one of the largest automakers, put a smile on my face.
@simobnr I love IOTA and the tech behind it. I see the internet of things becomming common and with that IOTA too has high potential to get to the peak
Hello simobnr sir,You have provided an image to your blog by very good ideas. Which is the praise of the people. I also hope to write a blog like you and be as good as you like. Please help me.
Hi @simobnr, very good analysis of IOTA project, you have given valuable information, it will help to all crypto curreny lovers, thank you for sharing this type of information, I followed and upvoted you, so please be connected and support me.
now is the best time to buy IOTA? or we have to wait for better price?
do you think IOTA is the next bitcoin without bubble?? would like to know your views simobnr
IOTA is future of crypto.........very informative article with amazing illusions.
Klaus Schaaf is now a member of the IOTA Foundation and he brings with him experience from Volkswagen who interestingly have a solid partnership with the IOTA. VW are researching on how best to make use of Tangle’s properties as they race for breakthroughs in autonomous car systems.
While at it, IOTA is still inching higher and is up 11 percent in the last day. Even though bull momentum is waning thanks to that long upper wick signaling sell pressure in lower time frames, traders should take those opportunities today and load up their longs. Targets are constant but with every buy, stops should be at $1.05.
NEO Black Sea Community launched
Established July 1st in Signagi, Georgia by NEO enthusiast
This weekend in Signagi, Georgia, the official NEO Black Sea community was established. The community’s goal is to contribute to the smart economy as envisioned by NEO, in the Black Sea region. Spotcoin is one of the founding members, together with independent developers and entrepreneurs based in countries around the Black Sea. On its own NEO Black Sea Facebook page, the community published a brief statement:
Read More on :- https://medium.com/spotcoin/neo-black-sea-community-launched-ff0d479d3bad
good!