What IOTA does makes very little sense. There was a reason Satoshi invented PoW and blocks to solve the Byzantine Generals problem. The mining and block creation is what aligns the interests of miners and users. Block reward and fees make it more rewarding to join the network instead of attacking it. In IOTA - if you have the resources to attack the network - you can't use those for the benefit of the network. This what breaks the incentives structure. The idea of "no fees" is stupid - if the network is opn - someone will offer to submit your transactions and do the PoW for a fee. If the network is actually closed - like the IOTA devs say it will - then IOTA cannot be substitute for Bitcoin. But Bitcoin with Lightning network and Sidechains/Drivechains can. Why would anyone use IOTA tokens for IoT? Why not use Bitcoin (via LN) which is the most liquid coin? If anything - clone the IOTA code and run it as Bitcoin sidechain, you will get the same functionality but better security and liquidity... Bitcoin is the most decentralized and secure coin, no coin is better. There's no point to scale on chain, as even fast transactions is not fast enough because they need to propagate and be confirmed... Just use offline transactions like Lightning Network...