Crypto Review: IOTA Vs BLOCKCHAIN
No doubt, IOTA and Blockchain technology are modern innovations and were built on the same principle. However, their architectural structure is a major distinction between the two. We are familiar with blockchain technology but not a few have come to grasp with IOTA.
Let's briefly, highlight the important distinctions between IOTA and Blockchain:
- Properties(make-up):
Tangle is a distribution ledger and can transfer values without requiring charges. In addition, tangle, is a de-centralized network(P2p) that possesses the unique feature of scalability and lightness. Blockchain is a peer-to-peer network that executes probabilistic broadcasts and does not have a central party.
- Payments(charges):
IOTA does not charge transaction fees and transact with as little as 1 IOTA. On the other hand, Bitcoin's transaction fees have become abusively high.
- Consensus:
Consensus is an integral part of IOTA's system. Hence, evey transaction that creates a network can participate in consensus. On bitcoin, consensus is achieved through a very rigorous mechanism. A consensus has to be decoupled from a transaction generation and this encourages centralization.
- Cryptographical Difference:
IOTA makes use of "Quantum Resistant Cryptographic Alogrithm". This system is attack-resistant. The emergence and use of Large-scale quantum computers may cripple bitcoin's activities.
- The Presence of Partition Intolerance:
IOTA transactions are carried out by nodes and cannot run effectively without layers of abstraction
They can operate without being connected to the main tangle.
- Centralized System of Control:
On IOTA, there is no such thing as separate mining. Every viewer is seen as an 'Independent miner'. While blockchain technology enjoys centralization.
- Structure of Data:
IOTA is run on a system called DIRECTED ACYCLIC GRAPH(DAG). DAG, ensures all transactions are carried out without charges. As more transactions are carried out, IOTAs becomes more secure and fast.
On the other hand, Blockchain data is intricately structured. It is a "back-lined" list of blocks and is often visualized as a vertical stock..
