IOTA: A Cryptoplatform for the Internet of Things
Tangle is a cryptocurrency developed for the internet of things which will allow companies and their resources and services to be traded in an open market. The problem with existing system is that they have high transaction fees even for a micro transaction. But this transaction fee is necessary evil as it serves as incentives for the creators of block. Another downside of existing system is that it is a heterogeneous system i.e clearly separating the transaction issuer's and approver's role which results in conflicts and resources need to be spent in order to resolve it.
The Tangle Ledger
IOTA uses a a directed acyclic graph architecture(Tangle) instead of sequential(existing systems) resolving the difference between users and validators. In order to issue a transaction then users must approve other transactions thus increasing and contributing to the network's security. A transaction would be more accepted by the system as it recieves more approvals. This system has definitely resolved the problem with micro transactions.
IOTA Examples
- Data integrity for IoT devices
- Sensors selling data to computational devices
- Sensors buying analytical capabilities of computation
- E-Governance and E-Voting
- More.
Source : https://www.cryptocoinsnews.com/tangle-cryptocurrency-for-the-internet-of-things/
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Nice article. Concise. Perfect. Thank you :) Resteemed and shared to Facebook :) My partner (a coder) will be very interested in your information.
Do you guys have a Slack channel or a webpage where we can keep up with the progress?