Iota – which stands for Internet of Things Application – is a new cryptocurrency, similar to Bitcoin.
But it is different in certain key ways.
Bitcoins aren’t printed, like pounds, dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world.
To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.
For each problem solved, one block of Bitcoin is processed.
Iota, on the other hand, removes the need for this by asking anyone submitting a transaction to verify two other random transactions.
It all sounds quite technical but it basically means it is decentralised, there’s no fee for transactions and the more people using Iota the faster the network becomes.
Ethereum is another cryptocurrency – one which some have said could overtake Bitcoin as the dominant coin in the market.
But it is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.
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