There’s a new cryptocurrency on a block and it’s called IOTA. Technically it’s not a new cryptocurrency it’s been around for a while. recently it’s been listed on Bitfinex and it’s got a lot of attention – so it’s as good as new. It took seventh place in terms of market capitalization in terms of cryptocurrency
Third generation cryptocurrency:
Fast Transactions
Zero Fees
Quantum Proof
How Iota achieves free transactions
Iota has an important technological change over classic cryptocurrencies like Bitcoin and Ethereum – and that’s the fact that it doesn’t use blockchain. Instead, Iota uses Tangle, a new way of achieving network consensus. To understand Tangle and the benefits of Tangle we need to understand how transactions are verified on the Bitcoin network. Bitcoin uses Blockchain technology to create a consensus ledger – that is a database of transactions that everyone on the network agrees upon. ledgers of transactions being formed and linked to each other. Instead of having a single chain of transactions, Tangle has a mesh of transactions and verifications. The beauty of tangle is that every time a transaction is sent you verify two other transactions behind you. Even Ripple has a transaction fee to prevent spam – it has a very low transaction fee but it’s still there.
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