What is IOTA? According to the Tangler, IOTA is an innovative new distributed ledger technology to function as the backbone of the Internet Of Things. Born in 2014, it is the only technology of its kind that is able to function as the lightweight distributed ledger with scalability, quantum resistance and decentralization for all IoT devices.
And also its a first cryptocurrency without a blockchain. Every transaction forms a new block. the transaction is basically verified by itself. Transaction costs are virtually non-existent. Iota is based on tangle , not blockchain. Tangle works with DAG (Directed Acyclix Graph)
Iota has three main advantages over cryptocurrencies.
- Zero Transaction Costs.
- Potential for Indefinite Scalability
- Offline Transactions.
Iota is fully decentralized to a extent that blockchain cannot match. The system has no limit to scaling, the problem that plagues most high volume crypto transactions. The transition from the Internet of Things (IoT) to the Internet of Everything. All your machine will communicate with each other. This well maybe the technology of the future for connectivity. This is well worth a look for anyone intimately involved in cryptocurrency.
You can visit Iota.org for more info.
Image source : themerkle.com
You ask the question whether IOTA can be the next Ethereum. I was expecting an explanation of Ethereum as smart contracts system whereas IOTA is primarily a transaction system (i.e., shoving coins around).
You probably meant: can IOTA become popular like Ethereum and undergo a massive price rise. Well, I think it can but first it needs decent, user friendly wallets and the network needs to prove battle hardened. The network must be able to survive shocks without the 'Coördinator' (a centralised 'police agent') switched 'on'.
So there's much to do for IOTA before it is prone for an Ethereum 'melt up'. But whales may have noticed this coin's potential already.
Hi @wekkel fully aware of that.. i'm just highlighting what IOTA can do which in terms of transactions and it also not running on a blockchain like Ethereum. Of course it is still in a preliminary stage but the Industry that its tapping is huge and will pretty much has the ability to take over Ethereum in use case.
The 'take over' language is confusing to me as IOTA won't be running smart contracts. In that respect, IOTA won't be taking over anything from Ethereum.
If you mean 'take over' in terms of market cap, it is better to state this explicitly.
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