Thread by @CryptoGirlNova

1) In today's market it's increasingly hard to select high quality cryptocurrencies.

Most eventually fade away and as such we need to search for the best fundamentals.

A thread🧵on $IOTA and why you should take a look at this cryptocurrency.

Read on 👇

@iota #Iota

2) The "Internet of Things".

A term used to describe the billions of smart devices in the world today.

Chances are you already have IoT devices in your home, car or office.

These can include the sensors in your car that indicate tire pressure, your smart TV or smart fridge.

3) IoT devices are connected to the internet, typically via Wi-Fi or a cellular network (as the name suggests).

DESPITE this, facilitating transactions and payments among IoT devices has been challenging.

4) ENTER IOTA.

A ledger designed to power microtransactions among IoT devices.

Interoperability between the human economy and the machine economy.

Unlike other distributed ledger technology in the blockchain industry, Iota is quite different than most.

5) It uses a proprietary technology called the Tangle, which is a consensus algorithm that requires users to validate two transactions in order to complete their own IOTA transactions.

Technically speaking, Tangle is a direct acyclic graph (DAG) consensus algorithm.

6) With this method, there are no miners or validators, no blocks and no transaction fees.

This allows crypto to overcome the cost and scalability issues of blockchain according to Iota.

7) Iota provides developers an alternative to blockchain networks for the programming of Dapps.

This diversification allows for a better distribution of information.

IOTA introduces standards and provide a reliable and affordable way for all of these devices to leverage others.

8) This strategy opens the door for some pretty amazing functionalities.

A great example of this would be your "smart fridge" to sense you are running low on milk.

The fridge sends a request to the grocery store's "order platform".

The store could send a drone with your milk.

9) You would be able to track all of this through your smartphone.

Right now you should have a basic idea of what Iota is trying to do (it goes way further than that though).

How does it actually all work?

Let's look more into the technical side.

10) In theory, IOTA is very simplistic.

The platform functions as a bridge between IoT devices.

Specifically, the network can handle data transmission to and from connected devices in the IoT ecosystem.

The network is also able to execute complex, multi-device smart contracts.

11) Like we briefly mentioned earlier Iota relies on a new technology known as Tangle.

This protocol functions as a directed acyclic graph (DAG) that gives the network incredible resilience.

Here, miners are replaced by a central coordinator.

12) This coordinator gathers data from the system of nodes and utilizes it to confirm transaction validity.

This code is what makes IOTA one of the fastest and most "expansive blockchains" ever developed.

13) At the core of the IOTA ecosystem is the Data Marketplace.

This is the hub where IOTA sensor developers can securely sell and access active data streams known as MAM encrypted data.

The goal of this data market is to make MAM data available to any compensating party.

14) MAMs are at the core of IOTA’s functionality.

These Data sets enable a trustless system for users to share information and value in a peer-to-peer fashion.

Best of all, the network maintains a high level of security, and all MAMs trade via encrypted channels.

15) The Bosch XDK open-source code is the protocol that links MAMs and the Data Marketplace.

This integrated system provides developers with the ability to construct programmable sensors and communicate the data throughout the network.

16) In this way, IOTA fulfills its purpose to act as an Internet of Things prototyping platform.

IOTA developers have untethered access to the platform’s impressive suite of sensor programmability.

17) MIOTA is the main utility token within the IOTA sphere.

This cryptocurrency is used to account for transactions, pay fees, and initiate smart contracts.

Normally I would go on and start talking about the founders and background but a lot has happened the last few years.

18) I had a lot of questions before doing this overview as I've actually known Iota for quite a long time by name.

Even though I never digged in deep Iota created a huge buzz back in the day.

It wasn't just any other project.

It was an immense initial succes.

19) But for some reason they disappeared in the background and I never understood why...

Untill now.

in 2017, the foundation behind the project was, unfortunately, unable to keep the promises of an extremely efficient and decentralized network.

20) Further development stopped in the following years.

"Tangle" could not be designed in such a way that the network had true decentralization.

Many of the original founders dropped out of the project untill "Dominick Schiener" took over.

21) It also suffered security vulnerabilities (hacks) which damaged its reputation quite a bit.

This damaged its reputation quite a bit and explains why they disappeared into the background.

Untill today!

IOTA has been written from the ground up entirely (Iota 1.5-2.0).

22) To solve the problems of decentralization and scalability in the network, IOTA has been relying on Coordicide.

An upgrade of the network that is intended to make it decentralized and more scalable.

IOTA also recently released the Shimmer and Assembly networks on "Tangle".

23) Iota 2.0 was released with the aim of releasing a distributed network that no longer relies on the coordinator for consensus.

These upgrades "should" move Iota back in to the league against the best blockchain platforms today or possibly even better.

24) The newest updates are still in early development but should the network actually succeed in solving all of those earlier problems that plagued "Iota 1.0" it will be a very strong contender in today's market.

I for one will be following them closely.

25) I feel I haven't even scratched the surface and there's a lot MORE that I didn't cover (yet).

Shimmer alone already deserves it's entire own thread and if there's enough demand I will write one.

Due to length of the 🧵 I'll keep it on "basic Iota" only.

for now...

26) While I do try my best to cover the main features of any project I write about keep in mind this is a "basic overview" only.

There's much I've probably forgotten, didn't have time for or didn't fully grasp yet.

27) For more in depth research I recommend to visit their website or visit their socials.

My content serves as an entry to individuals that want to further dive in afterwards.

IOTA has a lot to cover and will keep your thirst for innovation busy 📘

IOTA.org

28) If you want to keep up to date to most of my content and interesting projects give me a follow @CryptoGirlNova.

I also research the communities top voted cryptocurrency every sunday so you can keep track of all the most exciting projects.

Your favorite writer Nova ❤️

29) If you had value from this and liked this thread, it would really bring a smile to my face if you could retweet the first post so this can help as many people as possible.

Everyone deserves free knowledge 📘

Love you all ❤️

First post 👇

https://twitter.com/CryptoGirlNova/status/1570161143632592896?t=UhL_Vwwsf78dbrr3WFZb3Q&s=19