How to understand $IOTA without boring yourself reading loads of articles.
I spent the whole week making this the EASIEST #IOTA thread out there.
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I spent the whole week making this the EASIEST #IOTA thread out there.
🧵↓
What I’ll be covering
1️⃣What Is $IOTA?
2️⃣How Does $IOTA Work and What Technology Is Behind It?
1️⃣What Is $IOTA?
2️⃣How Does $IOTA Work and What Technology Is Behind It?
1️⃣What Is IOTA?
$IOTA is a distributed ledger developed to handle transactions between connected devices in the Internet of Things (IoT) ecosystem.
$IOTA intends to become the standard mode of conducting transactions on devices.
its cryptocurrency is known as $MIOTA.
$IOTA is a distributed ledger developed to handle transactions between connected devices in the Internet of Things (IoT) ecosystem.
$IOTA intends to become the standard mode of conducting transactions on devices.
its cryptocurrency is known as $MIOTA.
#IOTA ( $MIOTA )aims to solve key scalability and performance issues with #Bitcoin by replacing its blockchain with Tangle
Tangle is a system of nodes in which each new transaction confirms two previous transactions.
Tangle is a system of nodes in which each new transaction confirms two previous transactions.
2️⃣How Does IOTA Work and What Technology Is Behind It?
#IOTA has proposed a different data structure termed "Tangle" to store and manage numeric representations in a unique manner.
#IOTA has proposed a different data structure termed "Tangle" to store and manage numeric representations in a unique manner.
It allows #IOTA to overcome #Bitcoin’s scalability issue by removing the topographical hurdles of using a blockchain.
The tokens are pre-mined like $XRP, and the transactions are validated using Tangle, a Decentralised Acyclic Graph (DAG).
The tokens are pre-mined like $XRP, and the transactions are validated using Tangle, a Decentralised Acyclic Graph (DAG).
In simpler terms, it's a network of non-sequential nodes which allows each node to be connected to several other nodes in sort of a 'tangle’.
Although other blockchains are also DAG, they don't have the same parallel system.
Although other blockchains are also DAG, they don't have the same parallel system.
It means that on $IOTA 's network, transactions can be processed simultaneously.
They don’t follow a sequential order where transactions are stored in a queue.
As more nodes become a part of Tangle, the network becomes more and more efficient and secure.
They don’t follow a sequential order where transactions are stored in a queue.
As more nodes become a part of Tangle, the network becomes more and more efficient and secure.
This doesn't only reduce the transaction processing time but also cuts down the number of resources required.
$IOTA is truly unbelievable.
In the end, an easy Proof of Work quiz or puzzle is included to verify the transaction.
$IOTA is truly unbelievable.
In the end, an easy Proof of Work quiz or puzzle is included to verify the transaction.
This protocol of validating transactions results in no charges or fees and consumes lesser power.
It also means that $MIOTA can be used across a dynamic range of systems and devices without requiring too much power.
It also means that $MIOTA can be used across a dynamic range of systems and devices without requiring too much power.
I hope this was easy to understand 🙏🏽.
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