IOTA is unique among the cryptos as it doesn’t use blockchain technology but a “Tangle Network” which allows instant, free transactions with the intention of creating a “Machine Economy”. With the rise of the Internet of Things different machines will be able to communicate and pay each other for products or services that can supplement each other. In line with this IOTA is developing its own hardware and a terniary CPU especially for this. However, there are still many questions about the security of the network.
Consensus Tangle Network
Intended Uses Machine economy
- The creators have implemented a “training stage” until the network is large enough that security is not such a concern.
- Requires specialised hardware which may delay its intended use
- The market it’s aiming for doesn’t exist yet
- the nodes have nothing at stake for attempting to attack the network which is a red flag for security.
- Instant, free transactions
- Truly unique technology
- If the market takes off it will have positioned itself perfectly
- Very large potential market
- Several strong partnerships