IOTA Coin Review: Open-Source Distributed Ledger
Although IOTA coin is actually meant for use on the Intenet Of THINGS (not people, things) it is still a revolution in cryptosphere.
Regardless of the recent disagreement of our IOTA wallet assessment, IOTA really is one of our favourite cryptos. We all know that Bitcoin is a currency that "employs" miners to run an algorithm to verify blocks of transactions. This is the way money is transferred and recorded on the Bitcoin Blockchain.
IOTA revolutionizes that idea (and eliminates any need for the transfer fees by having its "network" verify the transactions. Unlike Bitcoin, IOTA does not use "blocks" to form a "chain". IOTA uses what they call a Distributed Ledger.
What Is IOTA's Distributed Ledger?
Well, IOTA refers to its ledger as the "Tangle". Whereas the Bitcoin Blockchain records such transfer into a block; with one block holding only a certain number of transactions, and only one block at a time being mined there is sometimes (many times?) where it takes forever for a Bitcoin transaction to clear; sometimes with a very high transaction fee.
IOTA's Tangle eliminates that process by having the IOTA Network checking the last two transactions for the funds being moved, thereby allowing a single transaction to move while many others are moving. Each of those transactions /microtransactions is recorded to the Distributed Ledger so that everyone (every machine?) knows exactly where every portion of every IOTA is at, and where it came from, at all times. The speed and ingenuity of this Tangle are intriguing.
But, What About The Security Of The Blockchain?
We here at CryptoDetail have discussed the power and security of the Blockchain. At the same time, that system does have its flaws. Here at CryptoDetail, prefer it over the Tangle method simply for security.
While both algorithms are tightly written; common sense tells us that it is far easier to fool a machine than it is to fool a battalion of miners. That same common sense also tells us that it is easier to fudge two recent transactions than to replicate an entire decade of history. So, even without in-depth coding knowledge; it is clear that a blockchain is simply more secure than the Tangle.
It has been said that "if you trade an ounce of security for a pound of freedom; you deserve neither" (why yes, we do know we said that backward; we are trying to make a point here). With that thought in mind; we here at CryptoDetail will stick with our transaction fees and blockchains; thereby ensuring our money's security.
As always, we are not offering financial advice here. If you feel comfortable with IOTA than other cryptos (AFTER you have done your own due diligence), then we wish you only the best of luck. As we have said many, many times before; the diversity and immense range of possibilities are what has brought the cryptosphere from its humble beginnings to the financial powerhouse it is today.
***Just a quick, final note
While we love to see conversations about our articles all around the cryptosphere; we invite you to the comments below to voice your opinions as well. As an integral part of the cryptosphere, we here at CryptoDetail love being "schooled" by our readers. After all; focused research on a project can sometimes blind us to a wider, or unseen truth. And, we are all about making CryptoDetail the "Oracle of Truth" in the cryptosphere.
Again, if you see a point here that you see as disagreeable (wrong); or it just compels you to respond (either positively or negatively) we here at CryptoDetail are big boys and girls. So, hit us with your best shot; let's have a conversation. And maybe you can lead us to new truths for future articles.
Still, We Applaud The Innovation
While we here at CryptoDetail do not intend to use IOTA as a currency; a few of us have a bit of a HODL; to support the innovation of this coin and the project it powers and represents.
While IOT and IOTA are innovations; the Tangle itself does have possibilities. As IOTA took the idea of the blockchain and completely turned it on its head to create the Tangle, we see the future possibilities for this innovation.
One Final Bit Of Concern
We need to say once more that we here at CryptoDetail do like this coin. However, the centralization of it is something of a concern. Part of that centralization is IOTA's "Coordinator". This is a security subsystem meant to protect the coin and Tangle from certain hack attacks. This subsystem has been shut down before causes even more concern as to the viability of the Tangle as a money transferring system.
Diversity and Timing
We do not personally believe that Tangle is as secure as we would like our money. But, logistically speaking, the Directed Acyclic Graph-based distributed ledger (quite a mouthful, isn't it?) is something that can be used to track a million different things. So, again, we applaud the innovation that created such a system.
IOT, IOTA, and the Tangle certainly add to the diversity of the cryptosphere. And, this innovation came along at a time when the cryptosphere needed a boost. So, regardless of our stance as outlined above; our rule that "there is a place for every coin and token in the cryptosphere" still stands true; especially IOTA.
After all, it is meant for a machine to machine transactions (and, yes unknown dissenter we DID research the project thoroughly before writing this article); so, for those purposes the Tangle may turn out to be something beneficial in real-world applications.
We can say for sure that we at CryptoDetail will absolutely be here watching to see how this coin and project grow. And, we wish the coin, project, and community nothing but the best. Because regardless of our currencies of choice; what is good for one crypto project is good for the whole cryptosphere.
Thanks for joining us on this exploration! Good luck on your own crypto journey!! Happy HODLing!!!