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Unlike standard blockchain technology used by most companies, IOTA relies on a method it calls Tangle.Ĭompared to blockchain, IOTA co-founders Dominik Schiener and David Sønstebø claim Tangle offers free transactions and much better scaling opportunities. What is notable is that IOTA uses an interesting new technique to distribute and decentralize its ledger. This page is not recommending a particular currency or whether you should invest or not.IOTA is currently the ninth biggest cryptocurrency by market share on Coin Market Cap, boasting a market cap of $2.95 billion. The prices of cryptocurrencies are volatile and go up and down quickly. Here’s an article to get you started.Īs with any investment, it pays to do some homework before you part with your money. If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. In effect, this offers a pay it forward model, in which one has to verify two other transactions to have theirs verified.īut it also enables exponential and feeless DLT – an attractive idea when compared to problems such as the high gas fees plaguing Ethereum (ETH). IOTA protocol transactions are confirmed by one or more following transactions, this is because the Tangle requires two parent transactions. The DLT relies on something called a directed acyclic graph (DAG), which utilises a quantum-proof mechanism called a tangle that effectively operates as a web of blocks as opposed to a chain of blocks.
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IOTA takes a completely different approach to DLT, that technically isn’t actually a traditional blockchain at all. Most cryptocurrency projects rely on distributed ledger technology to process and verify transactions, this requires the incentivisation of miners with transactional fees on users and also pegs the scalability of a project with its node network capacity. “The EU is taking a massive step towards fulfilling its digitisation goal, and we look forward to the opportunity to contribute our production-ready technology to this momentous development that will change the way trustworthy information is shared across Europe and beyond.” What is IOTA? “Creating a blockchain network on a continental scale is an ambitious and technically challenging endeavor – just the kind of project IOTA has been built for,” he added. Serguei Popov, IOTA Co-Founder, highlighted the significant scale of the undertaking as the company work to deliver digital decentralisation to the continent. “The notion of an open-access, scalable, and versatile distributed ledger technology that will form the backbone of Europe’s digital single market is a natural fit to our own guiding principles.”Īnd Dr. “EBSI is a project that is fully in tune with the IOTA philosophy and vision, and progressing through the strenuous procurement process has been an exciting and rewarding experience,” he said. Navin Ramachandran, Deputy Chairman of the Board of Directors of the IOTA Foundation, praised the project as an exciting real world use case for IOTA. The Ethereum co-founder has been keen to emphasis government integration, with the IOHK team launching an education records blockchain this year, and a digital national ID system in the works.īoard members at IOTA are seemingly very pleased with the successful tender bid. Governmental deployment of blockchain technologies has become a hot focus this year, IOTA’s work with the EU will be very similar to that undertaken by Hoskinson’s Cardano Foundation in Ethiopia.
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However, it was the impressive energy saving performance and feeless transactions that saw the proposal put forward by IOTA steal the attention of Brussels bureaucrats and secure the bid. A tall order.īut the IOTA network’s impressive throughput and number of nodes, alongside its permissionless nature, put the network in good stead. Requirements from the EBSI stipulated that chosen blockchains would need to offer a highly scalable, open source, fully decentralised, and completely interoperable solution.