- IOTA’s Tangle technology makes it more suitable for everyday transaction than blockchains with limited throughput
- IOTA is fast gaining traction in the real world, with strong partnerships like Jaguar, BOSCH and Fujitsu
IOTA, a next-generation distributed ledger technology designed to solve the scalability issues faced by blockchain projects with its tangle architecture, is fast hitting the mass markets, with excellent mainstream partnerships backing it up.
IOTA pushing the tangle to greater heights
Per a Medium blog post by Markus, a member of the public IOTA project, in our fast evolving world, there is hardly any other term mentioned as often as the Internet of Things (IoT).
For those who are unaware, IoT simply refers to the extension of internet connectivity into everyday objects and devices in the real world.
Reportedly, IoT has the potential to become the fastest growing market of the next decades, as there is virtually no industry that IOTA’s technology will not find a real use case.
At current, it is estimated that at least 5.6 billion people connect to the internet daily via their smartphones, spending an average of 3 hours each on their devices every day.
If statistics by Statistica are anything to go by, more than 75 billion devices will be able to communicate with each other via IOT by the year 2025 and IOTA will have a huge role to play in this.
Tangle getting even smarter
While Bitcoin and several other first-generation blockchain networks use a proof-of-work (PoW) algorithm to achieve consensus, this system is overly energy intensive and slow, even though it’s arguably the most secure consensus algo.
IOTA, on the other hand, is powered by Tangle, a much more energy-efficient, and faster technology.
In a bid to make the Tangle technology even more efficient and enable it to facilitate millions of microtransactions in the real world, the IOTA team is now further developing existing technologies such as the Coordicide, Qubic, as well as Smart Contracts:
“With the Tangle technology not only current production and supply chain processes can be further automated, but also, new business models can be created and implemented completely.”
It’s worth noting that forward-thinking firms have already started adopting and integrating the IOTA technology into their processes.
As reported by Blockchain Reporter earlier in February 2019, ElaadNL, a Dutch power grid operator used IOTA to develop a proof-of-concept (PoC) for smart power grid.
At press time, the price of IOTA (MIOTA) sits at $0.42 with a market cap of $1.2 billion, as seen on CoinMarketCap.