IOTA - no mining no fees - why that model will get widely accepted?
Contrary to many skeptic views that IOTA is having no incentives, like when mining any crypto-currency based on blockchain applications, there are much more benefits behind it. People mine on blockchains as long as they got rewarded, right? IOTA seems to be different; let us see why that model will be widely accepted in foreseen future.
Significantly different from blockchains, IOTA is built on Tangle and that makes a huge difference, I mean so huge, that will change the way we conduct business today, comparing to 3 to 5 years from now. Example: New JINN-Processors are being developed as we speak, which will enable thousands of transactions per second. Why is that important? JINN Processors, unlike binary processors, operate in 3 states: +, -, and 0 making transactions very balanced, which is a vast improvement for Tangle, as a self-sustaining network.
Quantum computing is on our doorsteps. It will be the end of encryption as we know it today. IOTA has already integrated quantum-resistant algorithm (the Winternitz One-Time Signature Scheme) where quantum attacks won't lower the security.
Much more is going on the development of IOTA that I can find free time to read about it; however, I will mention one more here as it proves that IOTA is looking beyond what is known or adopted today as a standard.
curl is a tool to transfer data from or to a server, using one of the supported protocols (DICT, FILE, FTP, FTPS, GOPHER, HTTP, HTTPS, IMAP, IMAPS, LDAP, LDAPS, POP3, POP3S, RTMP, RTSP, SCP, SFTP, SMB, SMBS, SMTP, SMTPS, TELNET and TFTP). The command is designed to work without user interaction.
Curl, a new hash function is based on well studied sponge construction invented by Keccak creators of (SHA-3). Curl, like the rest of IOTA is in constant scrutinize by cryptographers and security experts.
To conclude. Even though I am just at my fifth month studying about cryptography and blockchains, IOTA is most developed and most studied system that has great improvements over blockchain technology.
Nice article it's nice to read that someone believes as much in IOTA as I do! The transactions aren't as fast yet as they will be in the future and I've read that the selection of the tips (the unconfirmed transactions) is still regulated central at the moment. But once these things are 'fixed' the value of IOTA will sky rocket!
Upvoted by the way and I'm also following you:)
Thank you playforpleasure, hope you will find more interesting posts I am about to write. Following you as well :)
Thanks a lot for the follow I think I definitely will I'm interested in everything cryptocurrency related and especially IOTA. I've wrote about IOTA at first but now I'm mostly writing about the music I produce, I hope you like that as well:)