IOTA Is a relatively new crypto currency that has been created David Sonstebo and the IOTA Foundation who are a group of developers from around the world. Iota is the first Cryptocurrency that does not use a block chain, and in doing this the users can trade in real time with no transaction fees. Although most other crypto currencies have low fees IOTA have gone one better and have no fees.
IOTA works by using a tangle ledger that is a decentralized modular scalable ledger that can manage anything such as WI-FI bandwidth etc. . IOTA proclaims that it is the back bone of the new autonomous machine economy. With the key to the platform being the tangle ledger, that allows fee-less transactions. The tangle ledger allows its users to trade amounts on demand all the time it stores the data securely which is all verified on the ledger. As the tangle ledger doesn’t have a block chain and blocks makes it scalable and lightweight. IOTA Is designed and aimed at being used on smart devices where its users can use IOTA In real time anywhere in the world IOTA also makes micro and nano transactions easier with the tangle ledger.
Pros of IOTA
- No transaction fees
- Global transactions
- Scalable and centralized so suited for various applications
- Attack proof
- Smart device friendly
- Trade in real time
Cons of IOTA
- Investing in IOTA there is the potential that you can lose on your original investment
- High volatility
- Risk of the decrease in value
- The website is complicated to navigate around
Using the IOTA platform it will act as a bridge so that systems can communicate, evolve and connect. It is this inter connectivity that is going to be the key for our new economy. By using this inter connectivity there will be a huge amount of data that devices will receive and send every second. In the future it is possible that using IOTA you will not need to pay a monthly fee for the internet that you use. Using IOTA you device will connect to the internet and it will brand with data in real-time as you browse. That is a pretty cool idea. For more information on IOTA check out there website here www.iota.org
So should you sit on your IOTA?
Although IOTA is very new to the markets I would say that it is definitely one to keep and eye on. The ideas that they have are maybe designed for the future but getting involved now may pay off with huge dividends. I would say that if you do chose to invest in IOTA that it is more of a long term investment and not a buy low sell high quick money maker. Also for me the fact that there are no fees and that it is scalable makes IOTA incredibly promising as a technology that can be used by a huge number of applications.I definitely think Iota is one to watch out for and worth investing in early.