IOTA (MIOTA) is a relatively new crypto currency network, focused on micro payments and above all: the coming Internet of Things. As a matter of fact, IOT from its name is indeed the abbreviation of that very concept. Unlike most of its peers from the crypto currency scene, IOTA is not traditional blockchain-based. In fact, people advocating the adoption of this particular brand of digital currency are overwhelmingly of the opinion that Bitcoin is already obsolete.
According to others, IOTA’s goals are downright audacious and the whole setup appeared to be scammy at its beginnings at least. Indeed, at bitcointalk, there are still whole threads dedicated to debating whether or not IOTA is a scam.
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Instead of plain blockchain technology, IOTA uses something called “Tangle,” which is indeed the main innovation of the network. The Tangle is based on the concept of the Directed Acyclic Graph, and it is expected to solve several problems that plague “traditional” blockchains.
Control centralization is one of the biggest issues IOTA intends to tackle with its Tangle. Although decentralized, crypto currencies such as Bitcoin often see a disproportionately large amount of control exercised by larger groups of miners, who pool their resources to become a politically significant force.
Forward-thinking in every respect, IOTA has already begun considering quantum-proof encryption. Although hardware capable of defeating the currently used encryption techniques does not exist yet, the eventual emergence of quantum computers could change all that. Of all cryptos out there, IOTA is the only one already prepared for this possibility.
Scalability – the very issue that’s already posing problems for Bitcoin – is another problem side-stepped by IOTA, which does not have a pre-set “magical number” in this regard.
IOTA’s resource requirements are ridiculously light. A microcontroller with 6KiB of RAM will handle payment just fine, provided payment channels are already established.
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