IOTA has developed the Tangle ledger, a revolutionary blockless distributed ledger that makes it possible to transfer value without any fees, reads on
IOTA has developed the Tangle ledger, a revolutionary blockless distributed ledger that makes it possible to transfer value without any fees, reads on iotatoken.com.
The device can also trade exact amounts of resources on-demand, and store data securely and verified on the ledger.
Existing cryptocurrencies could not provide the possibility of making micro – payments, according to the Tangle white paper as quoted in cryptocoinnews.com. With the Internet – of – Things industry rapidly growing, micro – payments have also become important.
Until now, users had no other possibility but paying fees for small transactions. Sometimes the fees may be bigger that the transactions, a huge inconvenience for the ones who use the service. With this in mind, IOTA created the Tangle.
The Tangle: How it works?
The IOTA protocol uses a directed acyclic graph architecture (Tangle). Thus, users and validators are the same.
In the Tangle system, users have to approve other transactions to issue their own transfer. The more approvals a transaction receives, the more accepted it becomes on the system. Therefore, double – spending transaction are nearly impossible, reports cryptocoinnews.com.
David Sonstebo, one of the founders, said before CCN: “Currently, a lot of different developers, start-ups and corporates are developing different use-cases on top of it. The most-unique thing about IOTA is that it is the only way to do transactions without fees, which means that every service that can benefit from ‘real time on demand payments’ can only be enabled through IOTA.”
IOTA was founded by Sonstebo, Sergey Ivancheglo, Serguei Popov and Dominik Schiener. The team members have expanded with developers, cryptographers, activists and other community members.