As with any new technology, IOTA comes packed with its own concerns around security, double-spending, and the ability of merchants to tackle double-spending problem. In this tutorial, we will explore these.
Curl function and security
IOTA boasts of quantum immunity as it works on a ternary hash function called Curl, which makes it a lot superior to other types of binary security methods. Curl works on a completely new technology — ternary functions are new and require a totally new ecosystem. This function is made possible with the use of JINN-processors as we saw earlier, information about which is not available publicly. If a function and its processors work on tech that is new and yet to be revealed to the world, the chances of a security breach are lessened.
Proof of Work
Also, IOTA uses Proof-of-Work to make the Tangle net...
IOTA is a decentralized distributed ledger that was designed primarily for the Internet of Things. Unlike other cryptos based on the Blockchain technology, IOTA works on the Tangle Network technology— which is a Directed Acyclic Graph (DAG).
The Tangle Network enables IOTA to work in a faster and smarter way that was not possible with blockchains. In a more connected network, IOTA opens a variety of use cases that cannot be replicated with the blockchain technology.
IOTA is designed to make IoT achieve the next level of networking — think of connected devices with sensor technology, machine to machine communication, smart cities, pay on demand and other IoT concepts which were otherwise not very feasible with blockchains.
What is a DAG and how does Tangle work?
A Directed Acyclic Graph (DAG) is a finite graph wit...
IOTA was created to satisfy the need for interoperability and sharing of resources between every device and utility connected to the internet in the future — more commonly known as Internet-of-Things (IoT) devices. It aims to be the currency for the IoT economy, creating a brand-new network of connected peers for a wholly decentralized system. Imagine your Tesla car paying a charger in IOTAs, and the charger in turn paying the electricity grid in IOTAs, and so on, without any fees, all automatically and in a decentralized fashion.
IOTA is different from other cryptocurrencies in that it’s not based on the blockchain technology — instead, it uses what is called a “Tangle Network”, which allows instant, free, decentralized transactions. It uses Proof-of-work (relative to cumulative weight for all transactions) for transaction approval.
What is so good about IOTA?
Unlike other cryptocurrencies based on blockchain te...