![]() In any DLT, nodes receive rewards for being good actors in a system that secures the network. For example, if more than 33% of nodes go offline, the network will still be safe. The network is distributed, so it’s robust against any attacks.The transaction speed is lightning fast.It requires low resources since IOTA does not use Proof-of-Work as a consensus mechanism, having adopted it only as a rate controller.The data structure allows transactions to be added in parallel, so multiple transactions are processed simultaneously. Here are five points that clarify why the Tangle is a cool thing: The Tangle records the exchange data and value, thus ensuring that information is trustworthy and all the nodes are honest. IOTA’s Tangle is not a single chain of blocks that follow each other: it is a network of parallel processed transactions. Every user is free to issue new transactions and attach them to different parts of the Tangle without a middleman. In the Tangle, there are no block producers. It allows IOTA to overcome the cost and scalability limitations of the traditional blockchain. The Tangle is an open, feeless, and scalable distributed ledger designed to support frictionless data and value transfer that enable secure exchange. It became possible with a different technology called Directed Acyclic Graph (DAG). Instead, IOTA needs technology to provide its users with high scalability and quick transactions while charging no fees for micropayments. Also, it’s impossible to make any micropayments because the fee will make the transaction more expensive. Traditional blockchain technology is not suitable for the IOTA network since the former has some severe drawbacks, such as scalability issues and relatively high transaction fees. Learn more about Coordicide in IOTA’s video presentation. ![]() 28 April 2021 – the IOTA 1.5 update known as Chrysalis was launched.Ĭurrently, the project team is working on an IOTA 2.0 update called Coordicide.10 December 2020 – David Sønstebø left the project.23 June 2019 – Sergey Ivancheglo resigned from the board of directors. ![]()
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