For any blockchain-tech enthusiast it would not be surprising why various figures and even big names like BOSCH, Volkswagen, Orange, Samsung would choose to support IOTA’s vision and development. Companies like that could be just another phase until governmental organization would step in and implement blockchain for their institutions – and IOTA could be the prime choice to go.
Obviously, gov-level organizations will be with radars turned on when technologies like blockchain arrive which spread out in all financial, hi-tech and scientific sectors.IOTA functions on a different version of a network compared to tradition blockchain platforms. The Tangle network [developed by Serguei Popov]. IOTA is a pre-mined token [or as many know minerless] which means that there is no requirement for miners or mining as all the users in the network validate two transactions for them to be promoted.
There are no transaction fees on the platform because, as explained above, there are no miners in between the process.
The best way to determine what to be part of or hold in the long term understanding is to see how well it is actually connected with the particular time it will be held. Being designed to interface with the IoT or Internet of Thing – that is a new gen of networks in which smart machinery are tied together makes IOTA directly be preferred by gov as it could adapt to the new era of smart cities and advanced societies on technological terms.
Finally, most importantly to mention is the scalability issue with which many leading digital currencies deal with every day. As mentioned in a previous EWN writing, The Deutsche Bank [the German global banking and financial services company] has noticed great potential in the exploding technology of cryptocurrencies and despite that many see scalability as a weak point, the bank noted out that IOTA has managed to solve the issue. The more users are using the tangle the faster the transactions and the value of transactions the network can handle.
Promising team with a supportive community backing up the technology – IOTA. Trade safely and do not Overtrade!
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