The weekly talk with IOTA co-founder Dominik Schiener Every Friday there is now a new,…
[Update: as of February 2021 – this project is no longer continued]
QPITER is a technology blog covering topics like Internet of Things, IOTA, DLT, crypto currencies and blockchains. You can shop for IOTA stickers and posters with IOTA and Bitcoin. QPITER aims to write articles easily understandable and not purely technically. The abbreviation ELI9 comes to mind: explain like I’m 9.
The possibilities for IOTA seem limitless. There’s good news all the time – all the more amazing how many people don’t notice it. One reason is that the technical aspects are hard to grasp for laymen and newcomers. No wonder, as the technology is just being developed. Even as a person with an affinity for the Internet and technology, many things seem very complicated. Although on a closer look it is often simple and elegant. A good example is Shimmer (source).
In QPITERs eyes the cryptoscene is divided into two parts. The GRQ fraction is out for the fast money (Get Rich Quick). The others really want to understand how a certain coin or technology works. Sooner or later the latter people will land at IOTA. Sergey Ivancheglo, Dominik Schiener, Sergei Popov and David Sonstebo noticed relatively early on that blockchains are not scalable and are therefore not the right solution for many applications (source). Due to the high transaction fees, it is not suitable as a payment network for the Internet of Things (IoT). Due to the restrictions in the transaction volume (transactions per second – tps), it is also not applicable for the data layer of a transaction.
The functionality of the Internet of Things depends on the transaction speed between the participating “things”. With IOTA, data and (financial) values can be transferred in a single transaction. By evolving the computation-intensive validation procedures for traditional blockchains, it also consumes considerably less energy. This makes it the greenest crypto currency currently available. It is perfectly suited for small machines that have little computing power. In the future, they will be able to connect to IOTA’s Tangle to form a mesh network. This gives us a decentralized new Internet that is not dependent on centralized instances.
(This article was provided by QPITER.com)