IOTA: A cryptocurrency without a blockchain, but with unmanned vehicles

It would appear that Volkswagen is going to produce unmanned vehicles in 2019 with the help of Tangle technology. But what does this mean for the cryptocurrency? Let's examine...

IOTA IOTA

0.16753696859409 USD -3.46%)

0,00000178 BTC

rank

121

Market cap

589.16 M USD

volume (24h)

27.17 M USD

It would appear that Volkswagen is going to produce unmanned vehicles in 2019 with the help of Tangle technology. But what does this mean for the cryptocurrency? Let's examine it.

Fact 1. The head of Audi is suspected of fraud: according to the investigation, he distorted information about how harmful Volkswagen's cars' emissions were to the atmosphere.

Fact 2. Volkswagen engineers are tasked to prove that the car giant is able to successfully solve the problems associated with the environmental safety of cars and provide accurate information about their products.

Fact 3. The impartiality of information is guaranteed by a secure protocol, not by blockchain but by another technology - Tangle.

Fact 4. Tangle is a technology that was created to support the "Internet of things". With its help, Volkswagen also plans to remotely update the software on the cars connected to the network.

Fact 5. The IOTA cryptoproject works based on Tangle. IOTA's rate is usually stable - it is one of the most "calm". But as soon as Volkswagen's plans became known, IOTA's rate went up sharply to its high of $1.18 per coin.

Information

IOTA (IoT) is an open source distributed register that does not use a blockchain. It was created in 2015. It was originally created as a system of the "Internet of things". The project is based on Tangle technology which allows for a high speed of confirmation of operations (which can increase depending on the number of network users).

What is IOTA

• The main feature of IOTA is the quantum-safe protocol Tangle. It was this which contributed to the emergence of such advantages as the possibility of carrying out free operations, high-speed transactions, and a  huge potential for scaling.
• Before sending a transaction, the user must confirm two other transactions. This principle of operation allows the network to scale faster and self-identify.
• All cryptocoins were released at once and their amount will never change.
• IOTA cannot be mined, so there is no probability of centralizing the network and creating miner pools that DDos attacks occur in.
• IOTA provides the opportunity to join special groups (clusters) and to work offline, whereas in most blockchains the user must be online to complete the operation.

Experts say that IOTA has very good prospects. The Tangle system is being tested by a huge number of software vendors. So in the next ten years IOTA could turn into a worldwide network of "Internet of things", uniting more than 50 billion devices.