IOTA wants to be the best version of bitcoin

All Credits to Master | Original Post - https://goo.gl/a5hqep

Data market, rapid price increase, first cryptographic base in the world: The last few days have been turbulent for IOTA. Suddenly, everyone is interested in the start-up of Berlin. IOTA wants to be the "Next Generation Block Chain" for the Internet of Things.

Information is constantly exchanged on the Internet of Things. The machines communicate with the machines, the sensors produce data that is used again by other devices. For example, houses should be able to regulate the temperature of their room, refrigerators can buy independently or the cars that drive themselves decide when to refuel and even pay for themselves. In the Internet of Things, machine trading machines.

But for this to work, the Internet of Things (IoT) needs a viable network. A way to share, sell and pay for data, a lot and constantly. The Block Chain can not do that, says Dominik Schiener, one of the founders of IOTA. And for several reasons: for example, because there are fees for each pending transaction, but it goes to the Internet of Things, especially small amounts. Or because it is not arbitrarily scalable, it is too slow.

The IOTA response to block chain problems is Tangle. Instead of linking chronologically one block after another, as in the grove, Tangle weaves a large network. If you want to make a transaction through IOTA, you must validate two more transactions.

With the help of the Tangle architecture, you can make transactions, exchange data and secure or buy and sell using the iota tabs. The price of the token has increased considerably in recent days. An example of how all this could look is the data market, a prototype that IOTA opened for two months at the end of November. "The data market is the key application in IOTA, which allows completely new business models," says Schiener. In the market, the data produced by the sensors can be purchased with IOTA tokens. It should be the release of the data: from the silos to the data lakes.

So far, for example, meteorological data are available for purchase in the IOTA data market. Among them are Bosch and Telekom. But not only companies, but also users should be able to sell their data and, therefore, also benefit from them. "We opened the data market for the entire IOTA community," says Schiener.

The data market is an example that should show what would be possible. But the success of IOTA, says Schiener, depends on the involvement of many large companies. An incentive: IOTA is free and open source. Other: The IOTA Foundation, which was recognized by the Berlin Senate in early November, and should be recognized as an official currency in other countries to come.