The market of cryptocurrency has been on the downfall lately. Now it is the time for true cryptocoin aficionados to relax for a bit as they should be focusing more on the developing blockchain tech and its potential. This technology tried to solve the financial industry’s inherent problems.
Among its successes, we mention the elimination of third parties from peer-2-peer transactions and the increase of speed in the financial transaction in general. By further evolving blockchain technology, we will see lower transaction fees as well. The speed of the transaction will increase as we remove the digital-geographical borders. IOTA is a company that tries to use crypto as a real-life solution.
IOTA [MIOTA] and the Tangle System
The IOTA network is made so that every phone, computer or any other electronic device is able to transfer and receive data within this network. It is capable of handling up to 1,500 transactions per second, making it one of the best financial environment for the market.
Dr. Serguei Popov, one of the contributors to the network, designed it to run on Tangle. This network carried IOTA to becoming one of the 3rd generation’s contenders among digital coins.
From Tangle to reality
Tangle’s designers are confident that, if it were to be applied in the real world, it would be bulletproof against cyber-attacks, even from those performed from quantum computers. The existing blockchain tech is vulnerable towards this kind of attacks. This has led some large companies, such as Audi ThinkTank to try and test IOTA out.
Not too long ago, at the CEBIT 2018 Exposition in Germany, Volkswagen has showcased some interest to give this platform a try and aired a demo on how this network could be useful. The company looks to use Tangle for safe data transmission among vehicles.
Hunter Texidor was born and raised in Toronto. He has written for Billboard, The Prague Post and Passport Magazine. In regards to academics, Sage earn his BBA from Mcmaster in Hamilton. Hunter covers business and economy stories here at Billionaire 365.