IOTA interview – Past Failures, Latest Developments, Future Plan – Hans Moog

 

IOTA is an open source distributed ledger and cryptocurrency designed specifically for the Internet of Things (IoT).

It uses a directed acyclic graph to store transactions on its ledger, and its motivation is to have higher scalability than distributed ledger based on blockchain.

IOTA does not use miners to verify transactions. Instead, nodes issuing new transactions on the network must approve the first two transactions.

Therefore, transactions can be conducted for free, thereby facilitating microtransactions.  A consensus is reached through a coordinator node operated by the IOTA Foundation. Since the coordinator is a single point of failure.

IOTA has been criticized for its unusual design, and it is not clear whether it will play a role in practice. 

Therefore, IOTA was rewritten from the ground up for a network update called Chrysalis or IOTA 1.5, which was launched on April 28, 2021.


**Disclaimer**
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This information is what was found publicly on the internet. This is all my own opinion. All information is meant for public awareness and is public domain. Please take this information and do your own research.

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