Well hello to you,
I am new here and this is my first post.:
Yeahhhh…. so i will touch up on Miota as briefly as possible for me and tell you like you know nothing why it excites me.
The ‚M‘ of Miota stands for million Iota. So if you buy one Miota you in fact buy one million Iota.
The difference of Iota is, that it isn‘t blockchain.
I read on one of Elon Musks latest twitter reposts with David Wallace-Wells saying something like bitcoins with transactions being mined by computers all over the world, take more electricity than all solar panels generating electricity combined. Worldwide.
This is a problem.
And the more transactions on a blockchain, the more mining.
Iota works opposite, the more trading volume, the better and faster the system works.
This worlds currency that Elon has been looking for so anxiously…
Of course Crypto‘s have the trilemma:
(Security, decentralised finance, and scalability)
Since Iota doesn‘t need mining therefore create new coins, scalability is a given here.
Security. although a hack has happened, the system was like 175x times inferior to the current system(this digit’s not a fact, i made this number up). But things really started moving.
Anyway Iota does not run like blockchain because they work over a system called IoT. This system is in every device that you know which can connect to the internet. Basically, what the internet runs on in some sorta way. So, Iota uses an existing technology that already revolutionised humanity once, to build on top of it.
Blockchain, which has still to this date has not shown half of its full potential, is soon to be outdated one may feel like….
On this system (Internet of Things), they created the tangle, which lets transactions verify one another automatically. The idea is that you verify two transactions while you make one, this leads to everything checking itself manually in the system and therefore Iota doesn‘t need a third party to calculate anything(mine), as every transaction entangles with one another making sure the whole network is automatically secure.
Soo, quick side fact. The absolute max time for a transaction to go through is 10 seconds for Iota.
So no miners needed, hence we established that you need less resources with Iota than any existing blockchain(once fully decentralised of course)
Iota transactions therefore become feeless.
On top of that, as i asserted that machines are being able to connect to the Internet,
They can be connected to iota tangle, and hence they can make transactions. So not only person to person(p2p) but also machine to person, m2m and p2m transactions are possible. So use cases will appear in that regard, since we are exptected to see billions of new IoT operatable devices being produced every year by the world economy.
Now, because of transactions being possible by many devices, this means data can be derived from the recorded transactions and the data you generate can be managed by each device owner(iota finds this important)
and if you want you can sell your data on a market place easily,
AGAIN: sell and buy IN IOTA.
Moreover, iota will not only be a feeless crypto, with multiple uses, it is also in the process of making smart contracts possible on their tangle, and smart contracts is what made ethereum so big.
And since iota will again be the only crypto to actually make smartcontracts feeless, competitors should die off relatively quick as long as iota’s smart contracts are easily understandable + secure to manage and use.
when iota manages to be decentralised soon,(a Test network called DevNet, which is decentralised has just been successfully launched with thousands of members doing the last adjustments) then Iota‘s floodgates should be opened by the latest. Of course this is not financial advice.
Because you should consider that Iota is working with(&what do they know) :
Dell
Intel
Jaguar
Landrover range rover
Bmw
Volkswagen
Bosch
Microsoft
Fujitsu
And many more
It feels like iota is putting its chuck norris boots on.
I wanted to wish you good luck with doge and moon rocket, seems like Elon you have a good community there, pumping empty things to space.
Why don‘t you guys jump on board here instead, we are loaded!!
Also u could flip the table and you could win every crypto discussion of why you are passionate about iota cumdog rocket 🥴
Well…
Peace be upon you.
i hope you all don‘t participate in all these foul pump and dump schemes.
May you look at this from a neutral perspective, put your 3d glasses on, and buy a purple lambo