Ivan on Tech Academy provides latest insights and reports about the blockchain industry.
IOTA, which stands for Internet of Things Application, is a Distributed Ledger Technology (DLT) from the IOTA Foundation. Put exceedingly simply, IOTA is a cryptocurrency technology for facilitating transactions. As such, this is reminiscent of other cryptocurrencies, which have quickly made names for themselves over the past few years.
However, one of the main obstacles cryptocurrencies have to overcome is their scalability issue. As crypto becomes more popular, the networks that support them - basically the blockchains - need to become more resilient and support larger volumes. This is absolutely necessary in order to avoid rising fees and slowing transaction times.
There are already numerous solutions to boost the scalability of various blockchains. Some of the most well-known scalability solutions are technological solutions such as the Lightning Network or Sharding. IOTA is taking a different route to solve the scalability issue, however.
Instead of relying on a...