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What is the working mechanism of IOTA in the cryptocurrency industry?

avatarRam GawasNov 29, 2021 · 3 years ago1 answers

Can you explain in detail how IOTA works and what role it plays in the cryptocurrency industry?

What is the working mechanism of IOTA in the cryptocurrency industry?
IOTA
Cryptocurrency
Working Mechanism

1 answers

  • avatarNov 29, 2021 · 3 years ago
    IOTA, also known as the Internet of Things cryptocurrency, operates on a unique technology called Tangle. Unlike traditional cryptocurrencies that use blockchain, IOTA uses a DAG structure to process transactions. This allows for high scalability and eliminates transaction fees. The working mechanism of IOTA involves users confirming two previous transactions in order to have their own transaction confirmed. This creates a decentralized and secure network. In the cryptocurrency industry, IOTA plays a vital role in enabling secure and feeless transactions for IoT devices, making it an essential part of the machine-to-machine economy.

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