IOTA on its way to the mass market
The full article was originally published by Markus on Medium. Read the full article here.
Hardly any other term is mentioned as often as the Internet of Things (IoT). A term that stands for a whole vision and can fundamentally change our lives. It has the potential to become the fastest growing market of the next decades. A link in the IOT represents the Blockchain technology, with its data transfer and payment features.
The first generation blockchain cryptocurrency technology Bitcoin uses a consensus algorithm, which requires subscribers to have demonstrable compute work to confirm transactions. Although this provides good protection against hackers, but consumes a lot of energy and allows only a low transaction speed. It is therefore not suitable for everyday use in mass markets. Much more energy-efficient and faster is already IOTA with the Tangle.
Even now there are 5,6 billion smartphone users worldwide that connect to the internet. Each spends an average of 3 hours on their mobiles daily, engaging with platforms. According to statistics, by 2025 about 75 billion devices will communicate with each other in the IOT.
Source: Statistica 2019
In order to make the Tangle technologie able to economically realize millions of micro transactions in mass markets in the future, the further development of existing technology concepts is currently being promoted. For example the Coordicide, Qubic with it´s Smart-Contracts and other things.