Taking the spotlight this week was IOTA following an astonishing rally in recent days.
IOTA has jumped as staggering 5 places from the 9th-largest to the 4th-largest cryptocurrency in the world in just under two weeks.
IOTA, which was trading below $1 just 10 days ago, has jumped more than a staggering 450 percent to hit a new record high of $5.55 yesterday causing it to jump up to become the fourth largest crypto currency by market capitalization according to CoinMarketCap rankings.
IOTA’S explosion earlier this week was likely caused due to a newly announced partnership with 20 other companies, including Microsoft and Fujitsu, to create a decentralized data marketplace. The marketplace will be integrated along with the IOTA network into Internet-of-Things devices manufactured by other companies in the partnership, and will collect and sell data produced by the usage of said devices.
IOTA’s Tangle: Free Transactions; “Infinitely Scalable”
The most notable thing about the IOTA network is that it processes and confirms transactions instantly with absolutely no fees unlike the ongoing scalability problems and high fees on the Bitcoin network. IOTA has overcome this problem and made this possible by the IOTA Tangle, a new form of distributed ledger technology similar to blockchains like the Bitcoin and Ethereum.
The Tangle is a decentralized, public ledger.
Unlike the Bitcoin blockchain, the Tangle does not rely on miners to confirm transactions. Instead, new blocks are created automatically with every transaction and verified within small groups of other transactions, the Tangle network actually becomes faster and more efficient as more people us it.
The Tangle network was created such that it could easily be integrated into the Internet of Things. Its free transactions and “infinite scalability” theoretically make the cryptocurrency ideal for machine-to-machine communication and transactions.
The Internet-of-Things industry, while rapidly expanding, has really just barely begun to become a part of the everyday lives of the world’s wealthiest and most technologically advanced societies. According to the IOTA website, “the distributed ledger revolution has only barely begun, the vast majority of use-cases has not even been thought of yet, and with the next generation ledger that IOTA created developers will be able to invent even more solutions.”