Will we ever see IOTA called Ethereum 2.0?

By qsyal | qsyal | 2 weeks ago

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Introduction:

Crypto field is the craziest place in history...There are a lot of giant and promising projects that I see in this field...

When  Ethereum hit the cryptocurrency industry,It was at the top and there was no other project that could compete it

I thought it would be like this for a decade but I was completely wrong

Many of the giant investments and  strategic partnerships  have been tied up with Ethereum's blockchain .Huge numbers of people are using Ethereum far more than expected! Despite the positivity around this fact ,there are some serious concerns are starting to appear as of late ...

It is the overarching issue with scalability! This problem looked serious enough to KILL Ethereum, especially in the 2017 boom ! when a huge number of transactions  caused the entire Ethereum blockchain to clog up which made a difficult bottleneck and insanely increased transaction fees.

Many projects tried to solve this problem (like EOS) by increasing the number of transaction per second, but all this projects are Blockcain-based which means they didn't provide any solution outside the box.

For example, if a blockchain like EOS promises to achieve one million transactions per second ,what would happen if the transactions were 2 millions !

What I am trying to convey is this view " No matter how many transactions can be confirmed per second ,as long we rely on blockchain technology we are in a vicious circle"

From this point if view a new young project was born in crypto world ...It is IOTA

IOTA (MIOTA) is a distributed ledger for the Internet of Things that uses a "directed acyclic graph" (DAG) instead of a conventional blockchain.

It's ranked 20th by market capitalization

Whats is directed acyclic graph technology?

directed acyclic graph" (DAG)  which is called Tangle is a new revolutionary technology that is seeking to be the effective alternative of currently blockchain . In Tangle technology there are no miners to verify each transaction transmitted through the entire blockchain , Instead of that  Tangle requires its users when they want to make one transaction to verify two past ones from other users  . it is a new kind of "proof of work" but it is far easiest so that any computer or even smartphone could make this verification process without having any problem .

There is no need to the enormous mining pools which consume an extremely big amount of energy (equivalent a full country 's need of electricity ). furthermore. there are no concerns about the problems which would come with  the scalability of the network. Even better , As each transaction has to confirm two other ones that simply means :the more users in the network the more fast and stability will the network be.

This technique was able to turn the concepts upside down.Yes, The very large number of users that is a heavy burden factor for any Blockchain will be a strength for IOTA .It's counter-intuitive but it really works

 

Which Problems can IOTA solve?

  • 1_ Internet of things (IOT ): There is a new technical revolution is looming out there , It is the internet of things (IOT )which will connect all of our devices (cars,laptop,home appliances ...etc) with the internet . You can be working in USA while you switch on your freezer in your house in UK . It's a matter of time, IOT will invade the world. IOTA project is aware enough to this fact and is trying to be one of the first pioneers  in this field. it is trying to build a gird based on Tangle to connect the world . It has already tied up with international companies like Microsoft ,Tesal and Porshce...etc  .The company’s goal is to form partnerships with electronics manufacturers in order to connect their products via the IOTA Tangle. We can undoubtedly say that IOTA is on the right direction. 

 

  • 2-Scalability: As I mentined above IOTA leverages its Tangle technology to create a case where it improves its self by widening the base of users. that means even if there are 3 , 4 or even 10 millions of  transactions per second that will not hinder IOTA, even better it will Enhance and improve it .

 

  • 3- fixed supply: One of the interesting things that will attract any investor is that IOTA has a FIXED amount of coins that will not increase or decrease for ever! Let me explain: one of the most frightening things that concern me about investing in a project like Ripple project (XRP) (Despite being a great project) is that it has 100,000,000,000 XRP in "MAX supply" and only 42,984,656,144 XRP in "Circulating Supply" that means more than 50% of Ripple's supply is hidden now .This is very worrying when you think about it. Nobody know what kind of DUMP would be to Ripple's price If such enormous amount of coins are put on the trading market. Unlike XRP and many other cryptocurrencies  IOTA has a fixed number of coins іn thе genesis block. It is exactly  (2,779,530,283 MIOTA). I think this is more convenient for me if I want to invest in this project.

 

  • 4-Fast transactions without fees: Tangle's transactions are very fast compared to other blockchain-based cryptocurrencyies ,and will be far faster as long as IOTA community is growing. Another thing, these transactions are completely FREE as there are no miners to extract their fees from the network.

 

 

Is IOTA going to success?

Well, we all know that Blockchain technology have offered great benefits to us.It would not be an exaggeration to say that it changed the world economically. Furthermore It has almost 10 years in which It has never been broken . This fact has given blockchain high credibility among investors. Tangle has not received  such credibility yet . There is no doubt that IOTA's Tangle technology  still has a long way to get the same level of adoption.

However, IOTA has an ambitious team and a passionate community which work hard to make the IOT a reality with their alternative technology called Tangle .They makes all necessary steps to achieve their goals . They already have a long-term purpose that is heavy wanted by all people over the world . With a little optimism and time we can say that IOTA has the recipe of success.

 

Conclusion:

In this post I tried to be very realistic about my expectations for IOTA and Tangle technology. I have never said that Tangle technology would overcome Blockchain , or IOTA would replace Bitcoin and Ethereum soon.

I love Blockchain and think it is one of greatest human's achievements , but with all flaws which started to be serious and dangerous in blockchain's  dealing, we may have to think out of the box to solve them 

What I'm trying to say is that In this accelerating world, Instead of firmly sticking to the old techniques ,we have to keep our eyes open to new technologies and have the brave to try and use them. 

In the long-term I would not be surprised if I see IOTA called "Ethereum 2.0" 

 

 

Very interested in reading comments...

THANK YOU FOR READING 

 

 

4/9/2019

Regards..

 


qsyal
qsyal

blogger


qsyal
qsyal

I can not ignore to express my thanks and appreciation to this young and promising community ... I'm interested in scientific blogging I hope to add something valuable to this great platform !

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