Have you heard of IOTA? Did you, your friends or your closest relatives ever expected this specific alt-coin showing up in the hood? Here is more about this Internet of Things Cryptocurrency.
Created in 2015 by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov, since then IOTA has become one of the hottest properties in the world of cryptocurrency.
The main innovation behind IOTA is the Tangle, a revolutionary new blockless distributed ledger which is scalable, lightweight and for the first time ever makes it possible to transfer value without any fees.
In this new autonomous Machine Economy IOTA will be the backbone. The Tangle ledger can settle transactions with zero fees so devices can trade exact amounts of resources on-demand, as well as store data from sensors and dataloggers securely and verified on the ledger.
People that use IOTA are mostly the more innovative users of the internet. True believers of the Internet of Things.
The Tangle is believed to be a system that thrives on a massive number of users. The more people using the ledger the faster it goes and the more productive the ledger will become.
Also, the fact that the cost of using the blockchain is zero is a big attractive feature of this cryptocurrency.
The way it works!?
The way IOTA works is the same as any other cryptocurrency except the features it uses to improve the service of the altcoin.
Main features that improve the service are an improved Blockchain and no fees per transaction.
There is no correlation between IOTA and online gambling.
The internet of things is not a big fan of the online gambling industry and therefore there is no foresight of IOTA ever to be introduced into the gambling industry.
Cryptocurrencies and online gambling is still a match that is still not made in heaven. There is not one of the big operators that is accepting Bitcoin or other altcoins as a deposit method for their services.
Blockchain will be the first thing that the online gambling will introduce before ever accepting Bitcoin or any other altcoin as a payment method.
IOTA is an innovative new distributed ledger technology to function as the backbone of the Internet of Things. There will be no introduction of IOTA in the online gambling industry for the foreseeable future.