IOTA, what is it? And why it has a big future.

Photo by Viktor Forgacs on Unsplash

IOTA, describes itself as the next generation of distributed ledger technology.

That’s a big claim, especially considering the DLT is only a recent phenomenon in itself. However, with a design based on ‘Tangle” and not blockchain, the standard base for any other cryptocurrency, they have a case.

This technology has caught the eyes of some big names across various industries, big names who have offered contracts. Bosch, Fujitsu, Volkswagen and Microsoft have all stepped forward into this bold project.

Albeit, any real world use is still many months, possibly years away. This onus to explore into something new and collaborate together in an effort to progress our standard of living and security is exciting. It makes this cup of tea I’m drinking all the sweeter thinking about it.

A big problem we have today is that much of our technology is easily hacked by anyone with decent skill. Even a child can do great things behind a laptop.

However, being hacked isn’t the only issue. It’s our data being sold as well, such as the Facebook incident recently. 87 million people had their data accessed by third parties without their consent, that’s a disturbing fact. One that should warrant finding a more secure way to transfer and hold our data, ideally without a figurehead easily persuaded by profit.

Hence, the movement toward DLT and incorporating it with our current systems of operation, for greater security while providing faster interoperability between machinery and payment systems, especially those involving microtransactions.

In regards to microtransactions, something that occurs very frequently on large scale, IOTA functions better than Bitcoin. Each transaction is seamless from wallet to wallet, with fees too small to notice.

With greater scalability, IOTA has primed itself for further partnerships and even greater development of its technology, which would only benefit us, the people.

I don’t know about you, but I welcome anything that provides a secure method to improve my livelihood, expect IOTA to do great things.

IOTA, what is it? And why it has a big future. was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.