Cryptocurrencies, since their inception, have always been constructed through blockchain technology, but Agora Financial has created a new cryptocurrency named IOTA that does not use the blockchain at all. With a successful 2015 ICO, IOTA has gone from its humble beginnings to being valued at more than $10 billion, altogether. A spread of media outlets have covered the coin, and while its growth has been phenomenal, most people are really interested in the technology that is driving this new coin. Instead of using blockchain technology, IOTA is driven by tangle, which is a blockless ledger that many think might be quicker than blockchain.
Agora Financial has set up IOTA so that it charges no transaction fees no matter how large the size of the transaction, and one of the ways this is possible is due to the fact that the coin doesn’t verify its transactions by using miners. Instead, a user who is ready to do a transaction will validate two transactions from before, and the user before them will do the same. Verifying a transaction doesn’t take as much work, and users, themselves, virtually become the miners with IOTA. The creators of IOTA realized that the blockchain could be an expensive way of doing transactions and realized that it would be much easier to allow every user to be a part of the verification process versus a small amount of miners; especially if any currency wants to continue being decentralized.
Agora Financial has expressed the fact that IOTA can be used just like any other cryptocurrency and is made to be used through devices that are connected. A decentralized ledger keeps the information safe and without transaction fees people are even more interested. The internet of things is a the international network where devices, such as, appliances, automobiles, and anything else are connected, which enables them to be accessed remotely. IOTA allows users to swap data between these kinds of devices and also enables this information to be purchased or sold. As time moves forward and the internet of things becomes the norm, these kinds of transactions will become crucial and more