Given how estimates suggest there could be 20.4 billion such devices out there by 2024, this could end up being big business. In time, IOTA’s goal is to become the de facto platform for executing transactions between IoT devices. Many established networks see costs balloon when congestion intensifies, but IOTA aims to provide limitless throughput at minimal expense. To learn more about this project, check out our deep dive of IOTA.īecause there’s no blockchain, there are no miners, and because there are no miners, there are no fees. The foundation behind this platform says this offers far greater speeds than conventional blockchains - and an ideal footprint for the ever-expanding Internet of Things ecosystem. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain.
