IOTA is the latest sensation in crytocurrencies as its price surged more than 500% in a month.
IOTA is now the fourth-largest cryptocurrency by market capitalization pushing ripple behind.
IOTA Foundation, a German non-profit firm that oversees the virtual currency, said last week it has partnered with big tech firms on a data marketplace.Its price surged 90% in a single day and has added more than $12 billion to its market value after the firm behind it said it was teaming up with a number of big tech firms, including Microsoft and Samsung on a "data marketplace.
"IOTA is now the fourth-largest digital asset by market capitalization, dethroning Ripple's XRP IOTA has resolved the three major issues of blockchain — fees, scaling limitations and centralization — and built up real-world partnerships and projects with world-leading companies since 2015."
Blockless' blockchain
A blockchain is a massive, decentralized database that records cryptocurrency transactions. Its original use-case was as the ledger for all bitcoin transactions.
But IOTA's open-source blockchain platform differs to mainstream blockchain networks which use encrypted "blocks" to record those transactions.
Instead the firm's digital ledger, inspired by internet of things technology, is "blockless," and allows users to make transactions on the network for free.
Bitcoin, the world's largest cryptocurrency, has been faced with several splits this year due to frustration over the speed and cost of transactions.
People within the bitcoin community have been pushing for an upgrade to the blockchain to increase block size and speed up the process of mining.
Although the upgrade was shelved in November, some went ahead with the creation of a new bitcoin offshoot called bitcoin diamond.
There are currently only two exchanges with significant trade volume of Iota – Bitfinex and Binance
And click here to buy IOTA from Binance exchange
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