New cryptocurrency that appeared on public exchange 1 week ago.
Very shortly it approached 8th in market cap. As a recent coin, it should also be investigated, more so than not.
Features
>No transaction fees
This means the atomic unit of IOTA is transferable. Contrasts with the feasibility of transferring one satoshi.
>No mining
There is no userbase divide between miner and layman. Instead, for a transaction to confirm, it must confirm two other transactions (thus the proof of work is done on the issuer's computer). Additionally, with this scheme, a usual network spam attempt instead confirms more transactions.
>Fixed supply
2.7 * 10^15 atomic units (where as Bitcoin has 2.1 * 10^15 satoshi).
An atomic unit is 1 iota, an integer value as opposed to a decimal, and a trading unit is Miota (10^6), hence some confusion regarding supply and price.
>Quantum resistant cryptography
Causes for Concern
>Distribution
All IOTA in circulation were created in a genesis transaction by the developers and distributed through an ICO in November to December 2015. This means potentially there are large holders that can control the market.
>Targeting IoT
Internet of Things, being internet integration with mundane appliances such as toasters, microwaves and cars, has been criticized as extending surveillance. The developers seek in some way to cater to that sector.
>Beta/undeveloped
First, I think the developer's claim should be verified. If there was a genesis transaction in the very beginning that minted all current iota in supply- it should be confirmed whether or not the developers or any entity would have the capability to mint new iota after. From then on, Post too long. Click here to view the full text.