IOTA along with 70 other partners across the world have entered into an alliance called International Association for Trusted Blockchain Applications (
IOTA is well known for its unique algorithm and state of the art digital ledger technology. A divergent development from the rave of proof-of-work or proof of stake systems that are being evangelized on existing and emerging blockchain technologies, IOTA was the first coin to offer a breath of something different.
Built on its native Tangle system, without blocks and free without financial rewards, IOTA is a far cry from the conventional blockchain technology underlying popular coins such as Bitcoin and Ethereum. The unique digital ledger technology is more than any other cryptocurrency and offers much more than it gets credit for.
IOTA and its management—even as proved by the latest partnership development— are intent on the Internet of Things (IoT) and how a future which cannot do without IoT would interact with a decentralized ledger technology. For an industry which is expected to exceed $100 billion by the beginning of 2021, it has received underrated attention compared to blockchain technology. Its underlying concepts involve leveraging IoT technology into larger inclusive models such as Economy of Things and Ledger of Things. Part of IOTA’s main objectives reads:
“As the Internet-of-Things keep expanding, the need for interoperability and sharing of resources become a necessity. IOTA enables companies to explore new business-2-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees.”
IOTA’s models have ranged from developing state of the art ledger technology to addressing current flaws with present blockchain systems which are battling with scalability and mining rewards amongst other issues. IOTA’s Tangle requires no mining or fee transactions and is completely free and capable of running millions of transactions in parallel simultaneously. However after it has been hailed since its emergence in 2015, its security was recently called into question after a clever hacker executed a phishing attack and waited six months to possess predictably generated seed keys, to steal $4 million worth of IOTA coin.
The new partnership is, however, targeted at eliminating instances such as this, and other grave flaws with the nascent blockchain industry. Announcing the new partnership on Twitter, the company attached a short video explaining how the INATBA would solve issues such as hacks, money laundering, consumer frauds, and cybercrimes:
“IOTA and more than 70 partners worldwide are coming together to help create smart global governance frameworks for blockchain and distributed ledger technologies, called International Association for Trusted Blockchain Applications (INATBA).”