IOTA is driving technology to a whole new level with a permissionless distributed ledger to establish a new economy.  It is built to power the Internet of Things though feeless microtransactions and data integrity.

Built on Tangle

IOTA’s Tangle is what created IOTA’s sensational feedback from the cryptocurrency community. The Tangle can be described as a string of individual transactions that are interlinked to each other and stored through a decentralized network of node participants. It is IOTA’s vision of directed acyclic graph (DAG) based transaction settlement and data integrity on the Internet of Things.

The first Tangle Node goes live

Tangle Node’s first service went live yesterday. This allows individuals to set up and deploy nodes on their website in a swift, flexible, easy-to-use manner. According to the tweet, the cost of a node is charged at 2 cents an hour which is payable with IOTA tokens.

Why charge for a node?

You must be wondering why a person is charged for a node when a node on a Blockchain should reward the user?

In non-technical terms, this allows a person to host their own node which allows them to have any physical device within a network of other devices that’s able to send, receive and forward information. Thus hosting costs money, but you can still gain in community projects whereby your node has done computational work.

Currently in beta mode

As of now since it’s in beta mode, there are no services fees.  Which means you can enter IOTA’s Tangle network totally free of charge.

Much of the returns depend on the demand on the network, competition, server configuration and price of MIOTA which is IOTA’s native token.

Twitter user ‘Long Field’ explained the major difference between IOTA’s nodes and other cryptocurrencies such as Bitcoin, which is helping in the service (transactions) instead of mining.

IOTA birth’s the vehicle machine economy

IOTA is working towards making the futuristic Hollywood movie scenes a reality. IOTA’s projects consist of vehicles paying independently for services such as parking, battery charging and even tolls. Thus allowing paving the road to completely automated driverless cars thanks to technology provided by Tangle.

Big partnerships

IOTA has rock steady partnerships with big brands such as Bosch, Fujitsu and Volkswagen.

Bosch will influence the value chain in the automotive and internet of things sector given it’s a name brand in automotive supplying. Bosch has already introduced a sensor called XDK which will utilize IOTA and the Tangle.

Volkswagen will use IOTA for secure software transfer so that the cars get data for updates and functions needed for growing into driverless and autonomous cars.

Fujitsu hopes to integrate IOTA in automating factories as Fujitsu provides IT solutions to the manufacturing and automotive industries.

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