The 9th largest cryptocurrency by market capitalization named IOTA [MIOTA], created by IOTA Foundation [nonprofit German-based organization], impacted the cryptoverse heavily with its debut in the top ten list of coin’s and giving birth to a new term of cryptos 3.0 in the community.
Ever since the revelation of the project Qubic by IOTA, many investors have been wondering how IOTA will compare to Ethereum and other platform blockchains. For those who don’t know Qubic, is aimed at giving IOTA smart contract capabilities. This drove in lots of optimism in the IOTA project.
In an interview, IOTA founder has clarified on this comparison, and from what he had to say about it, IOTA (MIOTA) is about to change the smart contracts market as we know it today for good. Here the features which he covered and which show the IOTA may outshine Ethereum
- Scaling Potential: Qubic, IOTA (MIOTA) has a scaling potential that is impossible to achieve with Ethereum. His argument is that scalability has to take into context limitations of computing devices such as bandwidth and power costs. These are issues that blockchain based platforms like Ethereum cannot practically deal with, but IOTA can, because it uses tangle technology. Tangle also makes IOTA (MIOTA) free of any fees in the execution of smart contracts unlike Ethereum. In essence, in the internet-of-things space, where IOTA is bringing in smart contract capabilities, Ethereum just can’t compete.
- Transaction Speeds: Another important aspect that he touches on is the issue of transaction speeds. While he believes that Ethereum might achieve its ambitious million transactions per second, he argues that this will be counteracted by the problem of transaction costs. According to him, in the machine economy, costs are a hindrance, no matter how low they are. Machine-to-machine communication can only happen in a feeless environment. That’s why IOTA with its feeless tangle technology has a clear edge over Ethereum in this space.
From this interview, it is clear that in the machine economy, which is the next frontier in technology, IOTA (MIOTA) has a clear edge over Ethereum and all other platform blockchains and also explains an increased interest in IOTA (MIOTA) at the moment, relative to most other cryptos.
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