In 2014, IOTA set out to offer an alternative to the key issues with blockchain: Scalability and transaction fees. Somewhere along the way, things went wrong. Not everything is lost, however, and IOTA is looking to regain momentum.
IOTA's main premise, namely solving the issues around blockchain by introducing a different data structure, remains. IOTA, like blockchains such as Bitcoin or Ethereum, is a distributed ledger. Unlike those, however, the data structure it uses is a directed acyclic graph, called the Tangle.
We discuss with IOTA Foundation Co-founder and CEO, Dominik Schiener, on what IOTA got wrong, what it got right, and what is being done to build on what it got right and fix what it got wrong.
Starting with the release of a new wallet, IOTA has been reinvented and rewritten from the ground up over the last one and a half years. This new phase of the project is called Chrysalis, introducing a network upgrade. It promises a truly decentralized solution with high throughput and no transaction fees, oracles, and smart contracts.
Article published on ZDNet
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