MIOTA, IOTA’s cryptocurrency, is premined and consensus of transactions occurs differently compared to a blockchain. IOTA developers have proposed a new data structure (a way to organize numeric representations within a computer's memory) known as Tangle.
What is a blockchain?
In this way, a blockchain is the foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed. This is why blockchains are also known as a distributed ledger technology (DLT).
What are the criticisms of Iota?
Criticism of IOTA has mainly centered around its technical flaws. As with most cryptocurrencies, IOTA’s system is nascent and unproven. A phishing attack on its network resulted in the theft of MIOTA worth $3.94 million.
How does the blockchain verify transactions?
Once a transaction is recorded, its authenticity must be verified by the blockchain network. Thousands of computers on the blockchain rush to confirm that the details of the purchase are correct. After a computer has validated the transaction, it is added to the blockchain block.
