![]() ![]() Sorry, but this screams to me: “Centralized!” Promptly after the move, the bitcoin network started to slow down and increase the transaction fee (~citations needed). Some of those huge mining pools were said to be moving to bitcoin cash - likely because the changes in the “cash” fork were better for miners. What happens, let’s say, if one of the biggest pools decides to disrupt the network by increasing the transaction fees, thus lowering the price? Well, it kind of wrecks the system, just look at this and this. ![]() This means that there are 6-7 miners (pools, groups of miners working together) that hold more than 78% of the mining power right now (!). Every transaction needs to be validated, and this is currently done by large groups of computers, because of the difficulty imposed in the blockchain. Good question, well, the blockchain uses miners in order to function. Wow, hold on there for a second dude! Everything I read points out that bitcoin is decentralized, so why the heck do you say that? Here it goes: Bitcoin is centralized, and IOTA isn’t (as much, after the transition from the coordinator**) TL DR: Bitcoin is like web 1.0, Ethereum is like web 2.0 and Tangle is web 3.0, the innovative solutions are just waiting to be grasped.īefore you continue I suggest you check out this great video about the blockchain. I am pretty happy right now, even if there are dips here and there. I started reading about the Tangle, how IOT will play a role in the future and how IOTA sees itself in that future. When it topped $1 I said, “Nice! Time to do more research”. He told me they were looking for more help* with the development and that I should read about it, and so I did.Īfter reading a bit about it, I decided to buy some, and wait to see where things were going. ![]() One thing I missed from my initial quick look at the coin was that there were no fees and that it didn’t use the blockchain. Mind you, fees were looking bad - $7 for a small transaction with BTC (I know now it’s worse, but still it was really yucky). I asked him what it was all about, and got some decent answers. I thought, OK, maybe this guy is invested in this so it may have some merit to it, as he is indeed totally cool. He introduced himself as a developer on the team. Turns out this guy was one of the developers of IOTA. ![]()
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