A Review on Crypto-Currency Transactions Using IOTA (Technology)

Abstract

The Internet of Things (IoT) is a paradigm of devices embedded with sensors, actuators and trans-receivers, connected wirelessly in a network. With the advent of IoT, with a projection of 7.1 trillion IoT devices by 2020, comes various challenge such as secure connections, long lasting battery power and so on. The block chain technology in IoT has become popular in various fields such as providing secure connections for crypto-currency transactions. However, the usage of Direct Acyclic Graphs (DAG) formed in a block-less system, and ternary operators instead of the binary, provides much faster response rates with a higher data handling rate. So, the use of DAGs has found its applications in fields such as crypto currency owing to its high scalability rate. DAGs can be used to/in compress and process data, causal networks, scheduling, crypto currency, etc. which can be further use in the Internet of Things such as longer lasting battery power as the number of devices increase. Ternary operators reduces the overall workload than a binary system. This paper focusses on how the block-less system can be a better option than a blockchain by making a review on the Internet of Things Application (IOTA) by comparing it closely to bitcoin, which uses the blockchain technology.