Still doubting about the huge potential of IOTA ? According to Deutsche Bank, “IOTA has solved the fundamental problems of blockchain”.
DB very positive about the future of IOTA
While we would say the developers will have to demonstrate that the theoretical concept work in real life (which we don’t doubt), this is definitely a good news to hear that one of the biggest banks in the world is so positive about IOTA :
Here is what the analysts of the Wealth Dept of DB wrote about IOTA in their report dubbed : CIO Insights Reflections : Cryptocurrencies and blockchains – their importance in the future
- The IOTA foundation, located in Berlin has revolutionised IoT*. IOTA represents a third generation of Blockchain after the development of Bitcoin and Ethereum were developed. It actually isn’t a simple blockchain anymore, but rather a completely new concept.
- The scale problem is solved through a new developed structure. Instead of a chain the blocks are processed in parallel strands. A transaction is processed after being confirmed by several participants (not miners like Bitcoin). There are basically three steps during a transaction:
- I have to confirm a minimum of two transactions (the software does this automatically, unlike miners for Bitcoin).
- These two transactions must be verified and checked (also done by the software).
- The authentication is processed through a nonce (number used once)*. This guarantees spam protection.
IOTA has solved the fundamental problems of blockchain, because it is scalable and does not cause any costs. The problem is, that this payment system only works if cryptocurrencies are compatible with each other, because IOTA does not have blocks and chains.