Recently, the IOTA network has been gaining popularity among blockchain users due to the recent progress of the Tangle ecosystem and the launch of the Shimmer network.
Dominic Shiner, leader of IOTA, expressed enthusiasm in his tweet about building a relationship with the UAE, a region considered very suitable for blockchain and cryptocurrency development.
The data structure underlying the IOTA Tangle is called a directed acyclic graph (DAG), which differs significantly from conventional blockchain networks because it uses an interconnected network of blocks rather than linear blocks. This allows the number of blocks to be increased or decreased based on demand. Moreover, no miners are required to add new blocks, as transactions are secured by two rounds of verification, avoiding problems with double spending.
The IOTA Tangle system based on DAG solves the scalability and cost issues that arise in conventional blockchains. It implies secure data transfer with minimal or no transaction fees, which is ideal for the data volume requirements of the IoT economy. The IOTA Tangle uses very little energy, which makes it incredibly efficient.
The IOTA team is actively working on IOTA 2.0 to achieve full decentralisation and further expand the platform's capabilities.
They recently introduced the Shimmer Network, a testing field for new advances in the IOTA blockchain ecosystem. Shimmer Network operates with its own SMR tokens and offers assistance to a wide range of decentralised organisations and crypto projects based on smart contracts.
