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MIOTA · 19w

How IOTA’s Qubic is Enabling the Machine Economy (Hackernoon)

How IOTA’s Qubic is Enabling the Machine Economy

A rundown on DLT, IOTA, Qubic and the Machine Economy

The Dawn of a New Era DLT is disrupting our Society

Distributed Ledger Technology (DLT) - IOTA/Ethereum/Hyperledger - is poised to change the way our society functions on a fundamental level, by providing a means for “trustless” relationships - without the need for an intermediary. A trusted system requires checks and balances to ensure that the trust we place in it remains secure, while a trustless system does not.

A good example of a trusted system is modern fiat currency. The money we hold in our bank accounts and wallets is backed only by the promise of the government printing it. It’s up to the government to ensure that the currency stays stable and that goods and services can reliably be exchanged for it. The government is the intermediary guaranteeing the value of the currency and has to be trusted for any exchange to take place.

Trust is no longer mandatory

DLT removes the need for intermediaries by anchoring the trustability of the system on the algorithms that it is composed of. It is mathematically incapable of duplicity and requires no mediation. By providing a trustless system without intermediaries, DLT opens up possibilities for people to interact in ways that has never existed before. This behavioral change will initiate the end for many industries that have long dominated society and signal the beginning for new ones based on a decentralized future.

IOTA is disrupting the DLT Space

IOTA is a DLT built specifically for the Internet of Things (IoT) industry. The team behind IOTA realized that in the IoT machine-economy of the future, millions of computers and sensors would need to interact and pay each other, often in micro and nano-payments. They also realized that blockchain networks wouldn’t be able to handle such transactions because of ever increasing transaction fees and scalability limits. Moreover...

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