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IOTA [MIOTA]: Tangle and Local Modifiers update

Simran Alphonso



IOTA [MIOTA]: Tangle and Local Modifiers new update
Source: Pixabay

IOTA is not based on a Blockchain, it uses the ‘Tangle’ as they believe it is a better methodology to sustain its token, MIOTA. Qubic is one of the latest projects launched by IOTA. It implements and works on that standard, and is made conceivable by free of charge IOTA exchanges. This empowers an approach to securely communicate with the outside world in a monitored and safe environment.

Qubic is a powerful distributed fog computing platform for building complex IoT applications, a new type of smart contract. It collects micro-payments in real time as it runs and a reward system for incentivizing honest participation in IOTA’s ‘Tangle’.

Today, IOTA tweeted:

“On the Tangle, White Papers, Proofs, Airplanes, and Local Modifiers”

Bullion Baron, a Twitter user commented:

“A great article highlighting the considered approach the team is taking to develop the Tangle. “..a protocol is nothing more than a shared language — a commonly accepted set of rules to allow us to share information, and in the case of IOTA, also value.”.”

Today, IOTA introduced ‘Local Modifiers’, on Medium they stated:

“As of today, there are many cryptocurrency systems around. They mostly share one common feature: all participants of the network interpret the same ledger in the same way. In this paper, we introduce the idea of local modifiers: the nodes of the network can interact with the ledger in different ways, depending on various kinds of information locally available to them. We then argue that such an approach permits to increase the security and the scalability of the Tangle.”

IOTA stated that there is still more to research on Local Modifiers before the team can confidently say whether they have an improvement to the existing tip selection algorithm. This tip selection Algorithm, after its improvement, has to be incorporated into the recommended IOTA tip selection strategy.

On 27th June, IOTA had overtaken Tether twice, climbing into 9th place in the market cap rankings. A swift 7% spike had occurred. Irrespective of the spike IOTA lost its position falling back to #10 on CoinMarketCap

At the time of writing, MIOTA is traded at the price of $0.90 with a market cap of $2.5 billion. The coin has seen a fall of 6.64% in the past 24hours and its weekly cap runs red with a fall of 13.77%

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Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.



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