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

  • Kundan DasguptaEmail author
  • M. Rajasekhara Babu
Chapter
Part of the SpringerBriefs in Applied Sciences and Technology book series (BRIEFSAPPLSCIENCES)

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.

Keywords

Block chain Block-less Bitcoins IOTA Internet of things Tangle Ternary 

Notes

Acknowledgements

I would like to express my sincere gratitude to my mentor, Dr. M. Rajasekhara Babu for his support and guidance in writing out this review paper. His knowledge, patience and constant guidance helped me a great deal in writing out this paper is patience, motivation, enthusiasm, and immense knowledge. I would also like to thank my school for the facilities available. I would also like to thank my proctor for his enthusiasm in keeping me for focussed on my objective. Last but not the least, I would like thank my parents for their constant support and love. We are grateful to the reviewers, especially for their suggestions, which has improved the overall paper.

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Copyright information

© The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2019

Authors and Affiliations

  1. 1.School of Computer Science and EngineeringVellore Institute of TechnologyVelloreIndia

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