35 years: Financial technology
The Tangle is an alternative type of distributed ledger technology; it is a Directional Acyclic Graph (DAG). Here, Brian covers the limitations of Blockchain and provides solutions offered by the Tangle.
The Tangle is an alternative type of distributed ledger technology; it is a Directional Acyclic Graph (DAG). Here, Brian covers the limitations of Blockchain and provides solutions offered by the Tangle.
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7 mins 2 secs
Amongst others, the main issue with blockchains are their speed and scalability problems. The Tangle provides an alternative: a true open source distributed ledger technology space, whilst simultaneously eliminating the environmentally unsustainable impact of miners and of securing blockchain DLT data.
Key learning objectives:
Identify the limitations of blockchain technology
Explain the uses of Tangle to overcome the blockchain constraints
Describe the benefits of the Tangle
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IOTA promises security, scalability and quantum computing resistance, whilst being able to effectively model complex supply chains in its Tangle. It is designed to overcome the weaknesses of ‘traditional blockchains’.
For example, IOTA has a consensus mechanism which requires no separate, and divisive, miners to secure the network by ‘proof of work’. Each transaction validates two previous transactions cryptographically, and the cost of each is essentially free. With this, IOTA eliminates the need for ‘pay to play’ on its ledger, and makes the system infinitely scalable because the users are, in effect, the miners and therefore mining is completely distributed amongst the user base.
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