We have been talking about blockchain lately, back in 2008 the blockchain revolution was a complete technology breakthrough in the industries. From finance to the e-commerce industry, everything was shaken to the core with blockchain technology.
When someone says a Distributed Ledger System, without thinking of a second thought people usually think about blockchain as a crypto wallet, as we discussed in the previous blog, blockchain 1.0 was considered as the bitcoin era. After pacing up the blockchain technology wrapped itself with the innovative strides of the modern needs, but it seems blockchain technology isn’t enough for the modern era.
Let’s brush off some basics, Blockchain is a distributed ledger that without any privacy and security breach secures your business and sensitive information under the top-notch security folds.But there’s an alarming question commensurate with the current swift technology trends, the technology turbulence has questioned the experts whether the blockchain is enough for businesses when everything seems unstoppable.As we are already aware of blockchain technology, but if you still got some doubts then skim through the Blockchain- The Colossal Technology That’s Decentralising The World!
Dig into the Tangle World!
We’ll have a deep insight into the topic and will surely untangle the mystery of Tangle. The recent critics have predicted that the obsession for blockchain would definitely stoop low as the Tangle world is already making its place in the marketplace.
IOTA, which is an acronym for Internet of Things Application. IOTA is basically a Distributed Ledger Technology (DLT). Further stressing on IOTA, it is a cryptocurrency technology for facilitating secure transactions. Well, there has already been so much revolving around cryptocurrencies. Over the past few years, the charisma of cryptocurrencies bewildered every industry.
The main obstacle that has been choking up the success driveaway of cryptocurrencies is the scalability issue. Why scalability? The main reason behind this; is the increasing popularity of crypto, these digital currencies are undoubtedly the future that’s why more and more people are drifting their attention towards investing in crypto. The network which supports cryptocurrencies is blockchain, so the network has to be resilient enough to support large volumes of transactions. It would circumvent the rising fees and slowing transaction times.But wait, do you know there are already numerous solutions to boost the scalability of various blockchains. Some of the well-known practices and solutions for enhancing scalability are technological solutions such as the Lightning Network or Sharding. Whereas the IOTA has employed a different methodology to sort out the scalability issue.
Also Read: How Does Blockchain Technology Work with IoT
The IOTA swept the use of conventional Blockchain network, instead of the blocks IOTA employs something known as the ‘Tangle’. You might be wondering what is it? Well, the Tangle is essentially a ground-up rebuild of what a blockchain is meant to be. There’s a quite bit of similarity in the traits of the Tangle and a blockchain, the answer is pretty much straightforward, both networks keep records of the transactions. However, IOTA’s Tangle is not made up of blocks or a chain. IOTA’s Tangle name depicts the Tangle, which can be seen as a stream of transactions.
The Anatomy of IOTA’s Tangle!
Tangle has another name as well, Tangle is also called ‘DAG’. DAG means Directed Acyclic Graph, this is named after the novel structure of Tangle. As per layman's term the Directed Acyclic Graph depicts a data structure that spreads out in merely one direction without circling back or reflecting back onto itself. Information can be organized, recorded, stored, and verified with DAG's architecture and mathematical model. In the context of cryptocurrencies specifically, Tangle is a record of transactions that are not organized in a linear array of blocks. Rather, it is more of a tree or graph. Imagine many chains intertwined with each other. This is what it looks like. When you want to make a transaction via DAG, you have to verify two previous ones. This is why the graph is directed. And the word “acyclic” means that past transactions cannot verify future and present ones.
How has IOTA Tangle surpassed the Blockchain Network?
We all know blockchain operates with miners, the miners process the transactions, plus the blockchain incurs a fee, with every new transaction the ledger gets heavy and slow. Blockchain can never work without miners. Coming to the IOTA’s tangle Now! So many people desire a network that doesn’t entail miners and zero transaction fees, but the good news is DAG or the Tangle can do the job for you. Tangle fabricates independent and self-managed transactions.
How Tangle Technology Slams the Blockchain Network?
The reasons are simple and any of you can contemplate it easily, Tangle doesn’t involve miners, plus the most favorable fact about Tangle is it expunges the stress of transaction fees. Just imagine a cryptocurrency with no transaction fees at all, and no miners to assist or to maintain the network, the network where you can send and receive the tiniest amounts of coins and shares, is for real. We, yes because IOTA Tangle has now made it possible.
Difference between Blockchain Technology and Tangle technology?
The only thing that binds both blockchain technology and tangle is the concept of cryptography. Till now, the similarity has been decluttered because now we’ll discuss the difference in this blog.
The DAG approach is distributed among all users, not only miners. Actually, let’s emphasize here that there are ‘No Miners’ because in DAG every participant of the network is a miner.
Unlike the blockchain, DAG grows to be stronger because the system gains momentum and evolves as more powerful with every new user.
Now, remember the blockchain dilemma? Every time a transaction is made, the blockchain makes the system slow and it takes time to approve the preliminaries. But talking about the most authentic and downright significant technology, ‘The Tangle’, it doesn't slow down or get heavy even after the bulk of transactions are processed.
But how is it possible? Here you come with an answer, each new record in the ledger contains the same volume of information as the previous one. Only two transactions must be verified, ensuring the whole network does not have to be maintained.
Demonstration for the Comparison between Blockchain Technology and Tangle Technology!
- The IOTA Tangle bears more scalability and authenticity giving flashlight speed of transactions, it would become quicker and more powerful with time, while in contrast to tangle the blockchain gets slower and less productive with every entry of data.
- Blockchain charges you fees whereas Tangle is free, it bears no block rewards and nodes do not need fees to verify transactions. Blockchains have either too high fees or are not supported by enough miners. Neither situation is favorable because the transfer of funds takes too long or the fee is too high.
- Blockchain technology isn’t the bad one or we are saying it is replaceable, blockchain has its pros, it is still a reputable and trustworthy technology. But at this point, DAG loses some points because the same doesn’t go for DAG. There are still some doubts and suspicious concerns about DAG.
- Bitcoin and Ethereum both are more secure and hacker-resistant than IOTA. Thanks to their complex algorithm for verification.
- The IOTA's debatable decentralized nature makes the legitimacy rather a disputed one.
Despite the blockchain technology’s cons the pros still weigh for plus points. Tangle is revolutionary but at the same time, it could not replace the blockchain revolution. Tangle isn’t treading water, the implementation is still in the development process and possibly it would take a while to be a long-standing technology.