Tangle, the tech behind IOTA is taking more than a minute to confirm the transactions, that has the IOTA enthusiasts trying to work out if it will be able to achieve a million TPS or more.
The beauty of IOTA’s Tangle
According to the latest development shared by a Redditor, the Tangle of IOTA is confirming 95 percent of the transactions just after a minute which got mixed reactions from IOTA enthusiasts claiming it to be really slow while others are feeling positive of such a number and that it would only grow in the future while appreciating the beauty it represents.
Given the fact that unlike the majority of cryptocurrencies that are based on blockchain technology, the world’s 11th largest cryptocurrency IOTA (MIOTA) is based on the directed acyclic graph (DAG) which offers scalability and fast processing, there is certainly better chances.
Moreover, another popular crypto based on DAG is NANO which is at 34th rank but takes way less time than IOTA’s Tangle but again it is a pure payment cryptocurrency as even pointed by a Redditor,
“As a currency, 1.3 min for centralized DAG is kinda horrible, right? Nano as decentralized DAG has 2s confirmation time, although it specializes for value transactions only.”
Is Tangle capable of achieving more transactions in less time?
Tangle, the data structure behind this cryptocurrency as put by IOTA is a particular kind of directed graph that basically holds transactions. As for approval, “When a new transaction joins the tangle, it chooses two previous transactions to approve.”
When it comes to DAG, it is yet to be proven completely for scalability. However, due to the reasons that it is secure, involves no mining but quick transactions, it will be used for applications that require scalability. But it has its own issues that come into the form of synchronizing the state between different nodes.
IOTA enthusiasts are constantly wondering if it will be able to reach, say 1 million transactions per second or more and if it’s architecture allows it.
Most of the IOTA supporters believe it to be a possibility though it can take its sweet time as shared by one Redditor,
“The point is iota/dag is that each transacting entity does the pow for its own transactions. So there is no bottleneck on transactions except for the physical limitations of network bandwidth. However, that is addressed through the concept of economic clustering where your transactions are contained within a sub tangle so only use up local network. Other sub tangles operate independently until there are transactions that span them. With that iota scales indefinitely, with the caveat that you don’t see transactions outwith your local economic cluster. Which is pretty reasonable.”
With IOTA constantly making developments and working on its tech along with real-world adoption, the team is expected to bring better solutions forward.
As for its price, with a market cap of $1.5 billion, at the time of writing IOTA has been trading at $0.54 with a spike of 4.13 percent in past 24 hours.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.