IOTA Vs Ethereum

Anisa Batabyal
| 29 April, 2020 | 2 min

Ethereum and IOTA are among the top cryptocurrencies, known by many, because of their unique purposes. Ethereum is the second-largest cryptocurrency, having achieved much more than IOTA, as it has been in the crypto space for comparatively more time. Both of them are different in terms of their platforms, design, vision, and future plans. IOTA is one of the top 25 cryptocurrencies, have achieved awareness amongst the cryptizens, and have ambitious milestones to achieve.

Let us check the top differences between IOTA and Ethereum:

#1 Purpose

Ethereum is aimed at enabling the developers with decentralized protocols to develop decentralized applications or dApps. Ethereum envisions to create globally accessible and free applications, with the help of smart contracts. IOTA, on the other hand, aims at revolutionizing the Internet of Things (IoT) by introducing distributed ledger to enable the payment and exchange of transactions, with the help of decentralized networks.

#2 Creator and Community Behind The Crypto

Ethereum was created by the renowned Vitalik Buterin, who is one of the youngest programmers in the crypto space. He, along with Jeffrey Wilcke and Patrick Storchenegger started with the Ethereum Foundation in 2014. The Ethereum community is pretty active on social media sites. IOTA (MIOTA) was created on November 3rd, 2017, in Berlin by David Sonstebo, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov. Most of the reputed organizations like Microsoft have shown interest in joining IOTA’s vision.

#3 Technology

Ethereum works on three main technologies- smart contracts, Ethereum Virtual Machine (EVM), and Decentralized Autonomous Organizations (DAO), which helps in contracts to operate without any human intervention. IOTA wants to become the backbone of the Internet of things and introduced “tangle” or Directed Acrylic Graph (DAG), which is a data structure that foregoes the conventional mining system used by most cryptocurrencies.

#4 Future Plans

Ethereum is going to shift from Proof of Work (PoW) consensus mechanism to Proof of Stake (PoS) very soon, as that has been the plan for a couple of years now. This is one of the greatest changes in technology, which would fix scalability problems, too. IOTA aims at the development of modules, libraries, tools, tutorials, and general content, which is meant to grow the IOTA ecosystem.

#5 Price

Ethereum is trading at $207.62, with a market capitalization of around 22 billion USD and a circulating supply of around 110 million ethers. IOTA is trading at $0.179473, with a market capitalization of around $498 million USD and a circulating supply of around 2 billion MIOTA.

Frequently Asked Questions (FAQs)

  1. Is IOTA better than Ethereum?

IOTA and Ethereum have their unique aim and purpose.

  1. Will IOTA replace ethereum?

That is not certain, as Ethereum is working towards the achievement of several milestones.

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