What is the process for verifying transactions on the network?
The process for verifying transactions on the IOTA network is called “The Tangle”.
The Tangle is a Directed Acyclic Graph (DAG) which is used to store and validate transactions. It is different from traditional blockchain technology in that it does not rely on miners to verify transactions. Instead, each transaction must be verified by two other previous transactions in order to be accepted into the network.
When a user wants to make a transaction, they must first select two other previous transactions to approve. This process is called “marking” and it ensures that the transaction is valid and not double-spent. Once these two transactions are marked, the new transaction will be accepted into the network and will be visible to all users.
The Tangle also allows for scalability as it does not require miners or large amounts of computing power to verify transactions. This makes it possible for IOTA to handle large numbers of transactions without slowing down or becoming congested like traditional blockchains can. Additionally, because there are no miners involved in verifying transactions, there are no fees associated with using the IOTA network.
