IOTA is a new digital cryptocurrency focused on solving the problem of machine-to-machine (M2M) transactions. Build a blueprint for the future machine economy by enabling machine-to-machine payments without transaction fees. IOTA provides efficient, secure, lightweight, real-time microtransactions and incurs no transaction fees. It is an open source, decentralized digital cryptocurrency designed specifically for the Internet of Things, it is real-time microtransactions, and can be easily and easily scaled. IOTA goes beyond blockchain technology. It is the first cryptocurrency based on non-blockchain technology for the entire ecosystem. IOTA may be considered another altcoin, but the truth is that IOTA is far from an altcoin, it goes beyond blockchain technology and is an extension of blockchain technology. IOTA is based on Tangle rather than blockchain technology.
What is IOTA?
IOTA is a distributed ledger for the Internet of Things. The first ledger with microtransactions without fees as well as secure data transfer. Quantum proof. IOTA is a ground breaking new open-source distributed ledger that does not use a blockchain. Its innovative new quantum-proof protocol, known as the Tangle, gives rise to unique new features like zero fees, infinite scalability, fast transactions, secure data transfer and many others. IOTA is initially focused on serving as the backbone of the Internet-of-Things (IoT).
Why is IOTA unique?
IOTA’s blockless network does not require miners to validate the blocks, thus, transactions on the IOTA network do not require any transaction fees. This is a strong competitive advantage that many established networks that face congestion intensify with the amount of transactions increase. IOTA aims to provide limitless throughput at minimal expense.
It is achieved through Directed Acyclic Graph, where this technology aims to retain blockchain’s ability to execute secure transactions. The new transactions would be validated by approving two previous transactions from another node. Such a novel approach would directly result in the network’s size and speed to be directly related to how many people are using the platform.
What is IOTA’s goal?
IOTA’s goal is to become the best and most recognised platform for executing transactions between IoT devices. Given how estimates suggest there could be 20.4 billion such devices out there by 2024, this could end up being big business.
The team behind IOTA believe that the potential use cases don’t end here. They believe their distributed ledger could deliver digital identities to all, result in car insurance policies that are based on actual usage, pave the way for cutting-edge smart cities, deliver seamless global trade and prove the authenticity of products.
Who are the founders of IOTA?
IOTA has four co-founders, and their names are Sergey Ivancheglo, Serguei Popov, David Sønstebø and Dominik Schiener.
According to the IOTA Foundation, the initiative has rapidly grown since then — and team members are now based across more than 25 countries.
Sonstebo and Schiener are collectively co-chairmen of the board of directors, while Popov is a board member and the foundation’s director of research.
Ivancheglo resigned from the Berlin-based project back in June 2019 but continues as an unofficial advisor. At the time, he said in a statement: “I no longer believe that the IOTA Foundation is the best setting for me to realize what we set out to create back in 2014 and 2015. I have always done my best work in a less rigid environment. I am looking forward to continuing the work on both hardware and software development of IOTA independently.”
