IOTA is a scalable and open-source distributed ledger designed to facilitate seamless value and data transfer. It was developed especially for the next era of the digital revolution, known as the Internet of Everything, a network that allows machines and humans to exchange data and value without difficulty. The IOTA network, with its feeless transactions, tamper-proof data, and low resource demand, can power the Internet of Things without requiring significant infrastructure investment. It seeks to play a key part in the future industrial revolution, which will involve the creation and maintenance of machine economies as well as the management of machine-human financial connections. The network assures that the data being shared on the network is valid and authentic, and it prohibits all types of fraud. Its native token is MIOTA.
IOTA was founded by Sergey Ivancheglo, Serguei Popov, David Sonstebo, and Dominik Schiener, who joined later.
The project was launched in October 2015 through a post in an online bitcoin forum proposing a token sale. IOTA has its beginnings in the Jinn project. The goal of that project was to create ternary hardware, or low-cost, energy-efficient hardware, especially general-purpose processors, for use in the IoT ecosystem.
Jinn was rebranded as IOTA in 2015, and a new token sale was made. The tokens were sold as utility tokens this time. Jinn token holders can change their tokens equally in the new system.
IOTA is made to provide secure payments and communication between machines. There are no transaction fees, regardless of size, and validation is nearly fast thanks to an innovative approach. Because of its massive scalability, the system can theoretically validate an infinite number of transactions.
We need a reliable networking infrastructure that can enable the secure flow of all types of communication as we advance toward a more digital future that will be dependent on reliable connectivity between devices and machines. It aspires to be that network by focusing on smart cities, global trade, digital identities, mobility-focused solutions, and the social impact of financial and communicational convenience and efficiency.
IOTA is based on a distributed ledger technology that differs from blockchain in some ways. IOTA uses a proprietary technology called Tangle, which is a consensus process that requires users to authenticate two transactions before completing their own IOTA transactions.
Tangle is a consensus algorithm based on a direct acyclic graph (DAG). There are no miners or validators, no blocks, and no transaction fees with this method. According to the IOTA website, this allows the cryptocurrency to "overcome blockchain's cost and scalability limitations."
The structure of IOTA is appealing for use in the IoT economy because it removes the conflict of large transaction costs, which would need human monitoring and intervention—exactly what the IoT was supposed to avoid.
· Versatility: The IOTA protocol can be used to help maintain a free and open Internet by enhancing privacy and security on a public network.
· Microtransactions: Charge-free transactions enable actual micropayments for the first time, both for humans and for the machine-to-machine economy, enabling payment for small amounts or consumption-dependent payments.
· Payment and Storage: Within the IOTA network, IOTA can be used for peer-to-peer payments and value storage.
DATE NEWS/EVENTS IMPACT 01/09/2021 The Protocol integrated the Hornet update and faucet plugin with the Hornet node +55% Increase 10/03/2020 The IOTA Foundation hits turbulence after the wallet hack -45% Decrease 28/11/2017 Microsoft and IOTA launch the first cryptocurrency market for the Internet of Things +155% Increase
IOTA has brought that technological change to the cryptocurrency space needed to solve two major problems - high transaction costs and scalability. Its Tangle network is designed to manage validations, so it does not require blocks or miners to get the job done. However, on the other hand, the success of cryptocurrency depends largely on the success of the Internet of Things concept, which is a great ambition. Time will tell whether IOTA succeeds in fulfilling that goal or not.
IOTA