IOTA (MIOTA)

IOTA is a cryptocurrency and infrastructure for secure transactions between devices on the Internet of Things. T​his text is from catalogue cryptodefix.com. The project was founded in 2015 by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Sergey Popov. Transactions within the network are always free, and the number of transactions processed is unlimited.

IOTA is not a blockchain but a system. It uses a directed acyclic graph (DAG), often also called a Tangle. It is a generalization of the blockchain protocol. Because IOTA has no blockchain, it has no miners and therefore no commissions within the network, it also greatly increases the speed of transactions. The system should not be seen as an alternative to existing cryptocurrencies, it is intended to complement platforms and provide them with efficient and fast microtransactions in real time.

New transactions on the IOTA network are validated upon completion of the other two transactions. A transaction will be considered completed if it is validated by a large number of randomly selected new transactions. Although not operating on a blockchain, the security of the network is ensured by means of proof-of-work transaction validation.

IOTA overview

• Does not use blockchain
• No fees
• High speed of transactions
• Unlimited number of processed transactions
• High security