WHAT IS IOTA
IOTA is an open source protocol for the IoT
How Does IOTA Work?
What Is Tangle and How Does It Work?
Tangle is a protocol or software IOTA is based upon. This is a kind of ledger, decentralized, scalable and modular, different from (even opposite to) the blockchain. In Tangle, there are no miners; it is the users themselves (or validators) who must review two transactions in order to make their own. These transactions are therefore processed in parallel and form independent blocks. This makes IOTA a more decentralized protocol than any blockchain. On the other hand, without miners, there are no commissions, i.e. the transactions cost zero. In Tangle, the cost of one transaction is to verify two other ones. This makes IOTA a self-sustaining demand-driven economy. In addition, Tangle is scalable, infinitely and at no cost. Finally, Tangle is designed to adapt to any application scenario; you can, for example, manage Wi-Fi bandwidth or automated cars, with a single chip. This means that IOTA could rent the computing power of all the smart devices in the world.
IOTA is one of the most popular cryptocurrencies in the market. Here is a chart with the IOTA price.
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Tangle vs. Blockchain
These protocols have very different architectures. While in a blockchain, transactions are aggregated as blocks, in a linear and chronological manner, with which each block is linked to the previous one, as well as to the next, Tangle is a network with transactions linked together. That is, all transactions are involved in the validation of other transactions.
Who Is behind IOTA?
In 2015, David Sønstebø, Dominik Schiener, Serguei Popov, and Sergy Ivancheglo founded IOTA. You can find moreinformation about the team here.
What Is MIOTA and What Is It for?
MIOTA means one million IOTAs. Regarding its use, MIOTA can be used as a means of payment or to make micro payments in the IoT.