WHAT IS IOTA
IOTA is a next generation distributed public book, based on Tangle, that hosts one of the most important virtual currencies of the moment. What is Tangle then? This is a new data structure, a new architecture without any blockchain, blocks, or miners. This makes IOTA a suitable project for the Internet of Things (IoT), while it also enables interaction between people due to its decentralization, scalability, and quantum resistance. Thus, IOTA aims to facilitate communication and payments between IoT devices. If you already know what IOTA is and what interests you is to find out how to buy IOTAs, shortcut through the following link:
IOTA is an open source protocol for the IoT
How does IOTA work?
IOTA is a decentralized protocol not only because it has no institutions behind i, but also because it doesn’t have any miners
IOTA parallel validation improves transaction processing (the more are made, the more are confirmed)
The Winternitz signatures provide quantum immunity to the protocol, using the hash curl function
“We are excited to partner with the IOTA foundation, as well as their new initiative in the data marketplace. This next generation technology will accelerate the smart (and connected) world and go beyond blockchain, fostering innovation in real world solutions and applications for our customers.” Omkar Naik, Blockchain Specialist at Microsoft.
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.
LEARN MORE ABOUT IOTA
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 more information 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.