What is IOTA? IOTA Cryptocurrency and Project Description

What is IOTA? IOTA Cryptocurrency and Project Description

IOTA is a revolutionary platform for transaction settlements and data transfer for the Internet of Things. The whole project is based on the Tangle book, instead of the traditional blockchain as in the case of eg Bitcoin.

What is IOTA? IOTA Cryptocurrency and Project Description




What is IOTA?

IOTA project was created as a technology of data and industrial devices integrity for the Internet of Things - Iot. In addition, activity area of IOTA can include microcontrollers, sensors, smart cities, and adaptive systems. In short, IOTA is aimed at being the backbone of the Internet of Things.


IOTA Specification
  • Infinite scalability
  • Light "construction"
  • No transaction fees
  • No blocks
  • No mining
  • POW for transaction approval
  • Supported by JINN processors in the future

In a traditional blockchain, various transactions are linked to each other in blocks and only then are they verified by miners. In the Tangle, when you send a transaction your transaction needs to verify two other transactions in order for your transaction to start being verified by later transactions. In other words, your transaction itself is doing work on the network and that is why there are zero fees. A transaction is verified when it is verified by two other transactions. This means that the users are the ones fueling the network, not a third party miner! This is based on a simplified version of the proof-of-work known from Bitcoin, so you could say that transactions are not costless. However, the amount of work required by PoW in IOTA is so low that each device can confirm transactions, so in practice the transaction cost does not exist.

Scalability - due to the fact that each subsequent transaction verifies the two remaining ones in the network, the system will adapt itself to the increase in popularity. So you can forget about something like block size.


CREATORS AND DEVELOPERS OF IOTA PROJECT

  • David Sønstebø (Founder)
  • Dominik Schiener (Co-Founder)
  • Sergey Ivancheglo (Co-Founder)
  • Dr. Serguei Popov (Co-Founder)
  • Per Lind
  • Dr. Carsten Stöcker
  • Prof. Gideon Samid
  • Dr. Navin Ramachandran
  • Dr. Mervyn G. Maistry
  • David A. Cohen
  • Wilfried Pimenta de Miranda
  • Regine Haschka Helmer

IOTA Wallets

  Altcoin Blockchain Decentralized Iota