IOTA is a distributed ledger with one important difference: it’s not a blockchain. The patented technology is called Tangle and consists of a network of nodes that verify transactions. According to the organization behind this platform, it offers significantly faster speeds than traditional blockchains and a perfect foundation for the rapidly evolving Internet of Things.
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Who Founded IOTA?
Sergey Ivancheglo, Serguei Popov, David Snsteb, and Dominik Schiener are the four co-founders of IOTA.
According to the IOTA Foundation, the work has expanded rapidly since then, and team members are now located in more than 25 countries.
Sonstebo and Schiener are co-chairs of the board of directors, while Popov is a board member and research director of the foundation.
Ivancheglo left the Berlin-based startup in June 2019 but remained an informal advisor. In a statement at the time, he said, “I no longer feel that IOTA Foundation is the right environment for me to achieve what we set out to create in 2014 and 2015. I have always done my best work in an environment with fewer constraints. I look forward to continuing to work independently on IOTA’s hardware and software development.”
What Makes IOTA Different?
IOTA (MIOTA) is a cryptocurrency that stands out from the crowd in a few key ways:
No Blockchain
Unlike most other cryptocurrencies, IOTA does not use a traditional blockchain. Instead, it uses a directed acyclic graph (DAG) called the Tangle, which allows faster and more scalable transactions without requiring miners to verify transactions.
No Transaction Fees
Because IOTA doesn’t rely on miners, it also doesn’t have transaction fees like many other cryptocurrencies. This makes it ideal for micropayments and other low-value transactions.
Focus on IoT
IOTA is designed to work with the Internet of Things (IoT) and machine-to-machine (M2M) transactions. Its unique architecture and fee-free transactions make it well-suited for the small transactions that are common in IoT applications.
Quantum-Resistant
IOTA’s cryptographic algorithms are designed to resist attacks by quantum computers, which could eventually threaten the security of many other cryptocurrencies.
Overall, IOTA’s unique design and focus on IoT applications make it a promising cryptocurrency with the potential to transform how we make and receive payments.
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