What is IOTA?
IOTA is a specially designed cryptocurrency meant to facilitate the internet of things (IoT)-the machine economy of the future. Unlike Bitcoin and other blockchain based cryptocurrencies it uses a blockless and chainless system called the Tangle based on Directed Acyclic Graph (DAG) encryption technology.
As such, IOTA cannot be mined but the coin itself is infinitely scalable and fast. Transacting on this network is free and all senders have to verify two previous transactions before their transfer goes through. This therefore means their proof of work is distributed to all participants.
The Tangle is what makes IOTA operate and it is fully decentralized since there are no miners who are the pulse of the network rather all transacting individuals are facilitators. This results in a quantum immune network where transactions are fast, real time and free.
Founder: David Sønstebø, Dominik Schiener, Dr. Serguei Popov and Sergey Ivancheglo.
Release Date: June 16, 2016