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IOTA

IOTA is an open-source ledger designed for the Internet of Things. It is the first-ever ledger allowing microtransactions without any fees and with completely secure data transfer. It uses innovative quantum-proof technology known as Tangle or Directed Acyclic Graph instead of blockchain and thus it doesn’t have miners and all transactions are free. IOTA also provides faster transaction speed, endless scalability, and high-level security. Its goal is to become a backbone for the Internet of Things.

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What Is IOTA?

IOTA is an open-source ledger designed for the Internet of Things. It is the first-ever ledger allowing microtransactions without any fees and with completely secure data transfer. It uses innovative quantum-proof technology known as Tangle or Directed Acyclic Graph instead of blockchain and thus it doesn’t have miners and all transactions are free. IOTA also provides faster transaction speed, endless scalability, and high-level security. Its goal is to become a backbone for the Internet of Things.

To perform a transaction only a small amount of computation power is needed making it a perfect currency to use by the machines and also distributed communication protocol for the IoT.  IOTA aims to overcome the main issues of crypto such as the limitation of the big fees, slow approvals, and many restrictions. 

As there are no miners to approve the transactions, every new transaction should approve two previous ones. Thus, to perform a transaction, every user needs to randomly (using weighted random walk) pick two transactions for approval.

IOTA foundation operates the coordinator node to achieve the consensus, which means that the coordinator is a single point of failure making the technology centralized. 

The project was launched in 2015 in Berlin by four co-founders: Dominik Shiener, David Sonstebo, Sergey Ivancheglo, and Sergey Popov. Ivancheglo left the project in 2019, participating in its technology development independently. 

IOTA token is a cryptocurrency that allows value transfers between machines and humans. The reason why only MIOTA is available on the exchanges is because tokens are traded in millions (MillionIOTA). Token has a total supply of 2,779,530,283 tokens and all of them are in circulation.

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