What is IOTA?

IOTA is a distributed ledger designed for the Internet of Things, utilizing a unique protocol called the Tangle instead of traditional blockchain technology. Founded by Dominik Schiener, David Sønstebø, Sergey Ivancheglo, and Serguei Popov, IOTA aims to facilitate microtransactions and secure data transfers without transaction fees. Its architecture promotes scalability and fast transactions, addressing limitations commonly associated with blockchain systems.

IOTA does not rely on miners for transaction processing, which allows it to function efficiently in machine-to-machine communication. The protocol requires computational effort for submitting transactions, making it suitable for IoT applications. The network is governed by a unique model that supports its decentralized approach to data and payment solutions in an increasingly connected world.