IOTA (“Internet of Things Application”) is an Open-Source Network founded in 2015. IOTA, as well as its cryptocurrency MIOTA, does not use blockchain technology or miners to verify transactions, as all MIOTA has been in circulation since the beginning of the project. Instead, the IOTA protocol uses a decentralised network of participants called the Tangle. The Tangle is a type of “prepayment-system” consisting of individual and interlinked transactions.
When integrating new transactions into the IOTA tangle, two previous transactions are always verified. The speed and security depends on the activity of the network participants. IOTA is mainly used for Internet-of-Things (IoT) applications, where scalability, microtransactions, security and transaction speeds are crucial. IoT applications aim to optimise communication between physical devices.
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