Created in 2016
Created by Serguei Popov and collective
Proof of Work (PoW) using a version of SHA-3
No blocks, verify two transactions to submit your own transaction
IOTA is a distributed ledger to power the future “Internet of Things” at several levels. It is known to be a permissionless ledger that will boost the upcoming projects in terms of microtransactions & integrity.
IOTA doesn’t follow the traditional and most commonly used blockchain design, Iota is king of his own rules. Instead of existing blockchain design, it has developed its own brand-new platform called “Tangle”. Tangle is smartly programmed to work on math’s concept of “Directed Acyclic Graphs (DAG).
Johann Jungwirth - Chief digital officer at Volkswagen
Richard Soley - Chairman and chief executive officer of OMG
Rolf Werner - Head of central Europe at Fujitsu
Tangle is a new platform created by IOTA which follows math’s concept of DAG instead of working in blocks architecture. Tangle doesn’t own blocks, chains, and mining. All of its coins are pre-mined and gives a totally new experience to its users compared to traditional blockchain designs.
In whitepaper Tangle is described in detail with its features list and how it interacts with other systems to process any transaction. A section has discussed the stability of the system and its architecture.
IOTA is aimed to target Internet of Thing which means future of IoT to put everything in a connection from mobile devices to small & large computer systems and even a common household thing with the goal of achieving something interesting data and communicate it over the connection. MatchX has already a number of real-life examples displayed.
IOTA is one of the top ten cryptocurrencies as it has regained its position after crossing NEO. IOTA is currently at 10th position by market capitalization. With the passage of time, it is signing new partnerships and involving highly skilled VIPs in its vision. Recently it has signed its partnership with world famous car manufacturer Porsche. This is not the first big name associated with IOTA they have a long potential list of investors and partners.
IOTA’s consensus mechanism is part of Tangle where each transaction is working as independently in a single block of work. In DAG each previous transaction is key to move the next transaction in the queue. So, each transaction needs to confirm previous two transactions to increase the scalability of the overall platform.
Core Client Development
Iota eXtension Interface (IXI) Modules
Tools & Libraries
IOTA is one of the interesting and innovative projects in blockchain industry which is surely full of excited list of upcoming features. As their aim of targeting IoT has covered almost most of the things over the internet which has increased the actual span blockchain concept. There is no doubt that IOTA is known to be most innovative and interesting project with a potential profile to participate in it.