Introduction to IOTA
What problem does IOTA solve?
IOTA is short for Internet of Things Application, and it provides seamless transactions between the
devices present on the Internet of Things (Garner, 2018).
IOTA (MIOTA) attempts to become the
main currency for all transactions of the Internet of Things (IoT). For this to happen
Iota needs to solve the current problems of scalability, transaction speed, and centralization that has
kept other cryptocurrencies on their toes. IOTA (MIOTA), is a cryptocurrency, specifically designed to process
financial transactions that are faster, safer, cheaper, smaller and scalable (IOTA Support, 2018). This technology
addresses the major concerns of scalability and transaction fees linked with other cryptocurrencies. IOTA offers
a unique technique of facilitating transactions by eliminating the need for blockchains. Unlike many other
cryptocurrencies, it uses distributed ledgers. This enables it to delete the ‘miners,’ and serve the
purpose of faster and cheaper transactions using a mathematical concept of Directed Acyclic Graphs. This
is the main essence of the IOTA technology which separates IOTA with every other cryptocurrency
out there (Everything Tangle, 2017).
Simply Explained: IOTA's Tangle - Simply Explained
What is IOTA
What does the cryptocurrency IOTA actually do?
The actual goal of IOTA is to provide a seamless transaction which is both faster
and cheaper. In order to do this, IOTA has replaced the blockchain technology with its
own technology knows as Tangle (IOTA Foundation, 2018). Tangle is a system of interlinked and
individual transactions that are stored across the decentralized network of users. When a transaction is
initiated, it needs to verify two previous random transactions, meaning each user plays the role
of a miner by processing the previous transactions.
However, it is difficult to process
transactions on a decentralized network like Tangle, as the data that needs to be obtained
comes from outside the execution environment. To address this problem, IOTA has developed its own
protocol, known as Qubic, which provides the solution in the form of quorum based computing
(IOTA, 2018). In layman terms, Qubic offers support to the Tangle technology in form of
Who is behind IOTA
What team is working to make IOTA successful?
Keyword: iota foundation
Keyword: distributed ledger
IOTA was founded by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov in 2015 (IOTA Support , 2018). Dr. Serguei Popov, a Ph.D. in mathematics, developed the mathematical model of the technology they call ‘Tangle’, while it was transformed into code form by the software geniuses Sergey Ivancheglo and Dominik Schiener. The whole project is headed by David Sønstebø who is said to be an excellent businessman and equally talented in technology. The team is well reliable and trustworthy, owing to the fact that they have all been in the Crypto industry for a considerable time in their career.
The team behind IOTA is the IOTA Foundation led by David Sønstebø. Among the founders are Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov. The supervisory team is led by Richard Soley, while the executive members all possess top-notch resumes and have ample experience in the relevant field (IOTA Support , 2018).