Buy IOTA

What is IOTA?

IOTA is a decentralised cryptocurrency designed for the Internet of Things (IoT). It leverages a directed acyclic graph (DAG) called the Tangle, which facilitates secure and feeless microtransactions between machines and devices. IOTA aims to improve scalability, security, and efficiency for IoT networks, enabling seamless value and data transfers.

How does IOTA work?

IOTA uses a unique data structure known as the Tangle, which is a directed acyclic graph (DAG). Unlike traditional blockchains that require miners, IOTA transactions confirm two previous transactions, ensuring a decentralised and scalable network. The Tangle allows for parallel processing, making the system faster and more efficient as more transactions occur. Security measures in IOTA include the Markov Chain Monte Carlo (MCMC) Algorithm and the quantum-resistant Winternitz One-Time Signature Scheme (WOTS+).

What are the potential use cases for IOTA?

IOTA has diverse applications across multiple sectors:

1. Internet of Things (IoT): Enables feeless microtransactions for machine-to-machine communication.
2. Supply Chain Management: Offers transparent tracking of goods to enhance traceability and authenticity.
3. Automotive Industry: Facilitates secure vehicle communication, supporting use cases like automated toll payments.
4. Healthcare: Allows for secure storage and sharing of patient data, ensuring privacy.
5. Energy Management: Supports peer-to-peer energy trading and smart grid optimisation.
6. Manufacturing: Improves product authentication and documentation across supply chains.

What is the history of IOTA?

IOTA was founded in 2015 by David Sønstebø, Dominik Schiener, Sergey Ivancheglo, and Serguei Popov. Originating from the Jinn project (2014), it transitioned to focus on decentralised ledger technology for IoT. IOTA introduced groundbreaking features like the Tangle for feeless transactions. The IOTA Foundation, established in 2017, spearheads its global development efforts. Major updates include Chrysalis (2021) and the forthcoming Coordicide, aiming for a fully decentralised network. IOTA has established itself in various markets, including smart cities, automotive, and healthcare, with partnerships with companies like Bosch and Volkswagen.