MIOTA is the main utility token within the IOTA sphere. This cryptocurrency is used to account for transactions, pay fees, and initiate smart contracts. There will be a total of 27 quadrillion IOTA issued over the life span of the project. IOTA is a cryptocurrency built to facilitate microtransactions and data integrity for machines on the Internet of Things. IOTA utilizes a quantum-proof Directed Acyclic Graph, known as the IOTA Tangle. IOTA is a distributed ledger designed to record and execute transactions between machines and devices in the Internet of Things ecosystem. IOTA’s key innovation is Tangle, a system of nodes used for confirming transactions. IOTA intends to become the standard mode of conducting transactions on devices. Its founders have described the ledger as a “public permission-less backbone for the Internet of Things that enables interoperability between multiple devices.” In simple words, this means that it will enable transactions between connected devices, and anyone will be able to access it. IOTA’s solution to Bitcoin’s problems is to do away with several key concepts and topographical constraints of a blockchain. mIOTA, IOTA’s cryptocurrency, is pre-mined and consensus of transactions occurs differently as compared to a blockchain.
Original author – Dominik Schiener
Initial release – 11 July 2016
Development status – Active
Website – www.iota.org