$IOTA
IOTA provides the technology for anyone and anything to securly navigate a digitized world.
- Wallets & Personhood
- Resources & Infrastructure
- Infrastructure
- Enterprise
- Series B
- Europe
- Legacy Investment
- 2017
About $IOTA
IOTA is a distributed ledger developed to execute and keep track of transactions made among devices in the Internet of Things (IoT). The system uses a system of nodes called Tangle, which is known for faster transaction processing than other blockchains. MIOTA is a cryptocurrency used in the IOTA system to pay for transactions.
What makes IOTA unique?
IOTA is a cryptocurrency that has no transaction fees and requires no miners in order to process transactions. It does, however, require some computational power to submit a transaction, making it perfect for machines to use as a currency and distributed communication protocol for the Internet of Things “IoT”.
What can IOTA be used for?
IOTA is initially focused on serving as the backbone of the Internet-of-Things (IoT). The main purpose of IOTA is to solve some of the major problems with Blockchain technology, the main one being that the bigger the Blockchain (such as Bitcoin), the slower, more expensive, and also more restricting it is to actually transfer funds. Another issue with the Blockchain is size, as more and more Blocks are added, the longer the Blockchain gets, and therefore the less amount of computers are able to mine it. Right now BTC is over 150GB long, and so is ETH. If this size increased tenfold, very few computers would be able to mine it at all. Making them relatively centralized (the top 2 Bitcoin mining pools own about 56% of hashing power).