Guides to Cryptocurrencies
IOTA cryptocurrency coin


8. IOTA (MIOTA)

Chinese name: 埃欧塔

Co-Founders: Dominik Schiener, David Sønstebø, Sergey Ivancheglo, and Serguei Popov


Overview

IOTA (or MIOTA) cryptocurrency was founded by David Sønstebø, Dominik Schiener, Sergey Ivancheglo, and Serguei Popov in 2015. It is an open-source distributed ledger developed to provide secure communications and cryptocurrency payments between machines on the Internet of Things.


Dominik Schiener

Image 2: Dominik Schiener.

Transactions on IOTA

IOTA runs on a system called "The Tangle", can easily scale and is a form of directed acyclic graph (DAG) applied to a distributed ledger protocol instead of a blockchain. Transactions on IOTA are free on a decentralized network regardless of the transaction size. IOTA system is reported to be able to handle unlimited number of transactions simultaneously and operates without the need of miners and blockchain.


MIOTA Native Token

IOTA's native token is named mIOTA on the cryptocurrency exchange market and will enable micropayment transactions between connected devices. MIOTA reached cryptocurrency market capitalization of more than $1 billion USD and a total coin circulating supply of around 2.7 billion as of 25th May 2019.

 

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