Project Update: IOTA (MIOTA): Internet-of-Things. Tangle. Ledger of Things.
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Basics
IOTA stands for Internet of Things Application, and it’s a crypto technology that facilitates transactions between devices on the Internet of Things (IoT).
Internet of Things (IoT) is a concept of connecting any device with an on and off switch to the Internet and/or to each other making them able to communicate
All of that requires a different approach. In the same way Bitcoin and Ethereum utilise blockchain technology to function, IOTA uses the Tangle. Tangle makes use of directed acyclic graphs (DAG).
Tokens and usage
DAG is a system where individual nodes link to each other. “Directed” means that the link between nodes always have a direction and acyclic means that you cannot create loops inside this structure.
There are no miners so every time someone makes a transaction, he references two different transactions through work done by the device.
All of this means no transaction fees and very fast almost instant transactions. The data can be also fully encrypted and authenticated.
MIOTA is the token on the network which is used as a transfer of value and data.
Recent News
Currently the network isn't truly decentralised and is using something called Coordinator. The team is working on removing it through Coordicide and are constantly doing progress. To help the progress IOTA prepared $5 million in funds to contribute towards Coordicide-related research.
IOTA has developed Telecom infrastructure asset (things like towers for example) marketplace where selected participants (Orange, Vodafone, Nokia, Infosys) can use the proof of concept developed by IOTA.
IOTA also partnered with Primority where using the 3iVerify platform, Primority’s customers (food manufacturers), can collect a..
