IOTA is a decentralized public ledger that does not rely on a prominent blockchain framework. Instead, it employs a directed acyclic graph (DAG) technology. IOTA uses a structure of networks called "Tangle" to verify payment transactions. The IOTA project was founded back in the year 2015 by Sergey Ivancheglo, Serguei Popov, David Snsteb, and Dominik Schiener.
The firm cites that IOTA offers faster transactions than conventional blockchain-based protocols. Since there is no blockchain, there are no costs that are incurred. However, IOTA still employs the Proof-of-Work consensus mechanism to secure the network. MIOTA is the native asset of the protocol, and is also employed in network operations. and is expected to serve the applications that are in the pipeline.
IOTA aims to emerge as the de facto protocol for the execution of transactions between IoT devices. This is aimed at offering limitless throughput at negligible expense. Successively, the system so far has exhibited a wide range of real-world implementations, including smart energy, eHealth, smart cities, supply chains, etc.