IOTA is designed to provide one solution that no other crypto does: efficient, secure, lightweight, real-time micro-transactions without fees." It’s meant to work in synergy with these other platforms to form cohesion and symbiotic relationships. "IOTA should not be considered an alternative coin (altcoin) to existing cryptocurrencies such as Bitcoin, rather it is an extension of the growing blockchain ecosystem. IOTA's founders designed the distributed ledger's DAG to retain as much of the security of blockchain transactions as possible. IOTA's proprietary technology is a form of Directed Acyclic Graph (DAG). Instead, IOTA uses a proprietary validation protocol and consensus mechanism called Tangle.
IOTA is effectively a blockchain without a blockchain, a distributed database in which every transaction is validated and executed, then chained together without blocks.
Low friction, high speed validation and settlement is inherently necessary for integration with the fast growing Internet of Things. They hoped in lieu of proof of work, proof of stake, proof of authority, and other consensus mechanisms used to maintain, update, and validate blockchains, to create a network without any network congestion, and super fast speeds. The founders of mIOTA tokens and the IOTA ledger and payment settlement network hoped to build an alternative to blockchain technology, with a similarly decentralized capability to facilitate microtransactions over the Internet of Things without central mediators and trusted third parties.
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Since then, he has continued work on the IOTA project on his own, doing independent work on both the hardware and software development of the peer to peer IoT ledger. Ivancheglo stepped away from the IOTA Foundation in June of 2019, continuing with IOTA informally as an unofficial advisor. Sønstebø and Schiner are co-chairs of the IOTA Foundation's board of directors, while Popov serves as a board member and is the director of research for the foundation's development projects. Their names are: Sergey Ivancheglo, Serguei Popov, David Sønstebø, and Dominik Schiener. The IOTA distributed ledger and the IOTA Foundation were created by four co-founders based in Berlin, Germany. Since late 2020 however, the crypto's prospects improved by market gauges along with new network upgrades and products. The cryptocurrency's price and market cap fell substantially from the all time high prices of the 2017 bull run. These factors along with the overall momentum of the cryptocurrency markets, and strategic global macro factors all contribute to the up and down movements of the mIOTA price. So mIOTA price is based on the market's evaluation of the IOTA network, its security, its features and benefits, its network effects, and its usage and projected usage statistics. The IOTA price on exchange markets is the market price for the cryptocurrency's native token mIOTA.
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To solve these issues, IOTA's creators decided on a secure network architecture that makes use of the Directed Acyclic Graph, instead of proof of work (PoW) blockchain with probabilistic consensus (like Bitcoin does and Ethereum originally did before beginning its upgrade to the proof of stake based Ethereum 2.0). Its creators hoped to address the network congestion, scalability issues, and transaction costs associated with Bitcoin. IOTA was first envisioned to create a distributed, peer to peer (P2P) solution to problems faced by Bitcoin (BTC) and earlier conventional blockchains like Ethereum (ETH). IOTA and its native currency token mIOTA can also be used to facilitate microtransactions. The cryptocurrency can facilitate a transaction between connected devices operating on a decentralized network.
IOTA is a distributed ledger specifically tailored to the specific engineering requirements, challenges, and opportunities of operating network connected devices in the Internet of Things (IoT) ecosystem.
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