IOTA was founded in 2015 to provide a solution for digital payments and the ICO was held from November 2015 till December 2015. It stands for Internet of Things of Application and is a cryptocurrency technology that facilitates transactions between devices of the Internet of Things(IoT).
IOTA represents a cryptocurrency and a platform for making small payments without paying any fees. Users are able to transact one coin or a fraction of it. IOTA addresses the transaction fees and scalability issues of blockchain technologies.
IOTA is revolutionary and makes it unique and very promising. It is able to become that transactional fuel with the participation of machines integrated into one network. The main advantages are the absence of commissions, the high speed of operations and the possibility of conducting micro-transactions.
The project is actively developing and cooperating with the largest consortia suggests. Coins have some weight behind them and they must fulfil the role of fuel in a developing sphere.
IOTA have chosen a Directed Acyclic Graph(DAG) for the structure of their underlying ledger. The DAG gets faster the more node are participating. Every node that wants to send a transaction has to verify two previous transactions and has to do a small amount of Proof-of-Work to do this.
The asset of IOTAs ecosystem is traded in batches of one million IOTAs and they are referred to as MIOTA (Mega IOTA).
IOTA is currently ranked as one of the largest cryptocurrencies and an interesting project with a limitless potential. It would be one of the first cryptocurrencies to lower the price of Bitcoin if it is successful.