Iota is a cryptocurrency that was created in 2015 by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Serguei Popov. It is designed to facilitate secure communication and transactions between devices in the Internet of Things (IoT) ecosystem. Unlike traditional blockchain-based cryptocurrencies, Iota utilizes a directed acyclic graph (DAG) technology called the Tangle, which enables feeless transactions and infinite scalability.
The Tangle is a decentralized network, where each transaction confirms two previous transactions, eliminating the need for miners and ensuring fast transaction processing times. Iota aims to become the backbone of IoT by allowing devices to transfer data and value in a secure and decentralized manner.
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