Launched in 2015, IOTA (MIOTA) is a unique project that differentiates itself from the other major cryptocurrency projects by virtue of its Decentralized Ledger Technology (DLT), called the Tangle, which is based on a Directed Acyclic Graph (DAG). The IOTA Foundation, which spearheads decision making for the project, was established by Dominik Schiener and David Sønstebø, and is headquartered in Germany.
IOTA is a project that has received a lot of attention for its unique Tangle technology, which, while a Decentralized Ledger Technology (DLT, is not the same as the technology used by Bitcoin, Ethereum and many other cryptocurrency projects . The MIOTA token has received much coverage because of this technology, which the team claims will work faster as more transactions are tacked on to the Tangle.
IOTA’s primary focus is on the Internet of Things, which the purported advantages of Tangle would be ideally suited to, considering that the number of devices in the world is expected to top 50 billion by 2025. One part to IOTA’s vision is to link different technologies, and this may be possible with the ever-accelerating processing speeds of IOTA’s technology. The team has already established multiple partnerships with notable entities in different industries, entities that seek to leverage the power of the Internet of Things to boost their business. One example of this is Volkswagen and Jaguar Land Rover.
The project most recently announced the death of its coordinator on the network, a necessary element that ensured that the network was operating according to plans. However, being centralized, the coordinator requires removal, so one of the next upcoming developments for the team is to remove the coordinator.
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