IOTA is an open-source distributed ledger that can make secure and valid transactions without using a traditional blockchain network. The ticker symbol of its native token is MIOTA.
IOTA network decided on a different architecture for their project after recognizing the shortcomings of blockchain and its inability to scale to the enterprise level. It follows a directed acyclic graph (DAG) structure called the Tangle. Unlike traditional blockchain architecture, Tangle is a parallel blockchain system that processes transactions.
With Tangle, the IOTA protocol does not require miners or validators to confirm transactions in advance. As a result, the IOTA network is faster, simpler, energy efficient, and scalable.
Mana is a reputation-based system introduced in the IOTA network to help address conflicts and promote efficient and fair access to resources. It serves as a mechanism for users to express their influence over the network and gain priority in selecting transactions to be included in the Tangle. By accumulating mana, users can increase their chances of having their transactions confirmed and enable a more reliable and secure network operation.
IOTA and its foundation create scalable solutions in the Internet of Things (IoT) ecosystem that are not limited to any industry. Its fast network helps support complex architectures and can have many use cases, such as building smart cities or providing digital identities.
MIOTA price and tokenomics
MIOTA has a maximum supply of 2.8 billion dollars, making MIOTA a non-inflationary cryptocurrency. One MIOTA is equivalent to one million iotas, like how satoshis are to BTC.
MIOTA is the utility token of the project. It serves as a payment for transactions executed on the network and can be used to initiate smart contracts. It also has staking capabilities, allowing holders to pledge a portion of their tokens to the network for a reward. Additionally, it allows developers to build smart contracts and decentralized applications (dApps).
About the founders
Founded in 2015, IOTA was created by David Sonstebo, Dominik Schiener, Dr. Serguei Popov, and Serge Ivancheglo. Scheiner and Sonstebo share the co-chairmen seat on the board of directors, while Popov leads the foundation's research department.
Due to internal conflicts, co-founders David Sonstebo and Sergey Ivancheglo resigned from the board of directors in 2019. The director of research, Serguei Popov, later became the board's co-founder and member.
Earlybird Venture Capital, Outlier Ventures, and Robert Bosch Venture were the first institutional backers of the IOTA initiative. IOTA has also secured partnerships with reputed brands like Dell and Jaguar. Additionally, it is backed by many exchanges, such as Bitfinex and Huobi.
