IOTA is new form of cryptocurrency with its own unique architecture called “the Tangle”, which is an improvement to the old Blockchain model. The Tangle model provides faster transactions, zero fees, infinite scalability and so much more to mention.
IOTA was founded in 2015 by David Sønstebø (Founder), Sergey Ivancheglo (Cofounder), Dominik Schiener (Cofounder), and Dr. Serguei Popov (Cofounder); all of which were part of the cryptocurrency community for years. They created IOTA and the new DAG (Directed Acyclic Graph) or Tangle model to improve upon the limitations of the old Blockchain model.
Since then IOTA has created communities like the IOTA foundation to help the community gain support from the people and the government to further its development.
IOTA has entered open-beta in 2016 and is currently in development.
A Blockchain is basically a continued growing list of ordered records called blocks. Each block is encrypted for security. It was first used in 1991 by Stuart Haber and was later used as the core concept in creating on what is known today as Bitcoin on the date of October 31, 2008.
The Blockchain model provides a reliable, transparent and secure process in handling its data which made great design for the creation of today’s cryptocurrency. However the Blockchain model has its own problems and limitations such as performance issues and requiring high hardware costs to run.
To put it in simpler terms, to find something in a Blockchain, the computer has to search each and every block in the Blockchain in order to find it. Which means that the more blocks you have, the longer it would take to find it.
Tangle is a new model based on the DAG (Directed Acyclic Graph). It was designed to be an improvement on the Blockchain model to solve its problems while bringing something new to the table.
The Tangle model is similar to a Blockchain but without the blocks and chains. It is a directed graph which allows traveling between nodes a lot faster compared to a Blockchain which only has one pathway. This in turn allows it to be more scalable, perform better, have zero fee transactions and handle each transaction faster compared to a Blockchain.
The IOTA is similar to bitcoins in that it is a cryptocurrency and can be used in online transactions. Unlike Bitcoins, IOTA’s can never be mined since all IOTA’s that will ever exist have been created. This is to prevent inflation of the currency.
There are 2,779,530,283,277,761 IOTAs or 2.79 quadrillion IOTAS in the market.
IOTA Market Cap as of Sep 12, 2017
IOTA Volume (24 hours) as of Sep 12, 2017
IOTA ATH (ALL Time High)
IOTA is being backed by major tech companies such as Microsoft, Cisco, Bosch, Innogy, UBS, as well as government agencies and private investors.
Below is a list of IOTA Foundation members and Advisers:
- David Sonstenbo
- Dominik Schiener
- Sergey Ivancheglo
- Serguei Popov
- Carsten Stöcker
- David A. Cohen
- Navin Ramachandran
- Wilfried Pimenta de Miranda
- Regine Haschka Helmer
- Cyril Grunspan
- Julie A. Maupin
- John Edge
- Alexander Renz
- John D. Halamka
- Jochen Renz
- Gideon Samid
- Per Lind
- Nick Beglinger
- Jeremy Epstein
- Oliver Bussmann