IOTA Foundation, a non-profit organization, aims to build a standard for industries. IOTA is a protocol for machines and it basically enables two things — firstly, micropayments, where one machine can pay another machine; and secondly, data security — with IOTA data can be put in IOTA tangle which can never be changed, making it immutable giving rise to many interesting security applications.
Beyond the Blockchain
IOTA is ‘beyond the blockchain’ as put by one IOTA Foundation co-founder Dominik Schiener. It is based on Tangle and can be applied to various industries like mobility. The team, Schiener explains, is working on a carry wallet so that the car will have an IOTA wallet where it can make payments to an infrastructure or other vehicles.
IOTA technology also has applications in agriculture. A weather station set up on the field can securely collect weather data and more importantly, the farmer can sell the data, creating a business model for him.
How IOTA (MIOTA) plans to revolutionize the Internet of Things
The IOTA Foundation aims to enable a permission-less ecosystem. The crypto company aims to enable almost fee-less instant micropayments. IOTA’s cryptocurrency MIOTA is considerably different from other coins in the market, especially when it comes to transaction fees. IOTA ensures that you can fulfil even the smallest of tasks in the unified network. For example, you could turn off the tap in the bathroom, stick on a tag, or even blow away a speck of dust.
And because of these incredible features, IOTA can be integrated into the Internet of Things by performing transactions between points. Unlike Bitcoin, Ethereum and other cryptocurrencies, IOTA is not based on Blockchain Technology. It is based on Distributed Ledger technology, uses a special Tangle log, based on the DAG-directed acyclic graph.