IoT Member Spotlight – IOTA

Q: What is your name, and who do you work for?

Jochen Renz, Advisor to the IOTA Foundation

Q: What is your project/what are you working on?

IOTA is a 3rd generation distributed ledger technology (DLT) that is built for the Internet of Things (IoT) and the Machine-to-Machine (M2M) economy. Unlike traditional blockchain technologies, it is not based on “blocks” and “chains” with its inherent limitations such as scalability issues, transactions fees and centralization of mining power. IOTA is the first DLT based on a “Directed Acyclic Graph” (DAG) called the “Tangle,” which essentially creates a mesh of transactions. IOTA has no miners. Network participants not only post transactions, but also validate other transactions. Unlike traditional blockchains, the more traffic there is on IOTA, the better it scales, and the faster it approves transactions. It also has no transaction fees, so micro-transactions in IoT and M2M become possible.

Think of IOTA as a data transfer protocol with a built-in payment function. Data is the new oil. IOTA makes it possible to not only securely transfer data and verify its source and integrity, but can also make it immutable using the IOTA Tangle. And because IOTA has no transaction fees, it becomes possible to monetize, i.e., sensor data in the IoT generated by the Bosch XDK platform using feeless Peer-2-Peer (P2P) micro-transactions.

IOTA is currently working on “Qubic,” which will introduce not only oracles and smart contracts, but quorum-based computing to the Internet of Things. With Qubic, it will become possible to create massive distributed computing and have machines pay one other for services.

Our vision is a “machine-to-machine” economy, where “things” become their own economic agents. Several global organizations have already experimented with IOTA DLT technology, including Bosch, Fujitsu, Volkswagen, United Nations Ops, the City of Taipei, and more. The technology is open source and developed and standardized by the IOTA Foundation, a Berlin-based non-profit organization.

Q: How long have you been working at the Connectory?

Since Fall of 2017.

Read the Full Article

This post was originally published on The IOTA-News Community curates, examines, and summarizes news from external services while producing its own original material. Copyrights from external sources will be credited as they pertain to their corresponding owners. The purpose is to make use of 3rd party content or pictures as either allusion or promotional endorsement of mentioned sites. If you have a claim of copyright infringement with respect to material, please mail to support[at] is a community run website and is NOT affiliated with the IOTA Foundation in any way.

You might also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More