Founded in 2014 by the non-profit IOTA foundation, IOTA is a micro transaction focused cryptocurrency which is optimized to be used with The Internet Of Things (IoT). It has been designed to be a lightweight currency for the modern world.
IOTA’s main goal is to allow machines to pay each other in these micro transactions in order for AI to perform key functions for us in the future. IOTA’s approach aims to take the “sharing economy” to new levels where “everything is a service”.
Users will be able to utilize smart contracts to lease practically anything with this exciting new technology that is ready to capitalize on the waves AI will start to make on our future. This platform also allows the creation of new businesses that may have previously not had a cost effective or efficient way to transact with the real world.
Tangle is a DAG based, blockless chain that runs IOTA. It eliminates the need for energy hogging mining operations by removing blocks entirely. Instead, these confirmations happen in a chain where one confirms the next one. This protocol solves the problem of long confirmation times associated with Bitcoin transactions.
Using DAG, IOTA can confirm much faster, and handle a much greater volume of transactions. This chain will not require constant hardware upgrades, massive energy consumption, ever growing miner fees, and the need for people or AIs to wait for lengthy confirmations. This system also allows for these sensors to store data on the chain to share. This unusual approach solves many of the problems that have plagued cryptocurrencies, and erases the need for many older technologies that permitted those issues to occur.
The Internet of Things (IoT)
The Internet of Things is a connection portal between machines. IOTA plans to fuel these connections with its currency. By utilizing the above mentioned protocol they have created the ability for machines to transact with each other without any transaction fees.
This opens up a lot of options for applications that otherwise would not have been able to operate on the blockchain due to these fees. It also establishes IOTA as the only real player in a niche that will experience huge growth in the coming years.
IOTA is the currency of artificial intelligence, and they will use it to communicate with each other while using Iota for fuel. Their business to business approach essentially allows any service to be traded on a free market exchange. Anything can now be a service that can be traded, sold and verified cheaply and efficiently using the Tangle chain.
Voting and Secure Messaging
IOTA, while focused on AI needs can also be used as a governance and voting platform. The platform allows organizations, companies, individuals, campaigns or anyone else to submit and tally secure votes on their network.
This e-voting procedure will allow for tamper free voting verified on chain for security purposes. It also allows users to send secure messages over Tangle with the added capability for users to send messages to multiple parties securely using the secure Tangle network for the safety of sensitive information.
* Clients in different programming languages to enable developers to choose their most preferred client suited for their specific deployments
* Swarm client to allow sharding amongst a cluster of devices to collectively run the IOTA client
* Identity of Things (IDoT) to enable unique identification of devices using various data
* Masked Authenticated Messaging (MAM) to make it possible for devices to encrypt entire data streams and securely anchor those into the IOTA Tangle. Only authorized parties will be able to read and reconstruct the entire data stream.
* Private Transactions will use token shuffling to achieve transactional privacy within the tangle, with later exploration of technologies such as zero knowledge proofs.
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