IOTA is a cryptocurrency platform designed to innnovate in the areas of scalability, transaction speed, transaction cost, and provide a platform for the machine economy.
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IOTA was founded in 2015 by the IOTA foundation. The native cryptocurrency for transactions on the IOTA platform is called MIOTA. Unlike most cryptocurrencies, IOTA does not use blockchains or miners in their protoco.l IOTA uses a technology called Tangle, which is a data structure based on Directed Acyclic Graphs.
A new transaction starts out as unconfirmed, in this graph, the gray blocks represent unconfirmed transactions, also known as tips. Every participant on the network has to actively participate in consensus by validating 2 past transactions, whenever a new transaction is created.
Once unconfirmed transactions are validated as tips by new transactions, they become partially accepted transactions, represented as red blocks in this graph. A recipient validates transactions by randomly selecting a set of tips and calculating the percent of them which are able to reach their transaction. This ratio can be used as a scale of confidence in the amount of validation performed on a transaction. A transaction that can be reached by all tips is considered completely validated by consensus and is represented as a green block in this graph.
IOTA transactions have zero fees. The fee is substituted by the work done by the participants in validating two past transactions and by participating in consensus on the state of the network. Since validation is distributed, in theory the validation speed should increase as more participants join the network. IOTA’s core features uniquely position the platform to serve the machine economy. Allowing smart devices to send micro transactions between each other without human intervention. Thank you for joining me today. If you enjoyed this video, please like and subscribe.