IOTA
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The IOTA Wikipedia article has been restored as a draft! Please help contribute.

IOTA is an open-source distributed ledger designed specifically for the Internet of things (IoT).[1] It stores transactions in a directed acyclic graph structure, called the "Tangle".[2] The Tangle is a scalable network that offers feeless data and value transfer between system actors. IOTA development centers on facilitating applications that require high-speed communication between endpoints seeking to transfer data and value, particularly Machine to Machine (M2M) ecosystems that deal with real-time micro-transactions[r]. The network uses the IOTA token to enable value transfer between network participants, a feature that aligns IOTA with cryptocurrencies[r].

Network participants are jointly responsible for transaction validations, and must confirm two outstanding transactions for every transaction they issue.[3] This is a deviation from traditional blockchain networks that rely on mining pools to confirm transactions through proof-of-work algorithms[4]. Leveraging this validation method enables feeless transactions on the IOTA network, as opposed to paying a mining fee[4].

The present network relies on a coordinator node called Compass, which validates all network transactions made to secure the network against 34% attacks[r]. A consequence of using Compass is that it creates a bottleneck for transaction confirmations, lowering the Tangle's current capacity for processing transactions per second (TPS)[r]. Compass will remain a security authority until the network is large enough to operate securely on its own as a completely decentralized system[r].

IOTA is governed by the German non-profit “IOTA Foundation” (IF) [r]. The IF is a group of developers, professional researchers, and business people, who have authority to direct IOTA's development.

History[edit]

The project was founded in 2015 by David Sønstebø, Dominik Schiener, Sergey Ivancheglo, and Serguei Popov, who set up the IOTA Foundation to govern it. The foundation, ...

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