We’re pleased to announce that IOTA, the token of the IOTA ecosystem, is now listed on HitBTC.
The IOTA ecosystem has been specifically designed to give a backbone to the Internet of Things, a rapidly growing industry that offers a huge level of device to device connectivity, reaching far beyond the internet as it exists today. As the ecosystem connects together billions of cyber-physical systems, providing a secure environment for them to store data and communicate, IOTA will facilitate swift and safe commission-free micropayments between devices.
One of the defining features of IOTA is the Tangle, a new distributed ledger architecture based on a DAG (Directed Acyclic Graph). This entirely new data structure is a radical departure from blockchain technology, in that it has no blocks, no chain and no miners.
It is still a distributed database, and still relies on peer to peer consensus and validation, but instead of blocks, each transaction references two past transactions, increasing the network’s processing capability while protecting system security. Due to this intrinsic quality, not only does Tangle process transactions quickly, but also requires no miners or commissions, making it the first token with zero transaction fees.
The Tangle also holds a lot of promise for applications beyond the IoT, in other industries where secure data transmission is required, such as eGovernance and eVoting. The co-founder Dominik Schiener has already begun working with VW and Bosch, two brands at the forefront of IoT innovation.
To find out more about IOTA, visit the official website of the company.