Unlike other cryptocurrencies such as Bitcoin, IOTA is built on a distributed ledger technology that’s somewhat different from blockchain. MIOTA is the crypto token used to facilitate transactions on the IOTA network, and is also utilized as a reward for network participants and supporters. “We actually see the IOTA token as the connective tissue between the human economy and the machine economy, creating interoperability between the two,” notes Dan Simerman, head of financial relations on IOTA Foundation.Īnother way to describe IOTA is as a network that helps investors and companies monetize data feeds from the IoT. IOTA is a ledger designed to power microtransactions among IoT devices. But despite their ubiquity, facilitating transactions and payments among IoT devices is challenging. These can include the sensors in your car that indicate tire pressure is low, or your internet television, smart refrigerator, or Nest thermostat.Īs the name suggests, IoT devices are connected to the internet, typically via Wi-Fi or a cellular network. What Is IOTA?Įven if you haven’t heard of the Internet of Things (IoT), chances are you already have IoT devices in your home, car or office. MIOTA is a cryptocurrency token used by the IOTA platform to facilitate transactions. IOTA is a smart contract platform designed to handle payments and other transactions between physical devices that are connected to the internet.
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