IOTA (MIOTA) Profile

IOTA Token Profile (PDF) 

IOTA is experimenting with Directed Acyclic Graphs (DAGs); an alternative data structure to the way blockchains are generally developed today. It attempts to provide a solution to one of the biggest risks faced by blockchain-based networks, which is the rise of immensely powerful quantum computers. Although still very theoretical, these supercomputers could enable hackers to attack blockchain-based networks in the future. IOTA’s “Tangle” network offers quantum-resisting features by structuring its transactions using Directed Acyclic Graphs (DAGs), which are supposedly more resistant to quantum attacks. Transactions are posted on-chain as they occur by nodes in the network and are linked to a signature system, thereby eliminating the need for mining, which enables free transactions. This design was also intended to ease Machine-to-Machine (M2M) transactions and power what is colloquially referred to as the Internet of Things, a network of objects, such as household appliances, that are authorized to transact with one another. IOTA is led by David Sønstebø, the CEO of Stealth, and Sergey Ivancheglo, the former lead developer of NXT. In late 2017, a group of MIT researchers found several technical issues with IOTA’s current implementation, including critical vulnerabilities that could ultimately result in the loss of funds.