Iota

IOTA is a blockchain like decentralized network for securely conducting and verifying (settling) transactions of various sorts - at massive scale. Iota is a completely decentralized micro-transactions cryptocurrency developed specifically for the ever-growing Internet-of-Things ecosystem. Its built on top of a new and novel innovation called ‘Tangle’, instead of a regular blockchain. This allows iota to remain extremely lightweight and efficient in the face of scalability issues that affect other platforms. Due to the novel technology implemented in Iota it is also a lot safer and resistant to future security breaches that loom for the current blockchains. The Iota transactions is based on a Directed Acyclic Graph which shapes up a tangle. Iota has full support for off-tangle transactions which can then be recombined seamlessly. This allows for exceedingly efficient transactions. Iota only use algorithms that are quantum resistant. This includes not only cryptographic but also ones used for consensus achievement. This means that the security provided by Iota will remain unchanged in the imminent future of quantum computers. Iota has been designed specficially to tackle the scalability issues faced in the Internet-of-Things landscape. By shaving excess and overly complex code from its design, it retains the ability to stay lightweight. Iota can communicate to blockchains such as Bitcoin and Ethereum to form a cohesive collaboration with these networks. It can strengthen these blockchains security by providing checkpoints and also act as an oracle for smart contracts.