Berlin-based IOTA Foundation today announced a partnership with startup studio Nova to create a seed fund that targets entrepreneurs working on distributed ledger technologies.

IOTA has developed its own distributed ledger protocol, called the Tangle, that it says is more secure and energy-efficient than standard blockchain technologies. One cofounder describes it as “blockchain without the block and with the chain,” because of the way transactions are confirmed.

You want the latest news about Crypto?
Then follow us on Google News!

IOTA has struck deals with Robert Bosch, launched a data marketplace with Microsoft and Samsung, and is testing a smart city program. The foundation’s protocol is attractive because it allows automated micro-transactions between devices and is being adopted in industries such as health care, mobility, supply chains, energy, and telecommunications.

Now it wants to also focus on encouraging more startups to embrace its protocol via the new program with Nova.

“The Tangle network overcomes many of the limitations and inefficiencies of blockchain technology and, as such, has huge potential to transform machine to machine transactions that are at the core of IoT,” said David Sønstebø, cofounder and co-chair at IOTA, in a statement. “Our partnership with Nova is about enabling that innovation by helping initial ideas come to fruition in the form of viable, scalable, and sustainable business models.”

Read the Full Article

This post was originally published on The IOTA-News Community curates, examines, and summarizes news from external services while producing its own original material. Copyrights from external sources will be credited as they pertain to their corresponding owners. The purpose is to make use of 3rd party content or pictures as either allusion or promotional endorsement of mentioned sites. If you have a claim of copyright infringement with respect to material, please mail to support[at] is a community run website and is NOT affiliated with the IOTA Foundation in any way.