As cryptocurrency and distributed ledger technology continue to enter further into mainstream technological and pop cultural spheres, Bitcoin isn’t the only crypto token that people have heard of anymore. In fact, a growing number of ‘altcoins’ have made their way into the public eye as promising investments and technological advances.
One of these cryptocurrencies is IOTA (mIOTA). Created by David Sønstebø, Dominik Scheiner, Serguei Popov, and Sergey Ivancheglo, the network has been slated as a revolutionary technology for the Internet of Things and machine-to-machine (m2m) communication.
In fact, the ‘IOT’ in ‘mIOTA’ stands for ‘Internet of Things’ (IoT); the ‘m’ refers to a classification in the SI system of measurement. (There has been some dispute over what the ‘A’ stands for.)
A growing number of use cases have been developed for IOTA. For example, the network could be integrated into smart power grids in such a way that every watt and command would be recorded. Owners of solar panels that produce extra electricity could be paid for every watt they produce in real time. Not only does this enable more efficient energy uses, it also provides an opportunity to easily collect precise data that could be analyzed and monetized.
Why is IOTA So Well-Suited for IoT Integration?
There are several features of the network that have been implemented to make it highly suitable for integration with the Internet of Things, microtransactions, and m2m (machine to machine) communication: namely, the IOTA network has no fees, and is highly scalable. The IOTA network has also been developed to be resistance to hacks from quantum computers.
The IOTA network’s scalability is made possible because of the unique form of DLT (distributed ledger technology) that powers it. The IOTA network does not run on a blockchain–instead, it operates on something called a ‘Tangle.’