IOTA is an open-source distributed data logging technology, which aims to securely enable the exchange of information and value on the Internet of Things. One of the main innovations of IOTA is that, instead of the traditional Blockchain, it uses a proprietary architecture (The Tangle) based on a mathematical concept called Directed Acyclic Graph (DAG). The IOTA protocol is currently under development. IOTA was founded in 2015 by David Su00f8nstebu00f8, Sergey Ivancheglo, Dominik Schiener and Serguei Popov. IOTA supports smart contracts from 4 March 2021 and aims to be a fully decentralised, commission-free network.
The project is overseen by the IOTA Foundation, a non-profit entity based in Germany, which is responsible for developing the technology and encouraging its adoption.
