Cointelegraph tech reporter Tom Farren visited Imperial College London to gain firsthand insight into its joint project with Iota and the potential use cases for DLT in the environmental space.
Iota aims to be the economic layer for the Internet of Things, bringing microtransactions and data storage to a network of connected devices. It uses a distributed ledger technology called the Tangle, which is based on directed acyclic graph technology rather than blockchain.
Iota began as a pivot from an IoT microprocessor venture called Jinn. The Jinn team held a crowdsale in September 2014, promising holders of its native Jinn token a share in the company’s profits. The team pivoted following concerns around the regulatory soundness of Jinn tokens. In 2015, the project announced Iota, a cryptocurrency network for IoT devices that utilized some of the cryptographic techniques researched and developed at Jinn.
Iota does not have blocks, miners or transaction fees as are featured in most public blockchain networks like Bitcoin or Ethereum. This is to allow the scalability and speed necessary for machine-to-machine microtransactions, which are denominated in its native token, MIOTA. Instead, each transaction validates the previous two transactions, achieving consensus first locally then globally.
The Iota Foundation, a German nonprofit, is currently building out the Iota ecosystem.
In the coming months, Iota plans to pilot product passports for digital waste recycling and the cross-border management of intellectual property rights for artists' creative work.9693
Bitcoin's drop in the first ten days of 2022 is still less disappointing than some of its top crypto rivals that have fallen much harder.29047
“Assembly addresses the limitations of current scaling solutions by using the feeless base layer of Iota as an immutable trust anchor and as a trustless bridge for feeless interoperability of smart contracts,” said Schiener.9118
MonoX and BadgerDAO suffer callous security attacks, Borderless Capital opens a $500-million fund to advance Algorand’s ecosystem, and Iota is to launch Assembly in early 2022 — all coming to you in this week’s Finance Redefined.7180
The Assembly mainnet, which is expected to launch in 2022, has pledged to distribute 70% of its native ASMB token supply to an array of community participants.20150
Acala was victorious in Polkadot’s first parachain auction, Iota announced its staking network and Uniswap liquidity providers lose money — all coming to you in this week’s Finance Redefined.10355
The staging network, titled Shimmer, will ensure all upcoming Iota upgrades are community-approved before roll-out, one of the critical components of a decentralized governance system.9073
The platform will enable developers to set individual parameters for execution fees, a feature expected to suppress the fee prices to near-zero.7699
The Iota Foundation is one of seven enterprises chosen to support the early-stage innovation of a European blockchain venture.13567
BTC bulls are still trying to flip $50,000 to support and if this occurs LTC, FIL, FTT and MIOTA could rally higher.34924
PRE, ANT and MIOTA lead altcoins higher as increasing bullish momentum has analysts calling for Bitcoin price to overtake $50,000.14923
Muse frontman Matt Bellamy is tokenizing and selling a song recorded on the same guitar Jeff Buckley used to record his hit album Grace.2731
“The fundamental goal of this collaboration is to enable granular control over data and to reduce the reliance on centralized systems that take advantage of data,” said Humayun Sheikh, CEO of Fetch.ai.14111
The Nectar DevNet follows on the heels of the Chrysalis upgrade and is an expansion of the Pollen Testnet released back in June 2020.11008