History of IOTA
- IOTA was founded in 2015 by David Sønstebø, Dominik Schiener, Sergey Ivancheglo, and Dr. Serguei Popov. The founders shared a vision of creating a new kind of distributed ledger technology that could support the emerging Internet of Things (IoT) ecosystem.
- In June 2016, the IOTA project was officially launched through an ICO (Initial Coin Offering) that raised approximately $500,000 worth of Bitcoin. The project attracted significant attention due to its unique architecture and feeless transactions.
- IOTA continued to advance its technology and establish alliances with IoT-related businesses and institutions during the ensuing years. IOTA joined the Trusted IoT Alliance, a group of businesses and organizations striving to develop open standards for IoT technology, as a founding member in 2017.
- In late 2017, IOTA experienced a surge in popularity and market value, with its market cap reaching over $15 billion at its peak. However, the project also faced criticism and scrutiny due to security vulnerabilities and issues with the network’s consensus mechanism.
- IOTA has since kept working to advance its technology and overcome these problems. In order to make the IOTA network completely decentralized, the project introduced Coordicide project in 2019. This initiative intends to eliminate the centralized coordinator node from the IOTA network.
- Nowadays, IOTA is still an active and growing project, with a dedicated community of developers and supporters working to push the boundaries of distributed ledger technology in the IoT ecosystem.
What is IOTA (Internet of Things Application) Blockchain?
IOTA is an open-source, decentralized blockchain technology that was designed to enable secure and efficient data transfer and management for the Internet of Things (IoT) ecosystem. Unlike traditional blockchain technologies, which use a linear chain of blocks to record transactions, IOTA uses a directed acyclic graph (DAG) called the Tangle to record and verify transactions.
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