MIOTA is the official digital currency of the IOTA platform which is developed for the facilitation of payments between the machines and the Internet of Things devices with the help of proprietary technology. The goal is to enable instant processing of numerous machine-to-machine transactions between these devices, with higher scalability and largely eliminated fees.
IOTA project was launched in June 2016 by Sergey Ivancheglo, David Sontesbo, Serguei Popov and Dominik Schiener. Internet of Things (IoT) lies at the heart of the hi-tech concepts such as smart home and smart cities which feature devices connected to the internet capable of exchanging data among themselves with the purpose of delivering operational synergy. IOTA platform’s main task is to enable transactions between devices which are the part of IoT network. IOTA has no need for the central ledger or the miners to run its network. This is supposed to overcome the shortcomings of blockchain related to rising transaction fees and transaction processing scalability.
IOTA has established a number of partnerships with several prominent companies such as Jaguar Land Rover and Fujitsu. At the same time, it was a subject of some high profile incidents, such as the one which happened in January 2019 when USD 11.4 million worth of IOTA tokens (MIOTA) were stolen.