IOTA

About IOTA

IOTA cryptocurrency is the native token of the IOTA network. IOTA is built for machines; think devices that talk to each other in the Internet of Things world.  The IOTA token powers the IOTA network, and people use it for staking, making decisions, moving value around, and handling transactions. IOTA relies on something called a directed acyclic graph, or DAG. This setup records and organizes transactions differently, which helps it scale more easily and practically wipes out the need for miners and the usual high fees. So, the whole process of reaching agreement and keeping track of transactions happens inside IOTA’s protocol, not with classic blocks. IOTA aims to make the transfers of information between devices and apps fast and cheap, and the IOTA token keeps the economic engine running, handling both operations and governance for the network.