IOTA (IOT) is an open-source, permission-less distributed ledger, promoted as "the backbone of Internet of Things" as it aims to addres the need for interoperability and sharing of resources in the IoT economy. Its protocol is a directed acyclic graph (DAG) called the Tangle instead of the traditional blockchain. Where a blockchain is a linked list where every block points to a unique descendant, in the Tangle, a block links to two previous blocks. This linking is intended to convey a confirmation of the previous blocks. IOTA began open beta testing on July 11, 2016. The system is peer-to-peer, with transactions taking place directly between users and a central administrator called the Coordinator which acts as an intermediary. Transactions are considered confirmed when the Coordinator has included the transaction in its set of released milestones. In order to send a transaction, a user must validate two other transactions on the network. A sent transaction must accumulate a sufficient level of verification (i.e. must be validated a sufficient number of times by other users) in order to be accepted as “confirmed” by its recipient. The Coordinator is meant to be removed later when network is sufficiently large. IOTA has a total fixed supply of 2 779 530 283 277 761 units with zero inflation.
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