IOTA is a distributed ledger designed to process transactions between connected devices in the IoT ecosystem, and its cryptocurrency is known as MIOTA.
It originated as a hardware project, the goal of which was to create low-cost general-purpose processors.
It aims to solve the key scalability and performance issues of Bitcoin by replacing its blockchain with Tangle, a system of nodes in which each new transaction confirms two previous transactions.
IOTA has its own set of scaling issues and some aspects of this cryptocurrency have been vulnerable to hacking.
While IOTA’s market capitalization is still significantly down from its 2017 highs, by the end of 2020, IOTA’s fortunes have shown signs of improvement.