New IoT Cryptocurrency Tech ‘Evolved Beyond Blockchain’, Creators Say

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A new cryptocurrency proof of concept designed for machine-to-machine payments is set to debut in Spain next week.

The Iota project was created in a collaboration between Internet of Things (IoT) startup Iota and Canonical, the company behind the open-source software platform Ubuntu. It will debut at the Mobile World Congress (MWC) event in Barcelona, from 27th February to 2nd March.

Notably, the new ledger technology underlying the iota digital token is a “blockchainless” solution that relies on an innovation called a directed acyclic graph (nicknamed ‘The Tangle’), according to the firm’s white paper.

The paper claims:

“This technology naturally succeeds the blockchain technology as its next evolutionary step and comes out with features required for micropayments conducted on a global scale.”

The ultimate goal of the Iota project is to transform the $1.5tn telecommunications industry by promoting micropayments between the multitude of devices that will make up the Internet of Things.

“With specific focus on the Internet of Things and machine-to-machine payments, the platform is positioned to become the standard layer for real-time settlements and data integrity,” the startup says, adding that the tech is scalable, modular and has no fees.

The project is perhaps the latest example of the intersection between blockchain and IoT, which has spawned its own set of startups, and even a conference focused on collaboration and standardization in the sector.

DNA and code image via Shutterstock

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1 BTC = $32580.00 USD  (via Coinbase)
1 ETH = $1888.00 USD  (via Coinbase)
1 LTC = $120.60 USD  (via Coinbase)
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