In 2015, developers from the CIS region created a platform that could support the interconnections of "smart things," and then they came up with an internal currency, IOTA.
IOTA is not an ordinary cryptocurrency but an ecosystem that combines concepts such as IoT (Internet of Things) and a type of blockchain technology called Tangle. There are no traditional blocks and chains here, but there are distributed registries. In order to make a transaction with a cryptocurrency, the user needs to confirm two transactions created before.
Like most other altcoins, IOTA is trying to level out the shortcomings of Bitcoin and increase the speed of transactions on the network, ensure complete data security and eliminate fees. Of course, such factors attract more and more investors to this cryptocurrency. Immediately after the beta testing, they included Samsung, Microsoft, Volkswagen, and other brands that noticed the project in 2016 on one of the crowdfunding platforms.
After the transition of Tangle technology to settlements through the SatoshiPay payment system in 2017, other companies like Jaguar Land Rover invested in the project.
One of the distinguishing features of Iota is the lack of a mining process; instead, the creators constantly emit altcoins. For example, 2.8 billion altcoins were initially released to the market.