IOTA Foundation are a distributed-ledger technology developer, who in 2017 launched a Directed Acyclic Graph based cryptocurrency token known as IOTA (MIOTA). The IOTA Foundation was established in Germany as a formal, non-profit organisation (‘gemeinnützige Stiftung’) in 2017 by Dominik Schiener and David Sønstebø.
The IOTA Foundation’s primary goals are to:
- Research and secure the foundational protocol layer, and create new knowledge to benefit the ecosystem behind the economy of things.
- Develop production-ready software for the community, partners and ecosystem to use and expand upon.
- Educate and promote technologies and use cases for new generations to understand and to ensure the Foundation’s success.
- Standardise and ensure the maturity and widespread adoption of the economy of things.
IOTA is the first open-source distributed ledger that is being built to power the future of the Internet of Things with feeless microtransactions and data integrity for machines. Unlike conventional blockchain technologies, IOTA’s distributed ledger does not consist of transactions grouped into blocks and stored in sequential chains, but as a stream of individual transactions entangled together. This Distributed Acyclic Graph implementation is referred to as the "Tangle".
The Tangle is an innovative type of DLT specifically designed for the Internet of Things (IoT) environment. The Foundation develops and maintains this open-source protocol to facilitate novel Machine-to-Machine (M2M) interactions, including secure data transfer, fee-less real-time micropayments, and the collection, dissemination, and public (open access) and private (restricted access) trade of sensor-based and other types of ‘oracle’ and other data. These technologies promise to bring about revolutionary and socially beneficial changes to local, regional and global economic transactions of both a financial and non-financial nature.