IOTA (MIOTA) is a cryptocurrency for the IoT (Internet of Things), the internet-enabled network of smart devices. IOTA was launched in 2015 and its main application is for delivering micro- and nano-payments designed to facilitate machine-to-machine transactions on an open-source distributed ledger.
IOTA is not a conventional blockchain. Its blockchain is known for being built upon quantum-proof Directed Acyclic graph (DAG), a technically blockless blockchain, called Tangle. Other untraditional properties for this blockchain is zero fees on transactions and no fixed limit on how many transactions can be confirmed per second on the network, making it infinitely scalable. Unlike blockchain architecture, IOTA has no separation between users and validators; rather, validation is an intrinsic property of using the ledger, thus avoiding centralization. Upon launch, 27,79,530,283,277,761 IOTA were created and no new coins will be minted, so all of the IOTA tokens that will ever exist are already in the system.