IOTA | TLIP Wiki

IOTA is an open-source distributed ledger (DLT) and cryptocurrency designed for the Internet-of-Things (IoT). It uses a directed acyclic graph (DAG) to store transactions on its ledger, instead of a chain of blocks like Bitcoin and Ethereum. This graph-based ledger is called 'the tangle'. IOTA does not use miners to validate transactions, instead, users that issue a new transaction must approve two previous transactions and perform a small amount of proof of work. Transactions can therefore be issued without fees, facilitating microtransactions. This makes IOTA unique in this space.