- Iota Foundation is four years old!
- Notable partners of Iota include Volkswagen, Microsoft, and a host of other well-known brands.
IOTA is a distributed ledger with one significant distinction: it is not a blockchain. Tangle, a system of nodes that confirm transactions, is its proprietary technology. According to the Foundation behind this platform, it offers far faster speeds than traditional blockchains — as well as an ideal footprint for the ever-expanding Internet of Things ecosystem. There are no miners because there is no blockchain, and there are no fees because there are no miners. When congestion worsens, the costs of many established networks skyrocket, but IOTA aims to provide limitless throughput at a low cost. IOTA’s long-term goal is to become the de-facto platform for transacting between IoT devices.
Estimates suggest that there could be 20.4 billion such devices in use by 2024, which could become a lucrative business. The IOTA team believes that the potential use cases do not end here. They believe that their distributed ledger will provide digital identities to everyone, result in car insurance policies based on actual usage, pave the way for cutting-edge smart cities, enable seamless global trade, and prove the authenticity of products.
Iota’s Fourth Anniversary
Iota Foundation is four years old! The Crypto company took to Twitter to announce its fourth founding anniversary.
“The #IOTA Foundation celebrates its 4th founding anniversary today! We are thrilled to celebrate this date with our amazing community. Let’s continue together on this journey to a real impact in the world with the technologies we create!”-IOTA Foundation Official Twitter
🥳 The #IOTA Foundation celebrates its 4th founding anniversary today! We are thrilled to celebrate this date with our amazing community.
Let's continue together on this journey to a real impact in the world with the technologies we create! pic.twitter.com/UzYsCvnH3X
— IOTA (@iota) November 3, 2021
A little About the Iota Foundation
Early IOTA token investors gave 5% of the total token supply in 2017 to continue development and endow the IOTA Foundation, which was later established. The IOTA Foundation was established as a Stiftung in Berlin in 2018 to assist in IOTA technology research and development, education, and standardization. The IOTA Foundation is a board member of the International Association for Trusted Blockchain Applications and a founding member of the Trusted IoT Alliance and the Mobility Open Blockchain Initiative. These are working to promote blockchain and distributed ledgers in regulatory approaches, the IoT ecosystem, and mobility.
Iota’s Past Achievements and Future
In total, 354 unique entities have expressed interest in IOTA, including 68 official partnerships/collaborators, 135 entities working on joint projects with the Foundation, 77 IOTA Data Marketplace participants, 56 entities that built one or more IOTA-based proofs-of-concept, and 49 academic publications about IOTA. Notable partners include Volkswagen, Microsoft, and a host of other well-known brands.