IOTA is deciphered as “Internet of Things Application“ and it is a new open-source technology which doesn’t use blockchain
. Instead of this, it uses Tangle, its own blockless distributed ledger. Tangle gives to its users an opportunity to perform transactions without any fees and its roots come from the method of verification knowns as “Directed Acyclic Graph” (DAG). There are no blockchains and there is no a central ledger. Consequently, miners shouldn’t power the network. The mechanism of verification is very straightforward. For making a transaction, sender has to verify two other transactions. This synergy increases the network capacity with every new user.