Aiming for a new economy,?IOTA is a permissionless distributed ledger. IOTA was first conceptualized in 2015 and launched in June 2017. It uses an open-source distributed ledger to target the Internet of Things. IOTA seeks to help the machine economy expand by enabling "fee-free machine-to-machine payments" and providing more scalability than blockchain networks.MIOTA is the native cryptocurrency of IOTA. For web-enabled devices, IOTA establishes a data storage and transmission layer. IOTA, unlike other distributed ledger systems, employs a centralized distributed network architecture called Tangle, which is a Directed Acyclic Graph (DAG) that can function without the usage of blocks, chains, or miners.