The cryptocurrency IOTA has been around since 2015. According to Martin Rosulek, "It is the first cryptocurrency that provides the whole ecosystem based on blockless blockchain" to enable machine-to-machine (M2M) transactions.
IOTA, however, is more than just a cryptocurrency. Essentially, the platform entails a generalization of the blockchain protocol (the technology called Tangle) that sits at the backend of the IOTA platform.
Instead of paying miners to validate the transactions, the architecture of the network involves peer-based validation. We can think of a simple analogy, that of a teacher grading students' homework: the students are the clients/users in the Bitcoin protocol, and the teacher is the miner/validator. Tangle technology asks students (users) to grade each other's homework, making the need for a teacher (external validator) redundant, and avoiding expenses related to the teacher's/validator's work. This allows the platform to be completely free of cost, without facing the scaling challenges that are inherent in the first generation of blockchains.
Additionally, the use of the platform with connected devices or the Internet of Things
"enables companies to explore new business-to-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees".
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