Understanding IOTA, Tangle and the Coordinator Node

“IOTA is a the native currency on a network designed for the Internet-of-Things. The IOTA team aims to solve the scaling problems of current generation blockchains by implementing what they call the “tangle” or Directed Acyclic Graph (DAG). With IOTA there are no dedicated miners involved or needed in the process of verifying network transactions unlike Bitcoin or the vast majority of other blockchains. In the place of miners, with each transaction that is made on the IOTA network, the iginal creator of the transaction must verify two other transactions on the network. In a way, the miners and users are one in the same. Each transaction requires a small amount of Proof of Work to be done on their part in order to participate on the network. There are no fees in the traditional sense when a transaction takes place, only a small amount of the senders processing power in return for a secured network.…”

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