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IOTA is a smart contract platform designed to facilitate payments and other transactions between physical devices connected to the internet. MIOTA is the cryptocurrency token used by the IOTA platform to enable transactions. IOTA is built on a distributed ledger technology called the Tangle, which is a consensus algorithm that requires users to validate two transactions in order to complete their own IOTA transactions. This eliminates the scalability issues and costs related to blockchain, allowing for no-fee transactions.
