IOTA is a good name for this cryptocurrency. An iota is a name for something small, but here it is partially explained by the name Internet of Things. Unusually, this cryptocurrency doesn’t use a blockchain in its creation. Instead, it is based on the Tangle – a distributed ledger. However, although it is not based on a blockchain, it does share a peer-to-peer network. It also strives to make all transactions free from fees. IOTA refers to the technology used in creating the currency. Meanwhile, if you possess a million Iota, you would be said to have a MIOTA (million Iota). Not all wallets will accept IOTA, so it is vital to find one that does if you want to trade in this currency.