Thread by @ScopeDefi

Understanding IOTA - An Overview of the Business Ecosystem

IOTA Foundation builds open-source software to empower individuals to live freely and securely in the digital world.

Let's dive in👇🏼🧵

The Foundation interacts with partners from academia, government, and businesses to achieve this goal.

Components of the Ecosystem
The @iota ecosystem comprises of several components that work together to achieve the goal of a new type of digital infrastructure.
Node Software
The Hornet and Bee node software manages the ledger state of #IOTA, making up the network.

IOTA's mainnet is public, but components can also be set up locally or in the cloud for private Tangle. The Chronicle is a permanode software for storing transactions efficiently, and the Wasp node will be for smart contract execution.
The Tangle

The #Tangle is a distributed network of nodes that provides the basic functionality and security of the IOTA protocol. Transactions are validated by new transactions rather than miners, making the network cooperative and feeless for transactions.

The Tangle is also designed to be energy-efficient, with a single Bitcoin transaction's energy usage capable of powering billions of IOTA transactions.
Frameworks

IOTA Foundation develops frameworks on top of the Tangle to extend the core protocol and enable a range of functionalities for DLT use cases. These include:
* Digital Identity
* Tokenized Assets
* Streams
* Smart Contracts
* Access
* IOTA Stronghold

#IOTA offers a new and innovative approach to digital infrastructure with its feeless, cooperative, and energy-efficient Tangle network.

The ecosystem's components work together to provide a wide range of functionalities for DLT use cases, making it a promising player in the future of digital transactions.

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