IOTA, the first cryptocurrency without a blockchain, uses a protocol called the “Tangle,” which is based on DAG technology. In a traditional blockchain, various transactions are bundled in each block before this bundle of transactions is verified by miners. In the Tangle, every single transaction forms a new block and is essentially verified by itself: In order to successfully conduct a transaction, you first have to verify two randomly chosen transactions is the network.

Bitfinex officially launched the IOTA token on June 13.

Also read: ICO analysis: IOTA