Blockchain Academy
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IOTA(Internet of Things Application) is a cryptocurrency for M2M application which uses IoT to connect devices for interaction.

Both block and chain don't exist in IOTA. Instead it adopts Tangle algorithm with the mechanism that the next trader verifies and approves the transaction histories of the previous two. Because the remittance needs to be processed adjusting the transactions among devices, IOTA is relatively suitable for the faster or small unit transactions.

Tangle algorithm is a distributed ledger which is self-developed by IOTA based on DAG(Directed Acyclic Graph).

There is a direction existing in data creation of transaction. As a non-circulating structure, a new transaction like on the image indicates directions of the previous two transactions for verifying and approving. Because this verification process doesn't include blocks to store the transactions, it needs a function called Snapshot to capture all the transactions, to delete the old transactions, and to use as a start point of new Tangle branch.