“iampass” is based on IOTA’s tangle technology, which is generally referred as the “Blockchain 2.0” version. Identity is the preliminary key to access any data in the world. Therefore, it is extremely important to prevent identity theft, which may lead to the loss of invaluable data. “impass” clearly provides the much needed security for an individual’s identity.
On their blog post, IOTA said
“We are NOT creating a new app, plastic card, password or any other gadget. Instead, we are enabling you to become your own pass, by simply using your hand, so you can truly say: I am pass!”
The system is illustrated using the picture provided below
IOTA is an innovative new distributed ledger technology to function as the backbone of the Internet of Things. It is based on a directed acyclic graph (DAG) aka the Tangle, not a Blockchain. Born in 2014, it is the only technology of its kind that is able to function as the lightweight distributed ledger with scalability, quantum resistance and decentralization for a plethora of use-cases in the Internet of Things, the machine economy, or human applications.
IOTA has no mining, no blocks, and no transaction fees. The security and consensus of the network are not divided among miners, validators, and users. Users of the network validate two old transactions (via proof of work) in order to be able to conduct one of their own. No one receives a reward and no one has to pay transaction fees. It the first technology that enables true nano payments.