IOTA is the internet of things application, a new and innovative technology for facilitating transactions between internet-of-things (IoT) connected devices. In order to solve issues of scaling and increasing transaction fees, IOTA has implemented what it calls the Tangle. The Tangle is a unique architecture that does away with traditional blockchain, instead opting for what is known in the cryptography community as a directed acyclic graph (DAG). One consequence on the DAG is that in order to submit a transaction on the IOTA network, a user must verify two other previous transactions.
MIOTA is the native currency of the IOTA network and will be used to transact between devices connected on the IOTA network.