What is IOTA? Anyone is working on this?

IOTA is one of the blockchain projects. The project definition:  

As the Internet-of-Things keep expanding, the need for interoperability and sharing of resources become a necessity. IOTA enables companies to explore new business-2-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees. 

 

Details are here: https://iota.org/ 

 

IOTA also has a cryptocurrency MIOTA that is being traded in cypto markets.