IOTA is a cryptocurrency that has no transaction fees and requires no miners in order to process transactions. It does, however, require some computational power to submit a transaction, making it perfect for machines to use as a currency and distributed communication protocol for the Internet of Things. But we can still not say anything about whether it's fake or legitimate.
And in my opinion Bitcoin, altcoins have a long way to go in terms of scaling and IOTA is probably the worst of all out there right now. They need to be held responsible for screwing people over. Bunch of lobotomized retards they are.