What Proof of Work does IOTA use?

What Proof of Work does IOTA use?

I have some trouble finding valid information about IOTA. Actually I would be nice if there would be a good source.

So my question is: Bitcoin uses the SHA-256 twice and some "target bits" for hashing it's blocks.

What PoW does IOTA use? Some sort of Hashcash Lite - but how does this work in detail? Is there also a header with a timestamp and some previous block hash?

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