IOTA is a futuristic protocol in distributed ledger technology. It is more than just a cryptocurrency. Even as cryptocurrency, with its zero transaction costs, unlimited scalability, possibility for nano transactions and quantum resistance, IOTA theoretically overcomes all the limitations of traditional cryptocurrencies such as Bitcoin, Ethereum and Ripple.
During the ICO in 2015 all MIOTA were distributed among the investors, at the time nothing was left behind for the developers and founders. These have had to invest with equity. The team later asked the community for a donation to set up the IOTA Foundation. After this request, the community donated 5% of the total stock to the IOTA Foundation. 5% is therefore owned by the IOTA Foundation, the remaining 95% is divided among investors. The ten richest IOTA addresses together have approximately 916 million MIOTA. This amounts to about 33% of the total stock. It is not clear whether the 5% of the IOTA Foundation is included.
IOTA is a new decentralized technology that could be the focal point for the Internet of Things (IOT). IOT refers to a situation that arises when all kinds of devices have a network connection (internet) so that these devices can exchange data. As an example you can think of a refrigerator that automatically orders milk when the stock is running out, but in practice there will be a lot of applications for IOT.
What is confusing about IOTA is that when you buy IOTA coins on an exchange this is MIOTA. Most people think that they buy 1 IOTA, for example, while this is actually 1 million IOTA. There are currently around 2.8 billion MIOTA in circulation. This is also the maximum number that will ever come into circulation
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