The IOTA Foundation aims to enable the growing machine economy by powering all the machine-to-machine payments necessary to enable the Internet of Things (IoT). Almost 3 quadrillions of IOTA tokens were issued to the crowd sale participants, with none reserved for the founders, developers or advisors.īecause there was no token allocation to the team, the community donated roughly 5% of the total supply of tokens to the IOTA Foundation, which was used to fund the project. $500k sounds like a small amount, but crowdfunding and ICOs weren't commonplace in 2015. The initial funding for the IOTA project came from a 2015 crowd sale that raised 1,337 Bitcoin, worth roughly $500,000 at the time. IOTA has fundamentally reengineered distributed ledger technology, enabling secure exchange of value and data, without any fees." Source: IOTA "An Open, Feeless Data And Value Transfer Protocol. IOTA aims this approach to the platform for unparalleled scalability and opens up numerous possibilities in the market. Instead of using blockchain technology, the IOTA network relies on various Internet-of-Things (IoT) applications. IOTA is a unique cryptocurrency because it operates differently from its competitors. Flexibility: The IOTA Tangle is a versatile platform capable of supporting various applications and use cases, ranging from micropayments to supply chain management.Consequently, it serves as an environmentally friendly alternative to distributed ledger technology. Green technology: As IOTA does not rely on mining to validate transactions, it has better energy efficiency than traditional blockchain networks. WOTS+ fortifies the network against potential attacks from quantum computers, which we expect to be more prevalent in the future.
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