The IOTA token was created to service the ‘Internet of things’ (IoT): the billions of small computing devices that are increasingly being embedded into everyday objects, enabling them to send and receive data. IOTA transforms these connected machines into autonomous economic agents, enabling an entirely new ‘economy of things’.
On the IOTA distributed ledger, each and every connected machine can maintain its own virtual wallet and can transact with other connected machines, even for values worth fractions of a cent, with zero fees. It is predicted by 2025 that more than 75 billion devices will be connected to the Internet of things.
The token was launched in June 2017 with its total supply of approximately 2.78 quadrillion IOTA (2.78 PetaIOTA) made available from the beginning. No additional IOTA will ever be created. Until IOTA adoption becomes more widespread, 1 MegaIOTA (MIOTA) is the currently accepted base unit.