![]() ![]() ![]() The name was chosen by the IOTA Foundation because the Internet of Things will consist of billions of tiny transactions and exchanges per day. The word iota refers to the Greek letter Iota and its contemporary definition, meaning a minuscule amount of something. The IOTA Foundation’s Board of Directors includes Dominik Schiener, Dr. The Foundation believes the machine economy should be built on a feeless protocol, be scalable and ecologically friendly, and allow for a low-energy exchange of value and information. The founding principles of the IOTA Foundation revolve around open-source and community-centered ethics. This new form of exchange is what we call the “machine economy.” Applications in e-commerce or for human-to-human purposes, however, can still be provided for with a fee-less cryptocurrency like IOTA. This evolution of value and data exchange will optimize manufacturing, supply chains, civic engineering, transportation, finance and other industries. As the internet evolves and more aspects of our world become digitally connected, the Foundation aims to use the IOTA protocol to enable a new form of value exchange and establish a web of trust between devices and people, as well as between the devices (“things”) themselves. ![]()
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