A token for the ‘Internet of Things’

The IOTA token was created to service the ‘Internet of things’: the billions of small computing devices that are increasingly being embedded into everyday objects, enabling them to send and receive data.

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.


How to securely buy IOTA

IOTA tokens are freely traded on major digital currency exchanges.

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IOTA tokens are freely traded on the following major digital currency exchanges with many more being added soon.

  • Binance
  • Bitfinex
  • Coinone
  • OKEx
  • Exrates

Disclaimers: IOTA tokens can be transferred by whoever knows the seed to the wallet. Leaving tokens on an exchange is inherently risky, as it depends on the security of your own password, your account, the exchange's servers and wallets, etc. The value of IOTA tokens is currently very volatile. IOTA Foundation does not have any means of recovering lost tokens or stabilizing the token value, buy at your own risk!


How to securely store IOTA

IOTA tokens are stored in private, pseudo-anonymous virtual ‘wallets’.

Wallets and seeds

Each wallet is identified and protected by a unique access key known as a ‘seed’. The seed is an 81-character string, comprised of capital letters A-Z and the number 9. It’s important to note that while we call them wallets, they do not actually store tokens. They are better thought of as keychains that provide access to the tokens you store permanently on the ledger.

Warning: Your wallet seed must be securely stored to safeguard your funds. There are no possible retrieval methods if you lose, insecurely generate or compromise your seed. Knowing the 'seed' is equivalent to 'owning' the tokens.

Things to remember

1. You are your own bank

You are your own bank These technologies are their infancy and are prime targets for hackers, so take the time to educate yourself before buying and securing your IOTA tokens.

2. The secret is secrecy

Keep your secrets secret As is the case with all digital currencies, the IOTA security measures rely on the owner's ability to protect the wallet seed. For more information on how to safely generate and secure an IOTA seed, see this blog post.

3. Possession is ownership

No key, no ownership If the seed is compromised, forgotten or misplaced, there is no recourse. The IOTA Foundation has absolutely no ability to recover lost tokens or seeds.

Before buying IOTA it is pivotal to take the time to understand the various nuances about the unique IOTA protocol, including the unique digital signature scheme, the difference between seeds and private keys, and so on. More information can be found in the FAQ.