The Iota network and its native coin, MIOTA, were created to focus on the IoT. It aims to provide a platform for secure and scalable machine-to-machine (M2M) communication and value transfer. MIOTA can be used as a means of exchange within the Iota ecosystem and has a market value that can be expressed in U.S. dollars (USD).
Iota is an open-source network overseen by the Iota Foundation, a non-profit organization based in Berlin, Germany. The Iota Foundation aims to support the developing and adoption of the Iota network and its technologies, including the Tangle and MIOTA.
In addition to its focus on the IoT, the Iota network and MIOTA have also been used in various other applications, such as supply chain management, digital identity, and data integrity. The Iota network has partnerships with several major companies and organizations, including Volkswagen, Bosch, and the Massachusetts Institute of Technology (MIT).