IOTA Token
The native asset on IOTA is called IOTA.
At the launch of IOTA Rebased, 4,600,000,000 IOTA tokens were migrated from the previous network called Stardust. There is no maximum supply of IOTA - the total supply will fluctuate over time according to the combination of a given inflation rate and the burning of fees.
The amount of decimals for the IOTA token has changed from 6 to 9 with this release, any balance from the Stardust network has been migrated and multiplied by 1000 to accomodate.
The IOTA token serves four purposes on the IOTA network:
- You can stake IOTA to participate in the proof-of-stake mechanism.
- IOTA is the asset denomination needed to pay the gas fees required to execute and store transactions or other operations on the IOTA network.
- You can use IOTA as a versatile and liquid asset for various applications, including the standard features of money - a unit of account, a medium of exchange, or a store of value - and more complex functionality smart contracts enable, interoperability, and composability across the IOTA ecosystem.
- IOTA tokens play an important role in governance by acting as a right to participate in on-chain voting on issues such as protocol upgrades.
The tokenomics must support all economic activities to scale as more and more people migrate to the IOTA platform. In addition, the presence of storage deposits creates important monetary dynamics, reducing the amount of IOTA in circulation.
All original IOTA Tokens are represented as a 0x2::iota::IOTA type of object on IOTA Rebased, accessible on the same (Hex format) addresses from the Stardust based network. No manual migration is needed to access these tokens.