The ICO was founded by Dominik Schiener, and launched in 2015. While IOTA is a distributed ledger, it does not utilize blockchain. Proofing occurs through it’s directed acyclic graph (DAG) network known as the Tangle. IOTA merges the user and validator (miner) where the user’s device simply confirms 2 transactions on the Tangle in order to process the user’s transaction. IOTA has set itself as the backbone of the Internet of Things (IoT) which basically means the MIOTA token has the capability of becoming a utility token representing anything requiring an internet connection. A total supply of 2,779,530,283 tokens was set with every token in circulation. This eliminates transaction fees altogether. The IOTA roadmap and IOTA events are continuously updated with the core project being that of real-world implementation - a partnership with Volkswagen was announced as well as the release of the Trinity Wallet.