Original Post – https://stocksgazette.com/2017/12/31/understanding-the-iota-miota-and-its-potential/
All Credits to Abby Carey
The first complaint Serguei Popov had was that of high transaction fees. Every bitcoin comes at a cost, even when the purchase is small. This implies that transactions of smaller values weren’t financially possible under the current terms. A suggestion to remove transaction fees from the bitcoin system isn’t viable considering it is the primary incentive for the verification infrastructure.
To solve this problem, Dr. Popov, a Ph.D. in mathematics, joined with David Sønstebø, Sergey Ivancheglo, and Dominik Schiener came together to work on it. Dr. Popov took care of the math, while Ivancheglo and Schiener wrote the code. The whole project was managed by Sønstebø.
The four scientists worked together and finally launched the new token two years ago. In their whitepaper, the team explained that “At the beginning of the tangle, there was an address with a balance that contained all of the tokens.” The team further added that while using a “Genesis” transaction, the tokens were transferred into the founder addresses.
A system that is built with no miners and monetary incentives means there is no reason to conceive of future token creation. Every IOTA token that will exist has already been created in that first singular moment, with the total tokens being 2,779,530,277,761. The entire coins have already been distributed to those who partook in the crowdsale, with a total of 1,337 Bitcoins raised for its development.