Oluwapelumi Adejumo · 3 hours ago · 2 min read
The IOTA Foundation was established in Germany as a formal, non-profit organization (‘gemeinnützige Stiftung’) in 2017 by Dominik Schiener and David Sønstebø.
The IOTA Foundation’s primary goals are to:
- Research and secure the foundational protocol layer, and create new knowledge to benefit the ecosystem behind the economy of things.
- Develop production-ready software for the community, partners, and ecosystem to use and expand upon.
- Educate and promote technologies and use cases for new generations to understand and to ensure the Foundation’s success.
- Standardize and ensure the maturity and widespread adoption of the economy of things.
The IOTA Foundation is funded in three ways:
- Holdings of IOTA tokens from community donations and unclaimed tokens from the initial crowdsale.
- Grants from governments to perform research and development.
- Donations from individuals or enterprises.
The IOTA Foundation is governed by a formal charter and includes:
- A Governing Board to set and achieve the Foundation’s vision and run its operations.
- A Supervisory Board to guide and oversee the performance of the Governing Board.
- An Advisory Board to provide independent advice, perspective, and direction.
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