Are the IOT tokens (that the HL100 mines) and HNT tokens 1:1?

The IOT protocol token is backed by the HNT token and can be converted to HNT using the Helium Wallet app. The conversion ratio is not 1:1 but set algorithmically by Helium’s smart contracts. Learn more about this in Helium’s documentation: https://docs.helium.com/tokens/iot-token