I'm personally not convinced it is useful and don't believe the claims many additive companies make about it. Iodine is mostly consumed by algae, but they also grow fine without it, at least chaeto and caulerpa racemosa.
I dosed it for many years, then stopped and saw no difference. Many experienced reefers had a similar experience.
FWIW, aside from certain specific organisms that have a use that I detail in my iodine articles, the need or use for iodine in most organisms we keep is not supported by the scientific literature.
There are a variety of forms of iodine that people dose. While I do not recommend it, many people dose Lugol's (a mix of I2 and I-), which is going to have effects unrelated to the iodine content, and may impact the bioavailability of many trace elements that it can potentially oxidize into different chemical forms.
I discuss iodine in detail here:
Chemistry And The Aquarium: Iodine in Marine Aquaria: Part I ? Advanced Aquarist | Aquarist Magazine and Blog
Chemistry And The Aquarium: Iodine In Reef Tanks 2: Effects On Macroalgae Growth ? Advanced Aquarist | Aquarist Magazine and Blog