Vada and 360 Degrees

It is well known that each circle has 360° of angles. But why 360°? Why not 400° or 500° to make calculations easier? What is the basic concept behind this computation of 360° of angles for a circle? Who first, when and in what text, developed this concept? When we analyse and go in-depth into these details, we will astonish to know the mighty knowledge and the wisdom of the Rishies of our Motherland, Bharat.