|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
IOTA Foundation Co-founder Offers Insight Into Web3
Sep 30, 2024 at 09:15 pm
Dominik Schiener, co-founder of the IOTA Foundation, discussed IOTA's future in the Web3 space, the development of IOTA 2.0, and its focus on real-world asset tokenization projects.
In a recent interview, Dominik Schiener, co-founder of the IOTA Foundation, discussed IOTA’s future in the Web3 space, including its development of IOTA 2.0 and its focus on real-world asset tokenization projects. Schiener also shared his thoughts on the broader crypto industry and its shift towards a focus on real-world applications.
IOTA Foundation Co-founder Offers Insight Into Web3
Schiener highlighted the IOTA Foundation’s commitment to real-world applications of blockchain technology, a shift away from the crypto industry’s trend of “get-rich-quick” schemes. “Crypto only makes sense if it’s really applied in real life,” Schiener said.
He emphasized that the IOTA Foundation is focused on long-term utility rather than hype-driven projects, as reported by CNF. Schiener also highlighted the foundation’s commitment to real-world asset tokenization, an application that could revolutionize sectors like trade finance by providing increased liquidity and transparency.
One of the critical points Schiener discussed was the significance of IOTA 2.0. He opened up on the removal of the “Coordinator,” a key aspect of IOTA’s consensus mechanism that has drawn criticism for centralization.
“The Coordinator is not important for the entire crypto space…removing the Coordinator doesn’t help us in the market,” Schiener noted.
Instead, the IOTA Foundation has shifted to a “proof of authority” model, where a distributed validator set secures the network. This transition will pave the way for a more decentralized future for IOTA, as reported by CryptoSlate.
Schiener also provided updates on IOTA’s DeFi achievements, revealing that the network’s Total Value Locked (TVL) had surpassed $5 million, as reported by CNF. He noted that more projects, including decentralized exchanges (DEXs) and tokenized assets, are in the pipeline.
“Some games are now coming to IOTA, and I think the goal is that we’re building our own ecosystem,” Schiener said. He stressed the importance of creating new utilities for the IOTA token through these projects.
IOTA’s Focus on Tokenizing Real-World Assets (RWAs)
Another focus area for the IOTA Foundation is tokenizing real-world assets, such as real estate and government bonds, Schiener explained how this would bring more efficiency to sectors reliant on traditional finance systems, as reported by CNF.
“In crypto or blockchain, it is immensely more efficient…you can read everything completely on the blockchain,” he remarked. He described how tokenization could simplify processes like tracking net asset value in real-time.
This ability to tokenize assets would make markets more accessible and liquid by attracting institutional investors. Schiener also touched on IOTA’s partnership with governments and businesses, especially in the field of trade logistics.
He revealed that IOTA is working with the Kenyan government on a project called the Trade Logistics Information Pipeline. This project aims to create a transparent supply chain. The venture, initiated in 2018, is now moving into production.
Finally, Schiener acknowledged that progress in the blockchain space has been slower than anticipated, but he remains optimistic. “It always takes much longer than expected,” he admitted. Despite these challenges, he reaffirmed IOTA’s commitment to developing real-world use cases.
Recommended for you:
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.