- IOTA co-founders took part in a live AMA with a host from Satoshi Street Bets.
- Smart contracts, IOTA 2.0, and the Coordicide project made up some of the topics.
In a live AMA hosted by David Gilbert on Tuesday, IOTA’s co-founder Dominik Schiener answered questions from Satoshi Street Bets sub-Reddit platform. Topics revolved around IOTA smart contracts (ISCP), the Coordicide project, and plans for the network.
As one co-founder explained, the ecosystem came up as a solution to blockchain challenges in mainstream adoption. These include scalability, transaction fees, and network inclusivity. IOTA’s unique distributed ledger technology (DLT) called the Tangle, was developed to solve these issues. Using the platform now brings the benefit of zero transaction fees along with other upcoming features such as smart contracts.
Additionally, the IOTA executive is convinced that investing in the project will be useful especially in the long term. The network is currently developing new partnerships with leading organizations. IOTA 1.5 was also launched early this year, simplifying network use and increasing transaction speed. Even more, developments such as tokenization, NFT incorporation, and car e-wallets are underway. Their implementation is expected to attract more developers and investors to the network.
Notably, IOTA’s executives are still confident that the network’s native token, MIOTA, has the potential for positive price action. At writing time, MIOTA was trading at $1.64, up 8.2 percent in the day, our data shows. However, the token ‘fell from grace’ three years ago when its price dipped from an all-time high of $5.35. Since 2019, MIOTA has been oscillating between less than a dollar to $2.50. The token is ranked 45th by market cap, a massive drop from its heydays.
IOTA 2.0, Coordicide and more
Other than that, the network has been criticized for its architecture. To protect Tangle from attacks in its early phase, the firm employed a so-called Coordinator (Coo). Coo is a special node that makes the network more centralized. However, IOTA maintains that it is still working on the Coordicide project which restores decentralization. The project will be launched as part of IOTA 2.0 on an unspecified date. Currently, the platform is running a testnet without a Coordinator.
As for its achievements, IOTA, among other networks, was selected by the European Union to showcase its DLT technology. Dubbed Alvarium, the project creates trust scores between IOT devices building “a data confidence fabric.” This measure’s reliability, which is critical especially for enterprises. The Alvarium project is under the Linux Foundation with Dell, Intel and IOTA being contributors.
Delving into the uniqueness of the network, the co-founder said decentralization and its DLT technology are key features. The network’s design eliminates the need for delegators, stakers and miners that make decisions in the network. Its parallel chains also prevent network congestion and high gas fees. However, the platform upholds co-existence as each project has its own objectives.
In the future, the network intends to incentivize the use of the IOTA 2.0 testnet to encourage user participation. IOTA co-founder says the road to IOTA 2.0 is over 50 percent complete. The IOTA team also plans to advance into the US and migrate its development fund to Switzerland for broad-spectrum project support.