IOTA co-founders: Growth will “accelerate exponentially”

  • In a Bittrex AMA the co-founders of IOTA, Dominik Schiener and David Sønstebø, have stated that the growth of the IOTA ecosystem will “accelerate exponentially”.
  • The IOTA Foundation has two major goals for 2020: To make IOTA ready for business and to implement Coordicide.

To celebrate the listing of IOTA (MIOTA) on the crypto exchange Bittrex, a Ask-me-Anything (AMA) was recently held. During the session, IOTA co-founders Dominik Schiener and David Sønstebø answered questions from the community.

At first, Schiener and Sønstebø answered the question whether IOTA was founded as a non-profit organisation and why in Germany of all places. Sønstebø said:

We are extremely proud to be perhaps the only (next to Bitcoin) project that had absolutely no premine, early investor schemes or founder allocations. When one is going to create a standard that is meant to be globally adopted, it has to be open, free and fair.

We also made the unorthodox decision to set up the Foundation in Germany, one of the most regulated countries in the world, precisely to commit to onerous oversight and openness of the development of this vision.

Regarding the growth of the IOTA ecosystem, both co-founders noted that the Foundation is pursuing an organic growth approach. As we develop a technology that is ready for industrial use, interested companies will inevitably want to inquire and use the technology. According to Schiener, this approach has already paid off:

Because of our focus from Day 1 on value creation and working with larger corporates, we have organically grown as one of the largest ecosystems in the space. Many companies come to us because they want to work with IOTA. JLR is just one of those great example where they are now seriously working on their Car eWallet.

As Sønstebø noted, it takes practical use cases to make cryptocurrencies mainstream. IOTA’s cooperation with Jaguar Land Rover is one example of this:

Our philosophy is that crypto becomes mainstream when people aren’t even aware that they are using it. Sure, it’s really great with evangelism and awareness raising, but it’s naïve to think that the world will suddenly ‘switch over’ to crypto based on some deep conviction of principles. There needs to be killer applications that demonstrate. JLR car eWallet is a good example of that.

The IOTA Foundation’s goals for 2020

With regard to future partnerships, the two IOTA co-founders stated that IOTA is a founding member of INATBA and currently holds the chairmanship of the board. Within this framework, the IOTA Foundation is working on numerous projects as well as in cooperation with open source organisations such as Eclipse and Linux. However, neither of them wanted to make concrete announcements. Sønstebø explained that there will be a “snowball effect” at some point.

The Jaguar Land Rover project is a perfect example of organic adoption. We certainly believe (and know) that several more companies are looking into adopting IOTA already, it becomes sort of like a snowball effect. As a company sees another competitor adopting a technology that gives them an edge, they have to keep up.

Asked specifically about potential names of future partners, Sønstebø said that growth will “accelerate exponentially”:

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Haha, nice try You know our policy on refusing to preannounce announcements. All I will say is that adoption keeps accelerating at an exponential rate.

For this year the IOTA Foundation has two major goals:

This year we have committed ourselves to be absolutely focused on 2 fundamental things: Making IOTA enterprise-ready to enable large corporates to productively build on the IOTA Mainnet, and delivering on the promise of Coordicide. The first Coordicide prototype will go live over the next few weeks, with an incentivized testnet launching in the middle of this year.

Since last year we have really shifted away from just doing Proof of Concepts and are moving towards actual product development and even deployments. Goal for this year is it to participate in several testbeds and showcase the power of IOTA and its applicability in several sectors.

Big news about IOTA’s JINN will be released on Monday

Beyond the AMA there was a very big news for all IOTA supporters and investors last Thursday. David Sønstebø announced via Discord that tomorrow, Monday 3rd February, all questions regarding JINN will be clarified.

JINN is a top secret project so far. All that is known is that a revolutionary microprocessor based on trinary calculation methods is being developed, which could potentially be the breakthrough for IOTA as a base layer for machine economics. Regarding the news article Sergey Ivancheglo announced yesterday that the news about JINN will be published in two phases. The second phase is expected to come only a few days after the first one.

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About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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