- Co-founder of IOTA Dominik Schiener has disclosed multiple projects that are being worked on by the team following allegations of lack of transparency.
- According to Schiener, the infrequent update on developments is intentionally meant to avoid speculations.
IOTA (IOTA) has recently been under attack for what appears to be a lack of activities and transparency within its ecosystem. To address this concern, its co-founder Dominik Schiener has disclosed that the team has good reasons for its infrequent updates. According to him, releasing information prematurely would lead to further questions and trigger speculations. For this reason, it has only become appropriate to release information when necessary.
Reviewing a screenshot shared by an X user, the IOTA’s co-founder hinted that it is currently working on decentralizing the project, layer 1 smart contracts, and real-world adoption.
These are the type of messages that keeps me #Bullish on @IOTA While many people share negativity and FUD their own bags they let vital information fly under the radar leaving them behind the curve which ultimately causes them to FOMO in when its already on the rise.
Projects… pic.twitter.com/FdHySdVN15— E2NWO (@E2NWO) October 2, 2024
Dominik Schiener Gives More Update on IOTA
In explaining how his project differs from the others, Schiener pointed out the adoption cases such as TWIN in trade and logistics, Eviden and DPPS, Tokenization, and digital identity, which would be integrated on the mainnet. According to him, this would transition IOTA toward mainstream adoption, drive the transaction volume of its native tokens, and boost demand. On top of that, a major announcement could be made in October or November to this effect.
Adding to the development in the pipeline, Schiener mentioned that the team is working on an entire Web3 ecosystem. This implies that IOTA would rub shoulders with leading networks in terms of Decentralized Finance (DeFi) and the Web3 application ecosystem. Based on his statement, this development would unlock opportunities for the IOTA community to earn yields using their native tokens, invest in projects, and introduce their projects.
With IOTA, we are bringing the real world to Web3, and we will truly start to differentiate ourselves once we start merging the two worlds.
Ongoing Activities
To object to the widely speculated notion of a lack of activities, Schiener disclosed that he was heading to Kenya to effectuate the effort of the team to build a trade finance pilot to ensure that farmers’ invoices are tokenized. This implies that invoice factoring could be done on-chain. Throwing more light on this, Schiener pointed out that the trade finance industry is valued annually at a trillion dollars. Specifically, the financing gap, according to the IOTA co-founder, is between $2 trillion and $3 trillion per year. Per his observation, IOTA and its DeFi ecosystem “can start closing the gap.“
In addition to this, the team was disclosed as being in constant communication with partners to use IOTA for their cross-border payments of stablecoins. Highlighting its previous track record and contribution, Schiener mentioned that the network has supported some ecosystem projects that are tokenizing funds and are bringing yield-bearing assets on-chain. Most importantly, the developer team is currently bringing Real-World Assets (RWA)-backed and collateral-backed stablecoins to the IOTA network.
It is also working on an effective on-chain Know-Your-Customer (KYC) system for seamless investor onboarding. This would complement its effort to ensure that its identity framework can be used in the real world by traders and enterprises. To a greater extent, this would securely issue verifiable credentials for easy identification in the real world.
At press time, IOTA was trading at $0.11 after declining by 6% in the last 24 hours.
