According to the co-founder of IOTA - Dominik Schiener, this currency algorithm is fairer and better than the cryptocurrency on the market today. So 2018 will be the boom year for IOTA, with new projects being put in place, putting the coin in the right spot - in the top three worldwide currency.
2017 is an important year for IOTA. Following the announcement in November of plans to build a data marketplace with more than 40 participants - including Microsoft, Volkswagen and Fujitsu - the price of an IOTA token jumped from $ 0.70 to more than $ 5.30.
IOTA was created in 2015 by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov. Financial financiers around the world together with IOTA co-founder Dominik Schiener discuss more deeply the IOTA platform technology and the IOTA Foundation for this network in 2018.
Here's the first part of Finance Magnates exclusive interview with Dominik Schiener about the technology and the future of coin.
Can you explain to us how Tangle is decentralized as a regular blockchain?
This story has two sides. First, let's start with what we have at the present time. If you have already read the IOTA white paper , the main assumption of the IOTA network is that it must be large enough to sustain itself.
This means that in the early stages, when the network is growing and more and more people are involved, at some level this network is vulnerable to attack - so now we need a coordinator. (Coordinator - a special node). Basically, this coordinator helps the network determine which transactions are valid and which transactions are not valid.
Thus, the network is still decentralized, still validated, but there is also a special node that acts as a guide gear. This allows the network to grow, protect the network from mass attacks, and now what we are doing is gradually turning off this node so that the network can stabilize slowly.
In the future, when the dispatcher has stopped working, the network will not fully focus on the mesh networks that are connected to each other, each with its own version. Of course there will be compatibility between them, and through which the network is dynamic and scale constantly expanding.
Do you plan to integrate IOTA into some common cryptocurrency wallet? I know IOTA has its own wallet, but if the user does not know much about the technology then can not use that wallet?
We have beta test now. Over the past six months our team is developing a UCL wallet, and this wallet is much more user friendly. It is a scandal that only a year ago I thought:
I was hesitant. But now we have enough people for the UCL wallet development team, and are working hard to quickly create the product. But worth it? UCL wallets run on iOS, Android and desktops, and are undoubtedly one of the best in the market.
The price of IOTA has risen sharply following the announcement of the data warehouse. Although there are some fluctuations but still growing impressive. Where do you think IOTA will be in the next 6 months?
I hate to answer such questions, because honestly, I do not know what will happen in the future. Even if the current cryptocurrency market is worth $ 600, $ 700 billion, or more - no one has ever expected that.
So, when it comes to IOTA, I always say that this currency has the potential to become the backbone of our current machinery economy - so the multi-billion dollar market value will be meaningful. Very large with IOTA. In my opinion, next year, a large number of IOTA projects will be launched, legally distributed and distributed to users around the world.
In my opinion, by the end of 2018 IOTA will definitely be in the top 3 co-cryptocurrency on the market. It's not cool, I'm betting on it.
There is this funny story - the last time I was betting with someone in the community that:
If I lose, I'll go naked to ski. And of course I won, lucky?
Recently, some Ripple Founders have been ranks among the most affluent in the world. So, I'm curious as to which type of financial holdings IOTA owns?
This is precisely one of the biggest differences between IOTA and the remaining cryptocurrency projects. The way Ripple, Ethereum or other digital currency projects are to allocate a number of tokens to the founders. Therefore, Ripple makers become rich because they pre-allocate to themselves 30% or 35% of the tokens. The founders of Ethereum even hold up to 70%. This is crazy!
As for IOTA, we have completely released the 100% token market. So, as a founder, to have a stake in the project, we still have to buy the token from the ICO just like you. This is similar to the IOTA Foundation.
With this fund, we went to the community of users and said:
That's how the community is always together, people donate tokens, about 5% of total supply. This is how the IOTA Foundation is funded. We still have to buy it ourselves.
So in my opinion, IOTA is one of the most equitable distribution available on the market. Because our founders still have to buy it - perhaps because Robert Bosch Venture Capital decided to invest in IOTA's tokens.
Big corporations out there own extremely valuable brand names - they buy tokens, and not just buy tokens, but also make the founders become billionaires. Are we all not normal? That's just the way money is pumped out, not worth it. So that IOTA is better than many other projects.
And, in short, I have enough motivation to work 24/7, even without life!