IOTA stated: As a lunar new year begins, they continue to focus on making IOTA the digital infrastructure for a whole new economy. They discussed a lot of things in a recent IOTA episode with Dominik Schiener and Daniel Thompson.
Dominik Schiener reminded everyone that they are working with a very big mission and vision. He pointed out that there are many exciting developments going on and that the fruits of their labor at the IOTA Foundation of the IOTA project itself are still ahead of us.
During the IOTA conversations, Dominik said he just wanted to start with a summary because many new people who first heard about IOTA and refresh their memories when they first heard about IOTA in 2017 are likely to ask: So what is IOTA in 2021? Dominik stated that it was a very important question to answer this. He said let me just start the vision. The main vision of IOTA was the Internet of Things. And IOTA’s main vision is still the Internet of Things.
We’re still building the machine economy. And IOTA is the closest protocol to machine economy as we do transaction processing which is machine to machine payments that are highly scalable and which are micro payments that enable data security – value transfer of Data and immutable data are divisible. And all of this concerns the machine economy, in which the machines begin to trade with one another.
And they could be trading resources, they could be trading services, and they could trade lots and lots of data. And this is exactly what the IOTA protocol was designed for, and they set out on a quest to fundamentally revise the blockchain technology itself and develop this new distributed ledger architecture that is the Tangle.
IOTA has worked over the past few years to design the architecture to be scalable and ready for production, and to remove the biggest problems and bottlenecks in the introduction. And all to present a technology stack to the community and the ecosystem that is really productive, where they can really take it over and integrate it into these machines and IoT devices.
This year (2021) they feel like they have a very exciting year ahead of them, with all these different pieces of the puzzle coming together to build this beautiful mosaic. Chrysalis is out in about a month, which will be the biggest upgrade in IOTA’s history. They are supposed to remove all non-standard technology, remove non-optimized algorithms, and come up with a new protocol designed from the ground up.
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The TCAT team.