The post Dominik Schiener Discusses Web3, IOTA 2.0, and RWA appeared on BitcoinEthereumNews.com.

IOTA founder Dominik Schiener emphasized the foundation’s focus on long-term real-world applications of blockchain, particularly in tokenizing real-world assets (RWAs). Schiener discussed the ongoing development of IOTA 2.0, including the shift from a centralized Coordinator to a “proof of authority” model for decentralization. In a recent interview, Dominik Schiener, co-founder of the IOTA Foundation, discussed IOTA’s future in the Web3 space, the development of IOTA 2.0, and its focus on real-world asset tokenization projects. Schiener emphasized the need for real-world applications of blockchain, a shift from the crypto industry’s trend of “get-rich-quick” schemes. IOTA Foundation Co-founder Offers Insight Into Web3 Schiener acknowledged that many blockchain projects have deviated from their original visions by chasing short-term profits instead of creating tangible value. “Crypto only makes sense if it’s really applied in real life,” Schiener said. Moreover, he emphasized that the IOTA Foundation remains focused on long-term utility rather than hype-driven projects. Additionally, he highlighted the foundation’s commitment to real-world asset tokenization, as reported by CNF. This RWA application could revolutionize sectors like trade finance by providing increased liquidity and transparency. Also, one of the critical points he discussed was the significance of IOTA 2.0. Scheiner opened up on the removal of the “Coordinator,” a key aspect of IOTA’s consensus mechanism that has drawn criticism for centralization. Schiener noted, “The Coordinator is not important for the entire crypto space…removing the Coordinator doesn’t help us in the market.”  Instead, the IOTA Foundation has shifted to a “proof of authority” model, where a distributed validator set secures the network. This transition will pave the way for a more decentralized future for IOTA. Schiener also provided updates on IOTA’s DeFi achievements, revealing that the network’s Total Value Locked (TVL) had surpassed $5 million, reported CNF. He noted that more projects, including decentralized exchanges (DEXs) and…

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Filed under: News - @ September 30, 2024 7:27 pm