The Evolution of IOTA: From IoT to Web3 and Real-World Asset Tokenization
crypto-news-flash.com 23 July 2024 07:29, UTC - IOTA plans to bring billions of real-world assets on-chain through tokenization.
- IOTA’s use of directed acyclic graph (DAG) technology enables faster, fee-less transactions and supports its transition to a robust Web3 ecosystem.
Following a recent interview, Dominik Schiener stated that the IOTA Foundation plans to bring billions of assets on-chain through RWA tokenization, as reported by CNF last June. In a revealing interview with Professor Jo on a popular Korean YouTube channel, co-founder of IOTA, Dominik Schiener, shared his intriguing journey of IOTA, a blockchain project that was initially part of his high school startup in 2015 and turned into a groundbreaking initiative worth over a trillion Korean won.
The conversation delved into IOTA’s beginnings, its transition to Web3, and its ambitious plans for real-world asset (RWA) tokenization. Dominik Schiener, shared his excitement on his X account about a productive discussion with Professor Jo, where they delved into IOTA’s journey, its unique differentiators, and its commitment to real-world adoption.
Had a great talk with Professor Jo talking about #IOTA, our history and how we differentiate from everybody else by focusing on real world adoption.
Thank you Prof. Jo for the interview and letting me explain IOTA to your Korean community https://t.co/YKPwncXCPB
— Dominik Schiener (@DomSchiener) July 22, 2024
IOTA’s Vision and Technological Approach
Schiener explained that IOTA aims to ensure blockchain adoption in real-world applications by using a directed acyclic graph (DAG) structure, which allows for faster, more efficient, and fee-less transactions. He stated,
Our vision was always to make sure that blockchain gets adoption in the real world, that it really fulfills its purpose as a technology that impacts our lives and is used in everyday life.
To adapt to the evolving blockchain landscape, IOTA launched its Ethereum Virtual Machine (EVM)-compatible layer 2 chain, facilitating decentralized applications (dApps) and building a robust Web3 ecosystem. Schiener noted,
Instead of having a blockchain, which is this sequential chain of blocks, we introduced a directed acyclic graph (DAG). This allows for parallel processing of transactions, leading to faster, more energy-efficient operations with potentially no transaction fees.
Porespectives and Real-World Asset Tokenization
IOTA 2.0 will feature a decentralized, permissionless consensus mechanism, enabling anyone to become a network validator. Additionally, IOTA is focusing on tokenizing real-world assets (RWAs) such as treasury bills, ETFs, and trade finance assets, collaborating with platforms like Tokeny and regulatory bodies to enhance liquidity in the decentralized finance (DeFi) ecosystem.
The recent launch of IOTA EVM opens new opportunities for community involvement in token launches and DeFi applications. Currently, IOTA is trading at $0.1733, with a decrease of 3.69% in the past day and an increase of 0.86% in the past week. See IOTA price chart below.
