- IOTA’s lead developer Dominik Schiener explains how the blockchain infrastructure will contribute to enabling national currencies like the USD and Euro, digitally.
- Instead of calling them cryptocurrencies, Schiener refers to them as digital assets that provide economic security to keep the network impartial, tamper-resistant, and decentralized.
Charlie Munger’s recent bashing of crypto has once against sparked the debate about whether cryptocurrencies are here to replace the national currencies. As usual, in his recent interview with CNBC, Mumger lashed out at digital assets referring to them as “crypto shit”. He further went on to state that “there’s nothing on earth that’s done more good to the human race than national currencies”.
Of course, Munger’s arguments have drawn criticism from the crypto community. The crypto enthusiasts have lashed out at the veteran investor calling him out for his little understanding of cryptocurrencies.
IOTA’s lead developer Dominik Schiener is, however, taking a middle route for this. At IOTA they have stopped referring it to as a “crypto-currency”. He says that goal is just to build a robust programmable infrastructure for digital economies that benefits everyone.
We have to stop calling it “crypto-currency”. We are definitely not creating currencies that will replace fiat currencies – that idea is long dead.
We are building unstoppable, programmable infrastructure for digital economies that benefit everyone. https://t.co/1uaPwxrVcj
— Dominik Schiener (@DomSchiener) February 19, 2023
Schiener further added that blockchain technology “allows for unique, immutable digital records of data”. The applications are endless for real-life use cases instead of pipe dreams. The lead IOTA developer further added that tokenization is the key to our future that dissolves the digital divide.
He said that IOTA will empower to take control of digital autonomy. It will also help them participate in a digital ecosystem that gives them control and ownership.
Blockchain Innovation Akin to Cloud Computing
IOTA’s lead developer Dominik Schiener compares blockchain innovation to cloud computing of the last decade in terms of the economic impact it will create in the future. He also explains why it is essential to have digital assets in place. Schiener added:
The way we keep this programmable infrastructure secure and immutable is through fairly distributed tokens (aka digital assets)! These digital assets provide the economic security to keep the network impartial, tamper-resistant and decentralized.
This is the most important use case of these crypto tokens – they keep the network secure, decentralized and immutable. No individual, company, state actor, government etc. can control or take over the network. It is decentralized and secure – which is what gives it value.
He further went out to explain how currencies are not here to replace fiat but still have a value of their own. He also explained how digital networks like IOTA are here to build secure digital currencies like the USD and Euro.
Yes, these tokens have value. And yes, they can be transferred easily across the globe at low cost. But they are not here to replace fiat currencies!
Quite the opposite, decentralized networks like #IOTA are perfect to build and secure digital currencies (like the Euro or USD).
— Dominik Schiener (@DomSchiener) February 19, 2023
He ultimately went on to conclude that cryptocurrencies are not here to replace national currencies. Instead, the blockchain infrastructure seeks to enable them, digitally. The IOTA blockchain continues to see good development activity in recent times. It has once again featured in the list of top ten blockchains by developer activity in the GitHub report.
GitHub Weekly Development Activity:
#1: 599 Polkadot / Kusama
#2: 523 Cardano
#3: 434 Internet Computer
#4: 421 Vega Protocol
#5: 390 Status
#6: 382 Decentraland
#7: 361 Ethereum
#8: 320 Filecoin
#9: 309 IOTA
#10: 304 ChainLink pic.twitter.com/B053QyzZNR— ProofofGitHub (@ProofofGitHub) February 19, 2023
On the other hand, the developers have continued their work with the upcoming release of IOTA 2.0. Here’s the latest development in place.
GM #IOTA Fam,
we will hold it short today.
The last Feature “conflict DAG” is merged into the release code base. So the #MVP is now feature complete.
We will (and do already) see some more testing and bug fixing until the official release.
— ID.iota (@id_iota) February 18, 2023
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