IOTA's 10-Year Crypto Comeback: A Mission-Driven Story of Reemergence and Resilience

IOTA co-founder Dominik Schiener discusses the project's 10-year journey, from its peak in 2017 to its recent comeback. IOTA focused on building infrastructure for international trade and institutional adoption, rather than pivoting to NFTs or memecoins. Schiener emphasizes the importance of real-world adoption, citing IOTA's use in digitizing trade data, issuing digital identities, and tokenizing commodities. He believes the project's trust and credibility stem from its community-driven approach and avoidance of VC funding.

IOTA co-founder Dominik Schiener recently reflected on the project's decade-long journey, highlighting its focus on building infrastructure for international trade and institutional adoption. Unlike many blockchain projects that pivoted to NFTs or memecoins, IOTA has remained steadfast in its mission to digitize trade data, issue digital identities, and tokenize commodities [1].

Schiener emphasized the importance of real-world adoption, stating that IOTA's success stems from its community-driven approach and avoidance of VC funding. This strategy has allowed the project to maintain a high degree of trust and credibility among its users and partners.

In 2017, IOTA reached its peak, with a market capitalization of over $13 billion. However, the project faced challenges in the following years, including regulatory hurdles and market volatility. Despite these setbacks, IOTA has made a significant comeback, driven by its focus on real-world applications and strategic partnerships.

One of IOTA's key achievements is its use in digitizing trade data. The project has partnered with various companies and organizations to implement its technology in supply chain management, logistics, and trade finance. These partnerships have helped IOTA gain traction in the real world and demonstrate the value of its technology.

Schiener also highlighted IOTA's role in issuing digital identities. The project has developed a decentralized identity system that allows users to control their personal data and manage their digital identities. This system has the potential to revolutionize how individuals interact with digital services and platforms.

Additionally, IOTA has made strides in tokenizing commodities. The project has partnered with various agricultural trading firms, such as Davis Commodities Limited, to implement its technology in the tokenization of commodities. This partnership has helped IOTA gain exposure in the ESG-driven commodities market, which is expected to reach $500 billion by 2025 [2].

Looking ahead, IOTA aims to continue its focus on real-world adoption and strategic partnerships. Schiener believes that the project's long-term success will depend on its ability to maintain a strong community and continue to innovate in the face of regulatory and market challenges.

References:
[1] https://www.sciencedirect.com/science/article/pii/S2590123025023096
[2] https://www.ainvest.com/news/davis-commodities-blockchain-regulation-fuel-growth-esg-driven-agri-trade-2507/