The Puropse of the IOTA Foundation [Quotes by Dom @ Discord]

Quotes by Dominik Schiener [Discord #General Channel]:

The purpose of the IOTA Foundation is it to: Develop Research Standardize Ecosystem Building

as a general FYI, of things that everyone in the community should appreciate. We are truly defining the IOTA Foundation right now and what exactly its purpose is in the entire ecosystem. The sustainability of the Foundation is top priority right now, even though we have a lot of money right now, we want to be self sustainable, and we want our ecosystem to be self sustainable.

Exactly that is what we are doing right now with several of our initiatives. Developing the full vision of IOTA will take several years, and we want to be prepared to take on this challenge. Everything that’s been going on internally makes me confident that we will be able to, as we are doing restructuring and hiring new people to help us resolve certain issues / initiatives we can’t with the current capacity that we have. Overall, it’s truly exciting.

I personally think that for a DLT to be adopted there are 3 things required:

  1. Research. No DLT is production ready. Everyone is still in beta (even Bitcoin), and there are fundamental questions to be answered. The IOTA research team is currently working on several solution to help us leapfrog other projects and overcome the problems our critics have been pointing out.Getting rid off the coordinator is a big one obviously.

  2. Development. The IRI implementation and Coo have been running very well recently, and we are working on a lot more improvements to make the entire network run more smoothly. Local snapshots and Permanodes are very promising, and it’s right now being tested intensively by us and the community.

  3. Ecosystem. We not only have corporates, but also startups developing solutions with IOTA. iampass, twoiot, etc. are startups that build on top of IOTA, and utilizte it to get the advantage over other startups.

and I forgot: 4) Standardization. Even though we are early in figuring out which DLT will win, being able to come to an agreement to what the final protocol will look like, that will be adobed by a larger ecosystem, is truly important. Look at what OMG has been doing. Look at Richard Soley’s background.

I think people in the community have to truly once and for all understand what the ultimate goal is. In my opinion, the ultimate goal is for IOTA as a protocol to be standardized, for the IOTA token to be utilized for economic transfers between machines for a many use cases, and for an ecosystem of applications (especially on top of Qubic) to be built on top of it. Ultimately, the increase in value of the token is less important right now. The world truly needs a solution that can help us resolve the current issues that we face. Tesla is doing a great job at that (electric vehicles), and IOTA is doing a great job, by making us realize how DLT can make the Machine Economy a reality and lead to important societal changes.

DLT is a paradigm shift. It changes how we as a society operate. DLT’s will be the backbone of the systems that make of our systems. It is the backbone of everything. Only very few DLT’s have the potential to be the backbone of anything (I don’t believe in ICO’s and utility tokens). IOTA has the potential to be the backbone of the next paradigm shift: large scale automation and data collection through smart machines (i.e. IoT). Only this will ultimately lead to the success of our society as a whole.

I posted this in another channel (and I’m happy for input):

Only this will lead to the success of us as a society:

  1. Automation and more Industrialisation

  2. Automation and Universal Basic Income

  3. Autonomy for Machines

  4. Machine Economy and large scale automation

  5. Pure Innovation and progress

  6. Zero Margin Economy

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