IOTA founder Dominik Schiener vows to “Make IOTA Great Again,” aiming to restore the token’s prominence in the crypto market.
Dominik Schiener, the architect of IOTA, has committed to “Restoring IOTA to its former glory.” Schiener, in an allusion to Donald Trump’s Make America Great Again maxim, which secured his second term as the leader of the free world, asserts that it is time to reinstate IOTA to the “big boys” table, where it has been for years.
“I am here to move IOTA forward to new heights. A comeback story like the market has never seen,”
Restoring the Greatness of IOTA
IOTA was once a prominent player in the cryptocurrency industry. As cryptocurrency became more prevalent in 2017, it became a significant player due to its distinctive architecture, which was centered on Tangle.
This architecture distinguished it from the other proof-of-work networks that dominated the market at the time. In reality, IOTA was among the top ten cryptos by market cap until May 2021, when it began to decline as memecoins and proof-of-stake coins supplanted it.
It has since declined further each year, and now, with a market capitalization of $473 million, it is ranked 136th, trailing numerous memecoins and projects that have been in existence for less than three years.
In this regard, the ‘Make IOTA Great Again’ campaign is long overdue. Market valuation and token returns have frequently been disregarded by crypto purists, who contend that utility is the most significant factor.
Nevertheless, in the realm of cryptocurrency, it is necessary to entice them before addressing their obstacles. Dogecoin and Shiba Inu were dismissed for years as “just for fun” tokens, despite their parabolic ascent to the top.
Memecoins serve as an excellent illustration of this phenomenon. Nevertheless, they have been expanding their offerings and providing alternative use cases, including payment solutions for Dogecoin and Shibarium L2 from Shiba Inu, now that they are among the largest initiatives.
It demonstrates the importance of capturing attention in this ultra-competitive market, and token returns are the most apparent approach.
Nevertheless, token returns are merely a component of a much larger conundrum. Utility is even more critical, particularly in the context of long-term success. Even when its price failed to catch up, IOTA has not faltered in this field.
Schiener has maintained an ongoing involvement in this utility campaign. Realize, his organization, recently disclosed an agreement with Neovision Wealth Management, an Abu Dhabi-based organization, to tokenize US Treasury securities on the Ethereum and IOTA networks. Schiener’s objective is to increase the fund’s size to $200 million, as previously mentioned.
IOTA has also continued to investigate the potential of blockchain technology to enhance global commerce, with its most prominent solution being TLIP. In the past month, the UK government acknowledged TLIP as the most compelling demonstration of how blockchain technology can unlock the UK’s trade potential, as we previously reported.
