Long Beach (CoinChapter) – Head of Finance for the IOTA Foundation Dan Simerman recently sat down for an interview on YouTube with Mike ‘The Investor’. Simerman had plenty to say on a number of topics pertaining to the distributed ledger including Coordicide.
IOTA currently has a lot going on as it moves toward its 2.0 rollout, aka Coordicide. They recently announced the alpha release of IOTA Smart Contracts Protocol, or ISCP. This new version of its smart contracts platform will allow developers to compile and test smart contracts for the first time. Simerman’s belief is that improving these smart contracts will make it a serious competitor to Ethereum.
Simerman noted that IOTA is currently in an upgrade phase towards Chrysalis that will allow the network to be “production ready” before Coordicide, which he added will be important in driving adoption. “2.0 is about being completely decentralized, we are upgrading the protocol,” Simerman said. “You know, 1.5 is one of the biggest upgrades we’ve done. Simultaneously, in parallel, we’re also taking the work we’ve done with 2.0 and applying it to 1.5.”
One of the biggest points Simerman pushed was IOTA’s feeless model. He believes competitors hurt themselves immensely by having fees attached to their transactions. “The mistake our competitors make is that they say we are almost fee-free. It only costs half a penny, a fraction. The problem is not a cost function. If you must send value with data, if you’re forced to do that, you’ve locked out millions of use cases.”
Simerman also added that IOTA always listens to feedback from its partners. Believing that to be one of the reasons it has gained partnership with the likes of Dell, Intel, and others. He additionally clarified that none of their partnerships were established strictly for monetary compensation.
IOTA’s Goal Is To Become A Global Standard
IOTA’s goal is to become a global standard, hence why it is focused on permissionless innovation. This allows projects to benefit from developments made by the company without notifying the Foundation. Simerman believes this is the only way “to truly scale”. Noting that to be the reason they work with OMG.
The Foundation aims to focus on making the platform “synonymous with the machine economy” over the next five year. The launch of Coordicide, as well as Mana, will move IOTA into the next era. Where its token will become a scarce resource, Simerman believes.
This, in turn, would bring institutional interest to the foundation. “I think you will start to see corporations buying IOTA for industrial use cases,” Dan Simerman concluded.