- IOTA plans to bring billions in real-world assets onto the chain via tokenization.
- IOTA’s use of directed acyclic graph (DAG) technology enables faster transactions without fees and supports the transition to a robust Web3 ecosystem.
Following a recent interview, Dominik Schiener stated that the IOTA Foundation plans to bring billions of assets on-chain via RWA tokenization, as reported by CNF last June. In a revealing interview with Professor Jo on a popular Korean YouTube channel, IOTA co-founder Dominik Schiener shared his intriguing journey through IOTA, a blockchain project that was initially part of his high school startup in 2015 and grew into a groundbreaking initiative worth over a trillion Korean won.
The conversation covered the inception of IOTA, the transition to Web3, and the ambitious plans for real-world asset tokenization (RWA). Dominik Schiener shared on his
Had a great chat with Professor Jo about #IOTA, our history and how we set ourselves apart from everyone else by focusing on real world adoption.
Thank you Prof. Jo for the interview and letting me explain IOTA to your Korean community 🙌https://t.co/YKPwncXCPB
— Dominik Schiener (@DomSchiener) July 22, 2024
IOTA’s vision and technological approach
Schiener explained that IOTA aims to ensure the adoption of blockchain in real-world applications by using a directed acyclic graph structure (DAG), which enables faster, more efficient and fee-free transactions. He claimed,
Our vision has always been to ensure that blockchain gains adoption in the real world, that it truly fulfills its purpose as a technology that impacts our lives and is used in everyday life.
To adapt to the evolving blockchain landscape, IOTA launched its Ethereum Virtual Machine (EVM)-compatible layer 2 chain, facilitating decentralized applications (dApps) and building a robust Web3 ecosystem. Schiener noted:
Instead of having a blockchain, which is a consecutive chain of blocks, we introduced a directed acyclic graph (DAG). This enables parallel processing of transactions, leading to faster, more energy-efficient operations with potentially no transaction fees.
Po-respectives and asset tokenization in the real world
IOTA 2.0 will feature a decentralized permissionless consensus mechanism, allowing anyone to become a network validator. Additionally, IOTA is focused on tokenizing real-world assets (RWAs) such as treasuries, ETFs and trade finance assets, working with platforms like Tokeny and regulators to improve liquidity in the decentralized finance (DeFi) ecosystem.
The recent launch of IOTA EVM opens up new opportunities for community involvement in token launches and DeFi applications. Currently IOTA is trading at $0.1733with a decrease of 3.69% in the past day and an increase in 0.86% in the past week. See the IOTA price chart below.