IOTA builds unstoppable programmable infrastructure for digital economies to scale digital currencies like Euro or USD

Crypto News
0

Source: Tobias Arhelger – Shutterstock

  • IOTA’s lead developer Dominik Schiener explains how the blockchain infrastructure will contribute to enabling national currencies like the USD and Euro, digitally.
  • Instead of calling them cryptocurrencies, Schiener refers to them as digital assets that provide economic security to keep the network impartial, tamper-resistant, and decentralized.

Charlie Munger’s recent bashing of crypto has once against sparked the debate about whether cryptocurrencies are here to replace the national currencies. As usual, in his recent interview with CNBC, Mumger lashed out at digital assets referring to them as “crypto shit”. He further went on to state that “there’s nothing on earth that’s done more good to the human race than national currencies”.

Of course, Munger’s arguments have drawn criticism from the crypto community. The crypto enthusiasts have lashed out at the veteran investor calling him out for his little understanding of cryptocurrencies.

IOTA’s lead developer Dominik Schiener is, however, taking a middle route for this. At IOTA they have stopped referring it to as a “crypto-currency”. He says that goal is just to build a robust programmable infrastructure for digital economies that benefits everyone.

Schiener further added that blockchain technology “allows for unique, immutable digital records of data”. The applications are endless for real-life use cases instead of pipe dreams. The lead IOTA developer further added that tokenization is the key to our future that dissolves the digital divide.

He said that IOTA will empower to take control of digital autonomy. It will also help them participate in a digital ecosystem that gives them control and ownership.

Blockchain Innovation Akin to Cloud Computing

IOTA’s lead developer Dominik Schiener compares blockchain innovation to cloud computing of the last decade in terms of the economic impact it will create in the future. He also explains why it is essential to have digital assets in place. Schiener added:

The way we keep this programmable infrastructure secure and immutable is through fairly distributed tokens (aka digital assets)! These digital assets provide the economic security to keep the network impartial, tamper-resistant and decentralized.

This is the most important use case of these crypto tokens – they keep the network secure, decentralized and immutable. No individual, company, state actor, government etc. can control or take over the network. It is decentralized and secure – which is what gives it value.

He further went out to explain how currencies are not here to replace fiat but still have a value of their own. He also explained how digital networks like IOTA are here to build secure digital currencies like the USD and Euro.

He ultimately went on to conclude that cryptocurrencies are not here to replace national currencies. Instead, the blockchain infrastructure seeks to enable them, digitally. The IOTA blockchain continues to see good development activity in recent times. It has once again featured in the list of top ten blockchains by developer activity in the GitHub report.

On the other hand, the developers have continued their work with the upcoming release of IOTA 2.0. Here’s the latest development in place.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.


Credit: Source link

You might also like More from author
Leave A Reply

Your email address will not be published.