The primary objective of the IOTA Foundation is to empower its community to develop innovative, new solutions, DApps, and Startups. To better realize this vision, the Foundation is setting up a dedicated Grants Foundation in Switzerland.
While Bitcoin is the King of cryptocurrencies, and its value being 35,200 dollars approximately at the time of reporting, it doesn’t fit into the 21st century. It is too slow.
IOTA is one of the most promising projects. The Germans are now coming to Switzerland. IOTA is founding a new foundation in the Krypto Valley in Zug, as co-founder Dominik Schiener (25) Blick reveals.
The Foundation wants to distribute funds for the development of new technologies and the promotion of digital infrastructures. Schiener stated, “We specifically go to universities and want today’s youngsters to learn and understand tomorrow’s technology,” says.
Why is IOTA more ecological? The IOTA project with more than 150 employees has positioned itself as the green variant of the industry leader in recent years.
While BTC mining requires enormous amounts of energy, IOTA, on the other hand, relies on Tangle. This means that every device, which wants to carry out a transaction in the IOTA network should confirm at least two transactions in the Tangle.
The result: When more transactions are carried out, the more efficient the IOTA network becomes. IOTA focuses on simplifying our everyday life, as is so often the case with these crypto projects. What is all of this good for? IOTA will make people’s lives easier and more convenient,” says Dominik Schiener.
IOTS is looking to the future. To be more precise, it is looking to the Internet of Things. Physical and virtual objects are networked there. Experts speak of M2M, i.e., financial transactions from machine to machine.
For instance, an example shows that: If cars drive autonomously in the future, they can also settle the fee in the parking garage, recharge their batteries at the charging points and pay the bill.
Schiener states, “We at IOTA said to ourselves: If the machine of the future can think, why shouldn’t it pay for it itself?”
The project is well-received by the companies. IOTA’S partners include the car brand Jaguar, computer manufacturer Dell, and the chip giants Intel and ST Microelectronics. Volkswagen and the European Commission have also expressed their interest in the project.
Expert criticism: “Much promised, little kept.”