- IOTA founder Dominik Schiener criticized projects prioritizing short-term profits, accusing some founders of exploiting retail investors and abandoning decentralization principles.
- He contrasted this with IOTA’s long-term commitment to real-world use cases and enterprise adoption as a regulated German non-profit foundation.
IOTA founder Dominik Schiener has recently addressed criticism which noted that the project hasn’t seen enough success in the past few years except for printing billion tokens. Schiener than listed the list of accomplishments by IOTA such as RWA tokenization, Digital product passports, building EU’s blockchain infrastructure, and much more.
Following the announcement of Aptos founder Mo Shaikh’s exit, IOTA founder Dominik Schiener slammed the project stating that the basic goal was only to extract maximum value from retail investors and pump the token so that founders can exit. In a sharp-worded message, Schiener wrote:
“These people don’t care about decentralization, they don’t care about creating value or making their projects a long-term success. They just care about making money for themselves and are willing to do so at all cost. These founders are tourists to our community”.
However, one user on the X platform shared his criticism stating that as the founder of the IOTA Foundation, Schiener has done nothing much but print a billion coins the last year “after not delivering anything for 7 years”. “You’ve been centralized your entire existence,” added the users.
Dominik Schiener, co-founder of IOTA, has pushed back against criticism regarding the project’s progress, asserting that IOTA has consistently focused on real-world adoption rather than speculative hype. He wrote:
“Only someone stuck with a 2017 view of IOTA would dare to say we haven’t delivered anything. The big difference with IOTA is that we are one of the few projects that actually dared to put in the challenging work on real-world adoption use cases.”
IOTA Founder Dominik Schiener Lists The Foundation’s Successes
Schiener emphasized that IOTA has prioritized proving blockchain technology’s utility beyond speculative trading, dedicating significant effort to practical applications. This approach, he argued, sets IOTA apart from many other projects that prioritize token-driven gains over long-term innovation.
The IOTA founder also shared some real-world use cases that the Foundation has solved over the past few years. This includes:
- Kenya Trade Digitization: IOTA technology powers trade infrastructure in Kenya, showcased in the TLIP platform, reported CNF.
- Global Trade Standards: Partnering with organizations like TWIN.org, IOTA aims to establish trade infrastructure as a global standard, supported by endorsements such as Tony Blair’s Institute.
- Real World Asset (RWA) Tokenization: The project collaborates with Reailze Assets for tokenized funds in Abu Dhabi, per the CNF report.
- EU Blockchain Initiatives: IOTA contributes to the European Union’s blockchain infrastructure and regulatory sandbox projects.
- Circular Economy Innovations: Partnering with Imperial College, IOTA supports sustainability research in circular economy applications.
Schiener stressed that IOTA operates as a German non-profit foundation focused on enterprise and government adoption, resisting the trend of short-term profit-driven projects.
Overcoming Challenges and Looking Ahead
While reflecting on IOTA’s journey, Schiener also acknowledged past challenges and mistakes. We learned a lot from failing and getting punched in the face. But unlike many other projects, we kept going, corrected our mistakes, and pushed forward,” he said.
He further addressed concerns about centralization noting that IOTA’s architecture has always prioritized transparency and user safety. The recent “Rebased” initiative aims to resolve lingering concerns while reinforcing IOTA’s decentralization, reported CNF.
“We never played the short-term game,” Schiener added. “We are here for the endgame of mainstream adoption where these networks host trillions of dollars in value.”
