CRYPTO TKOs #0016: Training Wheels Off!: IOTA Devnet 2.0 Look ma! No Central Coordinator!
Look Ma No Coordinator! IOTA Devnet 2.0 shows Crypto the future, Now.

CRYPTO TKOs #0016: Training Wheels Off!: IOTA Devnet 2.0 Look ma! No Central Coordinator!


Roughly 5.5 years later, after quite a rough ride thru the muck that is the crypto press and the throng of  BTC and ETH detractors, 

from IOTA's genesis in 2015 as an idea, to now,

crypto investors and technical experts  are finally getting a clear look of what IOTA is all about.

The Training Wheels are now off with the release of #IOTA DevNet 2.0 Yesterday 

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DevNet 2.0 Showcases IOTA's vision of a Fully distributed, low power consensus  cryptocurrency distributed public ledger for IoT in practical form,  which openly reveals IOTA is clearly now on the path to deliver a Viable Product release which will be a trusted  settlement network  and dApp Smart Contract Development platform for most all crypto investors and  IoT, Machine Economy developers alike. With IOTA Devnet 2.0,  IoT developers now have a practical "sandbox" to experiment in creating  new machine economy solutions leveraging  IOTA's newly refined  DApps and Smart Contract tools.

Next up for the IOTA boys with the 'propeller beanies' and 'sandals' at the "IF"?

Adding network incentives to the world of IOTA to get more people and companies running IOTA network nodes.

"Typisch Deutsch"?: IOTA eschews the North American Model of claiming shippable Product during Alpha phases

and actually tests "the you know what" out of their solution making no claims they have a finished product, rather than use their customers as test guinea pigs... (more a continental European technical trait actually... and a good one too..)

In the early days up to about late 2018, ' roadmap' was a foreign term at IOTA, where  the word research ruled the lips of everyone. Not so any more as there is a much more balanced dialogue, with more roadmap commitment rigor than in the past. IOTA was going places where no crypto had gone before, since then the direction has been steered to more pragmatic deliverables with Smart Contract efforts seeing IOTA FPGA work shoved to the back burner for now.

The deep research and long hours the IOTA foundation team and community developers have put into what is likely the geekiest of geek distributed public ledger crypto tech efforts over the last 5.5 years, is finally ready for the crypto techie plebes to descend on IOTA's DevNet 2.0 to really put IOTA's vision, now more or less realized, with No Central Coordinator clearing/approving transactions, to the test.

All good. My only advice to the techies  looking to jump on IOTA DevNet 2.0 and take it for a spin  is,  'RTFM' (read the documentation and figure out what the F means in the process). 

I am sure there will be lots of feedback from the faithful, and the techie newbies to #IOTA looking to test Devnet 2.0 out. 

Personally I have been following the IOTA project for awhile and, have directly interacted with key IOTA people there  both BD and Technical since the Fall of 2017, so its been 3.75 years roughly of digesting the IOTA vision and progress, to try a few things out and watch the MIOTA cryptocurrency flat line for a great deal of that time. 

Come early 2021, there were definitely signs of life in the #MIOTA price rising on the coat tails of the rise of  the #BTC price,  however that was not the  most recent event what prompted me to hang in there and dig deeper.

For the record, I have no IOTA holdings and have never purchased any #MIOTA,  as IOTA in my own mind, was (and still is) extremely interesting for both technical and commercial applications we are considering,  but , IOTA was always  on my personal bubble, until now. Not it's likely IOTA will make it,  the next 12 months or so we will most certainly see if that is indeed the case.

 Frankly, I am a tough sell, I look at the 'machinery' and talent under the hood from a senior developer and architect perspective. IOTA was re-boiling the crypto ocean, lots of promises, gave good vision and had big dreams. They still do.

To me IOTA was and still is the biggest science experiment in crypto and to their credit as core team and community, actually morphed into a more professional software team of core and community members on a mission to deliver useful components which can make a difference out there in crypto land and Main St, a pleasant metamorphosis, which started to take shape in my opinion, later in 2018 with a few key additions to the IF "IOTA Foundation" core development team. 

I think what really got my attention at IOTA in the last 2 years was when #Hornet "SnapShot Node" on FPGA was built by a community member out of Argentina, who is now part of the IOTA core team. That one event was seminal imo,  and the core development team at IF to their credit, rallied around the effort, supported it and, ingested the Hornet innovation into the core IF effort. 

Then the big IOTA IF core team Pivot into Smart Contracts in the fall of 2020, which saw Eric Hop move into that team from the previous successful #FPGA effort which actually spawned #Hornet,  now the IOTA snapshot lightweight version of the BEE PermaNode of IOTA's #TANGLE network. (Non need to crawl all the way back to the genesis block per the #BEE main node.)

During that period 2018 until early 2020, it was clear IOTA's founders were sitting on big MIOTA windfalls (assuming the IOTA crypto money managers  had played the market right in late 2017) which saw the creation of an IOTA developer fund,  which was slowly leaking some of those proceeds out carefully gated by the IF powers that are, a lot  like SCROOGE initially, to those  community developers they thought qualified (Beauty show handouts),  funding amounting to some sort of financial support for their  development project proposal delivered to wallets as an award in MIOTA crypto. Not the best model imo, but workable,  provided it was openly transparent to the community and investors , in terms of what was delivered for money spent, which IOTA has been.

IOTA has always touted research as the way forward to solve what were some pretty BIG technical challenges to actually implement their IOTA vision for the machine economy with feeless transactions. In many ways they did not really know what lied ahead, but were confident they had a smart enough team to figure it out and Devnet 2.0 appears to demonstrate the core team and community at IOTA were indeed correct in taking that approach.

Well guess what, it looks like IOTA and community will get a workable production network in that vein out the door by the end of this year.  6 Years later. On the backs of DevNet 2.0 released yesterday.

Kudos in this regard.

IOTA Founder Fatigue:  2 out of 4 very much engaged, many more new faces totally or partly engaged.

There have been two founders which have left for different personal reasons , Sonstebo being the most vocal,  as well as ComefromBeyond (really it was Belarus) who left much earlier to pursue a gaming vision. The tiller the past 12 to 18 months  to IOTA's rudder has been collectively handed off by the IF 'IOTA Foundation'  to increasingly more seasoned and experienced  commercial technical people,  with young Domenik of Austria staying in the 'preacher' role for IOTA. Shite happens, without conflict and differences of opinion, really, there sometimes is no innovation in the face of just 'yes' folk, so no real surprises here, speaking from experience.  Inventors, visionaries alike most often get tired after a time and move on. Popov the researcher founder last to join the IOTA founder group, (not a coder but a mathematician of Russian ilk)  is very much plying his thinking trade from the Amazon in Brazil and frankly has shone bright at IOTA. Popov is clearly a seasoned academic who actually knows what a Trit is and the Semanov computing machine that used it via an old mentor, a sound ternary foundation on which IOTA is actually partly built and by default, somewhat quantum binary computer hack proof resistant, as a result.

The new staffing adds, almost weekly the past two years to the IOTA foundation in various roles technical and commercial, shows the IOTA project has been a magnet for some very bright minds across the globe.

The community number of forks on Github also show healthy 3rd party interest and engagement.

It takes a community to build a decent distributed public ledger: IOTA's ace in the hole.

What I like the most about IOTA is the technical strength and daily determination and loyalty of their technical community members and the open interaction from the key developers found peppered across this planet. for me Eric Hopp  the NL expat living on Canada's west coast stands out as truly a gem of the several which pursue excellence at IOTA. Holger Koether also deserves a shout out in BD among the many for being transparent, proactive and very responsive. That and the fact the IOTA community is one of the larger more active commmunities in the world of crypto.

Imo, the South America IOTA community contingent and the Italian contingent are both very strong technically, equal to the Nordic and German Contingent but covering different topics,  with the US IOTA contingent really tight with the Linux Foundation in several ways. Then there is some 'hidden' community excellence in Taiwan and surrounding areas .

Same goes for Holland and Peru IOTA communities.  The IOTA tech effort and expertise along with 'bulldog determinism' is truly everywhere within the IOTA community. 

The IOTA vision was big 5.5 years ago and now that vision is partly realized in Devnet 2.0, ready for your testing and trial apps here, certainly worthy of at least few trail runs by those always skeptical crypto techies from other projects willing to really dive in and test their technical comprehension skills (because in the back of their minds their own project has been measured and found wanting in several ways),  in order to take a ride on the DLT wild side of what is  truly next gen crypto tech. 

Warning, to those wearing sandals and having propellers on their heads, IOTA is not simple, it is however imo,  truly innovative and VERY different from anything else that is out there, solving some really BIG problems which arise from such a vision.

TK sidebar note: (Sorry Bram and co.,  CHIA is simply a re-hache of bittorrent and other Storage crypto plays dazzling the NYC money crowd and those making SSDs and HDDs, for now... instead of consuming all the power a la BTC , that dumb idea has now been replaced by  CHIA Network consuming most all  of the SSD and HDD supply plotting and farming to figure out puzzles so a few can earn crypto rewards...baaah!!,  sigh...  ;) )

TOP 10  Market Cap for IOTA by  end of 2022? a qualified yes imo,  provided they show me the money...

In the public space, IOTA is certainly positioned to be one of the long term top 10 cryptos in the distributed public ledger market segment with DApps and Smart Contracts for the world of IoT, the machine economy and more,  built with staying power, that is..,

IF the IOTA team and community can build innovative network incentives, sooner, rather than later.

As always,  success and true excellence with staying power is in the details of  how one plans and executes, over and over again to deliver differentiated value.

That said the window of opportunity for IOTA is closing as other crypto projects jump through  that window to grab the attention, so chop, chop! You don't have to have the best tech widget to win big market share.

One fact I have learned being both early and late with tech innovations,  where we were missing that window a few times,  is that timing is everything and right now, imo, the timing is just right for IOTA to jump through that window of opportunity. The IOTA team and community just need to pull a bit harder together to execute their currently advertised roadmap and scope of work on time, in order to jump through that window of opportunity and, have a really great chance to ascend in the crypto TOP 10 MarketCap ranks and stay there for a very, very long time.

The remainder of 2021 for IOTA will certainly be very interesting to monitor and report on the VERY BIG Main St. value being created by the IOTA core team and community together, showing us a glimpse of the future of crypto  with Devnet 2.0 right now. A bit more detail here

That's all for now

TK over and out.

 

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Thunderboltkid
Thunderboltkid

Thunderbolt Kid Observations Report with Insights for investors small & big. I educate, offer tips, forecasts re: tech & people drivers operating "under the hood" moving the crypto market. work @ OrcASTRA https://angel.co/u/r2 #SOVRINTown


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