2018 was an interesting year for cryptocurrencies as prices started at all-time highs but quickly came crashing down followed by a steady decline throughout the rest of the year.
IOTA’s David Sonstebo compared the crypto madness of early 2018 with the dot-com era, as the potential of DLT had reached the mainstream and everybody wanted to invest.
IOTA tried to focus on resources and growing a team, as noted by Sonstebo in a recent blog post where he reviewed 2018 and talked about the IOTA Foundation’s outlook for 2019.
New Hires, Partnerships, and Projects
Sonstebo said that IOTA is “incredibly proud” of the talented people who joined the Foundation last year and that they now have a team of almost 100 developers, domain experts, researchers, and ecosystem building enthusiasts.
The important focus area of the Foundation was on building the vital parts of the technology that could ensure the success of IOTA in the long run.
The Foundation worked to stabilize the core client and improve the ecosystem while also putting resources into Coordicide to progress towards their end goal of becoming a “true standardized decentralized immutable ledger.”
Breakthrough research is also underway which would accelerate the performance Coo-less IOTA if validated.
The IOTA Foundation also heralded many partnerships, including a MoU with UNOPS to increase the transparency, security, and efficiency of UN workers on the field.
IOTA and the European Smart City Consortium received approval from the EU Commission for the +CityxChange consortium, which will work under the Horizon2020 program.
They also signed a MoU with ENGIE Lab CRIGEN to experiment with the IOTA Tangle in energy and IoT sectors.
IOTA has also collaborated with SinoPac, one of the largest financial institutions in Taiwan and DNB, the largest bank in Scandinavia to work on new financial use cases.
IOTA’s Trinity Desktop wallet released in beta while the Qubic team worked on the development of Quorum-Based Computations (QBC) on the Tangle.
Looking Forward to 2019
In 2018, the DLT community experienced a lot of activity, especially as several ICO projects came to the fore.
“While the mass death of barely-alive-in-the-first-place projects causes some uncertainty and skepticism among the newcomers, it is something veterans, and pioneers of this space have been longing for.”
He noted that the DLT space needs quality, not quantity.
He added that 2019 will work like a “Darwinian selection mechanism” and will experience much less noise, similar to what the dot-com bubble experienced two decades ago.
He also noted that IOTA is well positioned in this space and in 2019, they will aim to scale the project and reach production readiness.
He admitted that the core development of IOTA became “somewhat isolated” in the Foundation, but it will change in 2019. He added:
“IOTA was always meant to be, have always been and will always be an open source grassroots project.”