25/ / I, and others working at the Foundation have sacrificed magnitudes more in value, than the losses you have suffered. I took a big pay cut, and a big benefit cut, like many others.
26/ And I did it because I wanted to do something more, and work on something that could truly make an impact on every single person if it could be done right, accomplish its vision, and do it at scale.
27/ We’re a small foundation, and we’ve worked tirelessly for years to make the absolutely monumental progress we have in the technology. We’ve rid it of inefficiencies. We’ve solved the problems we set out to. And now we’re building the last pieces we need to bring it to reality
28/ I personally have worked multiple weeks with over 100 hours put in, and I know MANY others that have done the same.
29/ This was not done to simply, serve our investors. We are a nonprofit foundation, that holds less than 5% of the token from which it was founded. So, to get something straight, WE DO NOT SERVE YOU.
30/ We serve a reality for a better future where trust can be implicit in how we interact with each other. And where those that take advantage of others can be held accountable.
31/ We serve and sacrifice, so that people that don’t have hundreds of thousands of dollars to invest in digital money like yourself, have a better way. They can own their own identities. They can manage their own finances.
32/ They can reach audiences, have access to new opportunities, and take the steps to better their lives. We serve the world, and every person and machine in it, because we’re fucking tired of seeing people get taken advantage of.
33/ And we’re tired of people crying that they made an investment, and it didn’t work out as they planned as fast as they wanted it to. So when you say we serve you and our investors. Try to keep in mind that we don’t. We don’t have investors. We have donors.
34/ We don’t have shares. We’re a nonprofit for a reason. We don’t hold the majority of our token for a reason. I can’t speak for my predecessors, and I will not get mixed up in any of their personal matters, but I can speak for myself and this is why I’m here.
35/ Now, when you say we don’t have a working product. I'd say that you have not been looking close enough, and this is not your fault.
36/ It’s hard to understand everything we’re doing and how it all works. We’re different, we don’t fit into a predefined box of how a blockchain works and what it’s for. We Are More.
37/ Our layer 1, or core protocol, send data, and value. At the same rate. At the same cost. Which is Zero. And with as minimal resources as possible. For example, as of 2018, you could send over 5 million IOTA transactions, for the cost of 1 US Cent ($0.01 USD) in energy usage
38/ And the protocol is exponentially more efficient now. Why does it matter that we can send data and value, efficiently, in near real time, and more securely than traditional networks. Well, lets put this back into the “So What?” about blockchain in general.
39/ I wasn’t interested in others, because I didn’t see what you could do if everything were tied to value. I didn’t see why value tokens had any actual value; other than traditional simplistic concepts of economics, being supply and demand, fungibility, inflation etc.
40/ However, with IOTA, I saw something different. With the ability to do data, and value, on the same network, from the same devices, you could do more. You could use data, to give the value a purpose.
41/ I can send 1000 data transactions from a device. That data has value. And on the same network, I could very simply directly provide value, for the data.
42/ This means that the token isn’t providing the value anymore. The network is. The users are. The companies are. And they can all be fairly, and efficiently paid for that value by those that consume it.
43/ Regardless of whether they were in the US, Canada, Costa Rica, Chile, Colombia, Egypt, the Philippines, Kenya or Japan or wherever.
44/ If you had access to a device, and you could connect to a network for a few minutes a day, then someday, you’d be able to create value through your everyday actions to the world, and be fairly compensated for it.
45/ You could build businesses, and entire industries that are completely outside of anything we see today with these abilities, and you could take a bit of that power back, and have some control over your life, how you live it, and even where you live it.
46/ This is something that can be done TODAY. Not in 5 or 10 years. And this is something we work tirelessly on building every single day at the IOTA Foundation. Because it’s MORE. And it MATTERS. And it has the potential to make a real impact.
47/ This is why we have over a dozen grant funded projects by various governments, including Canada, Chile, multiple EU nations, Japan, Kenya, and more. This is why we have over 100 partners that we are actively working with that pay us to develop with them.
48/ This is what we can do with our layer two applications. Like IOTA Streams, Identity, Stronghold, Access, and soon Smart Contracts and our Firefly wallet. If you haven’t read the releases on them. Then I’d advise you catch up.
49/ Because they explain the so what, and it’s bigger than sending some money to someone and satisfying “investors.” We are NOT here to serve you. We are not here for Investors. We are here for MORE.
50/ We are here to make something real. That makes an IMPACT. We have multiple revenue streams. And I would predict that by the end of 2021 we will be remove any reliance on the token.
51/ But you have something right. We need to do better. We need to explain things simpler. We need to show the proof of everything we’re building.
52/ And I’ve been working on this personally over the last year with the product releases and with other IF leaders by restructuring how we do things internally from the ground up.
53/ So expect to see simplicity. I’ll be working with others to write up a “So What” on the changes we’ve made to the protocol through Chrysalis with most likely weekly releases starting the second week of January.
54/ I’ll also be working with others to write up a simplified vision document. Explaining the so what of the protocol. Why it matters. How its MORE. And how it aims to do something real and make a real IMPACT.
55/ This is not because of you, as I’ve been working toward this for some months. But I thank you for the push to talk about it publicly. This is not something I’ve been good at due to my past. But something I’ve been getting better at and will continue to do with more fervor.
56/ Now, I’m going to be spending the following days enjoying my holidays with my family. And getting ready to continue doing something more with a protocol that’s better.
57/ Working with a team that I have the highest possible regard for, and partners that are here because they believe in the same vision that I and the rest of the IF do. If you can't now see that vision, then you don't belong in our community, and we will not cater to you.
Edit - Thread repeated the first 24 tweets for some reason, so I deleted the repeating tweets for clarity.

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More from @Mat_Yarger

24 Dec
1/ Hey @coiner_lol I can see you’re passionate about the protocol, and you see that it has potential, but have suffered losses through the token performance. I understand that, and I know how losses are never something someone looks forward to.
2/ You have a few things right. The key among them being the need for simplicity. The crypto/blockchain/DLT space is highly complex and difficult to bring non-technical people into due to the level of depth and breadth that some of the work entails.
3/ For most, making that simple and telling the “So What?”, can be just as hard as building the tech. We at the IOTA Foundation have not done well at this traditionally.
Read 24 tweets
30 May 19
1/ For clarity, MANA will not be assigned or transferred by users. It is NOT a token. It can NOT be traded. And it should NOT be considered an implementation of DPoS, but an evolution as @hus_qy says(TaPoS). MANA is a metadata ability linked directly to VALUE transactions. #IOTA
2/ In a technical sense, it will be more like a protocol wrapper or header once implemented with the purpose of saying that a fund transfer is reputable because the node sending the funds is within its threshold.
3/ Then verifying that it's within that threshold by tying the underlying MANA to the value transaction and associating that MANA with the decentralized identifier(Node ID) tied to the node. This process is fully asynchronous and autonomous between nodes.
Read 10 tweets

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