Thread by @iota_penguin

Finally, @hus_qy joined the @MoonacoPodcast! 🎉

I summarized the 70 min interview for you.

What is crucial for the success of #IOTA?
When to expect a Coordicide-MVP?

(1/17) 🧵👇

Before joining the IOTA Foundation (IF), Hans ran an online business, which accepted crypto as payments.

In 2017, Bitcoin became popular and its transaction fees rose. So, it did not make sense to accept BTC payments anymore.

2/17

Looking for alternatives, Hans discovered IOTA. He talked to CfB. Hans was impressed by the underlying idea of the protocol. So, he became part of the community.

In 2018, Hans joined the IF to fix the existing tech problems.

3/17

In search of the best consensus mechanism, he read about 100 #DLT white papers and discovered not more than 5-6 different approaches with some variations. Nothing beat the tech of the IOTA Foundation.

4/17

Idea + solution existed. Still, the algorithms failed. So, they had to go back to drawing board. A simplification of the code took place.

IOTA is similar to physics. Study "Transactional interpretation of quantum mechanics" is nearly a 1:1 copy of the IOTA tech.

5/17

Simplifying the code was not easy, as it spans over different layers (overlayed DAGs), which makes it complex.

IOTA will be more secure, more efficient and cheaper than existing DLT. People will converge to the best technology. Ultimately, not many L1 will survive.

6/17

Hans is critical about the financial situation of the IF in comparison to other big players in the crypto space.

7/17

Without going into technical details, see general issues with zero-knowledge (ZK) rollups. However, he assumes an ZK-integration on IOTA L1 should be possible. However, this is a topic for the future.

8/17

Mana tokenomics should be optimized at a later point in time. Mana just gives you throughput in regular intervals, which is not very convenient. Focus on Coordicide first.

9/17

Hans is not involved in Assembly. According to him, L1 shall be used to give economic value to the IOTA token. Building everything on L2 takes away use cases from L1.

L1 smart contracts are very important. L2 in addition to L1 smart contracts makes sense though.

10/17

For a long time, the IOTA Foundation and Hans have not been aligned. Now, they are all aligned, only small disagreements in particular tasks still exist.

In general, Hans mentiones that he likes to openly talk about problems and exchange on different points of view.

11/17

Unfortunately, he is too busy to check $SMR projects.

Hans is usually working from 10 am until 4 pm. Then again, from the evening until 2-4 in the morning. It's an intense time with basically no private life.

12/17

When can we expect Coordicide? 👀

Hans:

We are at a reaching point. No crashes anymore. Unorganized code has been removed. No ETA!

Minimum Viable Product should be ready around mid of February. Damn, this is an ETA! 😅

Next step: Move to Hornet code base.

13/17

Integrating Coordicide into frameworks with API, wallets, etc. takes some time. Here, really no ETA.

External factors (e.g. auditing, exchanges) must also be taken into consideration.

14/17

The whole journey felt like a never ending story. Now, light at the end of the tunnel can be seen!

Regarding Coordicide, there is no question if it works anymore. A reliable network will be seen on mainnet after testing.

15/17

Hans:

IOTA needs to regain confidence! Trust needs to be reestablished, because the underlying tech is simply amazing!

Own remark:

I am confident #IOTA 2.0 is aiming at repositioning the whole project and leaving the past behind.

16/17

If you enjoyed reading this summary, feel free to share it. 🫂

My name is Stefan and I just started working as full time marketing & community growth freelancer for projects in the #IOTA & #Shimmer ecosystem.

Feel free to reach out anytime! 👋

17/17