The IOTA Head of Financial Relations, Dan Simerman, recently spoke about the integration of EdDSA with phase 2 of the Chrysalis solution, which is set to be an important step in driving the adoption of IOTA by companies worldwide.
Simerman explained that the IOTA Tangle could become a fee-less data protocol in the cryptocurrency space, just like Chainlink is for Oracle. In a new episode of the IEN Talks series which is now viral in the cryptocurrency news, the IOTA Head spoke with the CEO of bIOTAsphere, giving away a lot of interesting insights on the topics of adoption, competition and cooperation with other projects.
As this chief also explained at the beginning, the introduction of the standard cryptography EdDSA with Chrysalis phase 2 plays a very crucial role in the adoption of IOTA. The EdDSA solution will enable hardware support for all major architectures.
Until now, the implementation in any custody solution has not been possible because they always required EdDSA. This is why with the release of Chrysalis, IOTA claims to be “in a better position” and as Simerman stated:
“One of the biggest roadblocks right now to getting adopted are custody solutions. […] So we might talk with a corporate partner or an exchange or an industrial partner b and they might go ‘Are you on BitGo? Oh you are not on BitGo. Once you are on BitGo than we can implement it.’ So it has been quite a big barrier for us for the last year.”
The IOTA Head also said that there is no fixed timeframe as to when the custody providers will integrate IOTA. However, he noted that his hopes are aligned for the launch of a devnet or testnet as a way for providers to begin the integration work soon.
When asked how he sees the position of IOTA in competition with other DLT and blockchain projects, Dan Simerman pointed out that IOTA has a decisive advantage over its competitors in the way that “it can send data and values.” He also talked about this in detail, and said:
We are the only protocol that can do that. […] and we often downplay how important that is. And the reason why the might not feel comfortable are might be legal issues, holding a token, might be regulatory reasons, they might be waiting for more clarity, there might be accounting based reasons where organisation don’t feel comfortable holding a token.
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