IOTA Founder, David Sønstebø Revealed His Plans Regarding Machine Economy

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Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.
  • Distributed Ledger Technology (DLT) and robust machine economy for the benefit of humans.
  • Current pandemic of COVID-19 is a wake-up call for us to consider the probabilities of the happening of more negative events in the world.
  • He announced the company will implement the Quantum cryptography.

David Sønstebø, IOTA Founder has revealed his plans in a Crypto 101 Podcast interview. He said IOTA is working on the Distributed Ledger Technology (DLT) and robust machine economy for the benefit of humans. According to the business leader, the upcoming time will be machine dependant.

He thinks the current pandemic of COVID-19 is a wake-up call for us to consider the probabilities of the happening of more negative events in the world. Hence, his company is working ahead. He announced the company will implement the Quantum cryptography. The founder of IOTA is confident about the ability of IOTA protocol to tackle future vulnerabilities. The company has made a partnership with Jaguar Land Rover. From now, Jaguar vehicle will feature the IOTA wallet while using IOTA blockchain to collect data precisely. According to David Sønstebø, the modern car will be like computers on wheels. He also thinks the data gathered by the IOTA blockchain will be profitable to the car owners.

He supports the view the data is the new oil. Hence, he is in favour of collecting a large amount of data and makes use and monetization of these data. The company also started some breakthrough projects recently.

Current Development of IOTA

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The present goal of the company is to make a true data economy. According to David Sønstebø, the user will have their self-sovereign over their data. In recent time, the company made some collaboration with some other companies for breakthrough innovation. For example, they have partnered with NKT to power cable drums and made collaboration with Pickert for utilization of the former’s Tangle DLT framework. The later collaboration will help in zero-defects in smart manufacturing.

The company has also launched their social media platform with SOCIETY2. The social media platform will ensure the data privacy control for their users.

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