- According to Dominik Schiener, IOTA is seeing a steady increase in trust from enterprises, as Project Alvarium shows.
- The adoption of IOTA by large enterprises is made possible by the fact that the Tangle can be used as a permissionless backbone for permissioned use cases.
In an interview with Digital Asset News, Dominik Schiener talked about the evolution of IOTA over the past few years, next steps, smart contracts, transactions per second (TPS), and adoption by large enterprises.
In terms of enterprise usage, and what role TPS numbers play in this, Schiener discussed how this metric is misleading. Numerous projects boast a purported 50,000 TPS. However, according to Schiener, they do not achieve this in a true decentralized manner, but through the use of strong, centralized servers and in no stress test scenarios.
In this respect, the IOTA Foundation does not place too much importance on this metric compared to other projects. Instead, IOTA wants to meet enterprise requirements, and scale for those purposes. Currently, the IOTA network can “reliably” handle 1,000 TPS. But with sharding, that figure will increase greatly. Schiener said:
But we are already working on sharding. And we have a very exiting data sharding whitepaper coming out over the next few weeks that really explains how we scale IOTA. […]
Just to make sure everybody understands, our goal is to be production-ready. Our goal is not to reach such market cap cause that leads from being production-ready. Us being production-ready means to be fully scalable, a fully sharded network as well. And that’s the journey we already on.
IOTA’s path to adoption by large enterprises
Probably one of the most high-profile projects recently was the announcement of Project Alvarium, which involves Intel, Dell and IBM working together to build the concept of a Data Confidence Fabric (DCF). The goal of the project is to “achieve data trustworthiness,” because in this “respect, no data is the same.” As Schiener noted, the project also demonstrates the ever-growing trust that companies have in IOTA:
And this is exactly where this Data Confidence Fabric comes into place. So initially the project was build on IOTA and Hyperledger Fabric, and now we are building more components just on IOTA, specifically on IOTA Streams. And I think this also shows the very exciting progression […] those partners and enterprises we work with, become more confident to really build their products solely on IOTA.
The vision of IOTA is to be fully decentralized. Because, as Schiener remarked, this is the only way to ensure that the network is “secure and censorship-resistant, and, that no one can control it.” The vision for the future is to help large companies “feel comfortable” building on permissionless networks like IOTA.
“And the way our smart contracts are going to work for example is that you as a company can also run permissioned networks on top of IOTA, but the IOTA network itself is that sort of permissionless backbone that secures these permissioned use cases,” Schiener said. Ultimately, this will be key to large, centralized enterprises adopting IOTA. It’s also the backdrop for integration with IBM’s Hyperledger Fabric:
That’s why we also worked on the integration with Hyperledger Fabric. So all those large companies can benefit of utilizing Hyperledger Fabric, but, very important, the IOTA ledger itself gives you the entire economy that’s being built on top of it. It’s a sort of interoperability layer. So you can go from a permissioned network towards the permissionless network of IOTA back and forth. That’s a very exiting vision for the future.
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