While Monday’s announcement of the China ban on ICOs caused a sharp decrease in crypto values across the charts, IOTA co-founder Dominik Schiener assured investors via Slack that IOTA is not affected by the China ban.
“Why IOTA is not affected? We did our ICO years ago and it was a software sale. At its core, IOTA is a software protocol that can be used even without a token (reminder: we’re the only protocol in this “Blockchain space” that has this property). Leaving that aside – we are not a security / equity tokens / whatever – IOTA is a currency that is meant to be the backbone of all future settlement between machine (and humans).
We’ve always been very clear that we do not appreciate the over-the-top speculation that is happening in the crypto space (with even Paris Hilton now “endorsing” projects). We have always wanted to decouple ourselves from this space and will continue to do so with some of the upcoming announcements that we have planned.
As you might have noticed -I largely stopped attending Blockchain conferences because they’re a waste of time. I’m giving a keynote at Autonomy, speaking at IAA (largest mobility conference), then I’ll be in Chicago in October to speak at the largest IoT conference etc.”
It’s important for investors to remember that IOTA was never designed to be a security, but rather a better means of communication between machines and humans. While the coin may appear to have lost value in amidst this scare, the technology continues to thrive and innovate. Dominik himself plans to travel to Shanghai in the coming weeks to present IOTA at the 3rd Global Blockchain Summit to instill trust and further collaboration between Chinese stakeholders.