In 2014, IOTA set out to offer an alternative to the key issues with blockchain: Scalability and transaction fees. Somewhere along the way, things went wrong. Not everything is lost, however, and IOTA is looking to regain momentum.

One of the worst things that can happen to a cryptocurrency is a wallet hack. That, and a few more mishaps, is what happened to IOTA since 2017. As a result, IOTA lost momentum and market cap: From fourth overall, with a market cap of $13.2 billion in 2017, to 25th, with a market cap of $4 billion today.

Today IOTA is rolling out the beta version of its new wallet. But that really is just the tip of the iceberg in a massive new technology rollout that will get things right this time, IOTA Foundation co-founder and CEO Dominik Schiener told ZDNet.

Lots of water has flowed under the bridge since 2017. Crypto was just entering the mainstream then, and ICOs (Initial Coin Offerings) were all the rage. Fast-forwarding to today, and the world at large is still trying to figure out crypto, most ICOs have gone awry, and Non-Fungible Tokens (NFTs) are all the rage.

Sometimes these mistakes are technical, sometimes they are mistakes in communication — getting into public fights, for example. The important thing, Schiener noted, is to acknowledge and own those mistakes, and move forward.

Read the full article on ZDNet