Dominik Schiener: Cryptocurrency Needs Innovation, not Speculation

Dominik Schiener has called for more focus on innovation and development instead of money making from crytocurrency communities.

The Co-Founder of Iota made the statement in a recent interview piece via a blog from Bosch, the technology company working closely with the network. The developer answered the question ‘What drives me nuts about blockchain…’:

“…is the speculation going on in the community. We’ve kind of lost track of why we developed this technology. Initially, it was developed to solve fundamental problems in society. But over the last few years, the focus has turned to speculations and the question of how to get rich using these cryptocurrencies. “

It is true that sentiments may have transitioned since the close-knit development groups of the early days when only a small number of dedicated people were involved in the scene. When Dominik himself joined the community it was as a 14 year old selling coding services, the blog explains. Excluded from centralized platforms, he told Bosch that blockchain provided the tools he needed to be his own boss and as a developer.

Today there is a much broader community of people involved, with Telegram channels overflowing. In some communities -and Iota is one which has been accused of this, there is a pervasive bad atmosphere. Division has led to tribalism, and individuals have toed the line between support and fanaticism.

While there may have been a change, it could be argued that this shows cryptocurrency communities are moving closer towards mainstream adoption. It may also be true that while the overall sentiment may have changed, there are far more developers contributing to distributed ledger technologies around the world in 2018 than ever before, with many projects really ramping up.

Schiener made the point that there real obstacles in the path for blockchain’s success, with scalability an as of now unsolved limitation to mass adoption. In his opinion, tackling these issues will require collaboration, with the whole industry working together.

 “I’ve realized that the only way to make blockchain a success story is to bring the entire ecosystem together. This means industry and the community have to sit down at one table and work together to push blockchain forward.”

It’s possible that for deeply divided cryptocurrency communities, this may be  too much to ask, but it might also hold true that outlying individuals within these groups tar the communities with a noisy and negative brush. Developers, those who these networks are truly dependent on, may be more inclined to work together to ensure this fledgling technology’s success.

Follow us on Twitter, Facebook, Steemit, and join our Telegram channel for the latest blockchain and cryptocurrency news.