IOTA: Foundation Chairman Schiener promises celebrities for the Board of Directors

According to Chairman Dominik Schiener, the IOTA Foundation is to have prominent additions to its Board of Directors. He does not name names. In general, he wants to lead IOTA back into the top ten of the most important cryptocurrencies.

We are used to big promises from IOTA co-founder and head of the foundation Domink Schiener – which unfortunately often turn out to be unrealistic. Now Schiener has once again reached deep into the propaganda box. In an announcement to the community that was shared on X, Schiener goes all out. “We are fighting to make it back into the top 10 (of the most capitalized cryptocurrencies), where we deserve to be,” writes Schiener. However, the data service CoinGecko currently ranks IOTA at around 100 among the cryptocurrencies sorted by market capitalization and the trend has been pointing downwards for years.

Schiener believes he has a joker in his pocket. A person is in the process of being brought onto the foundation’s board who will “really drive things forward when it comes to adoption (of IOTA) in the real world”. When asked, however, he admits that he will only be able to reveal more when the appointment becomes “official”. According to the IOTA Foundation’s website, Schiener is currently only joined by scientist Navin Ramachandran. There is speculation on X that Ralf Rottmann could return to the IOTA Foundation. Rottmann left IOTA in 2019 and now sees himself primarily as an investor. So it remains exciting to see who Schiener could attract to IOTA. However, Schiener has already denied that it will be Ralf Rottmann.

Schiener emphasizes that IOTA’s advantage over other altcoins is that it has “serious partnerships / cooperation with governments”. Does he mean the United Arab Emirates? Because a second IOTA foundation is being established in Abu Dhabi and Schiener has moved his center of life there. It remains strange that Schiener announced in February that the IOTA Foundation would forego EU funding and that cooperation would not be worthwhile at all.

Conclusion: Secrecy does not help IOTA

The crypto markets clearly show IOTA’s loss of significance and Schiener is also to blame for this. At the end of 2020, he worked behind the scenes to oust the then head of the foundation, David Sønstebø, and promised more transparency. However, this has once again failed to materialize and critical investors have turned their backs on IOTA, at the latest after the inflation hammer decided on single-handedly in September. Announcements on the path to a more decentralized IOTA also proved to be a sham. It is hard to imagine that Schiener will succeed in turning the tide.

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