IOTA set to become the protocol upon which the IoT economy runs – The Sociable

IOTA is set to become the standard protocol upon which the IoT economy runs, according to an IOTA Foundation supervisory board member.

The IOTA Foundation confirmed efforts are being made to achieve recognized standardization for the distributed ledger technology.

In a live streamed event, supervisory board member Dr. Richard Soley confirmed that IOTA would be recognized in terms of an official open standard for the protocol.

Distributed ledger and blockchain-based projects have come in for criticism for over-hyping such projects and oftentimes, despite the fundamentals being unsound to begin with.

IOTA doesn’t tend to engage in the blatant shilling of the project unlike many others and at the time of writing, it is ranked as 19th on CoinMarketCap, which lists projects according to their market capitalization.

“There will be a standard sometime late next year”

Dr. Richard Soley
Dr. Richard Soley

As Soley pointed out, industry adoption is the overall objective.

However, making the project open sourced and a recognized standard are stepping stones in order to arrive at that point.

In May of last year, Dr. Soley joined the Foundation as a supervisory board member. Soley’s background includes 30 years of involvement with one of the largest software standards organizations in the world, the Object Management Group (OMG), where he is currently the CEO.

Dr. Soley suggested that OMG recognized standardization of the protocol should be achieved by late 2020.

“If you want to create a closed implementation that inter-operates or if you want to build another open source implementation which inter-operates with the IOTA solution, there will be a standard sometime late next year from the OMG and eventually, from the International Organization for Standardization (ISO) that guarantees that you will have an inter-operable solution,” he
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