David Sønstebø, Co-founder of IOTA, spoke about his early days in the cryptocurrency space and the events that led to the inception of IOTA, the sixteenth-largest cryptocurrency by market cap, in an interview with Anthony Pompliano on his Off the Chain Podcast.
The Co-founder stated that when the Bitcoin whitepaper by Satoshi Nakamoto was published, he was not really interested in it at the beginning.The reason behind it was the fact that there were “ideological” components like “hardcore libertarian” surrounding the concept, adding that that did not “interest” him.
David Sønstebø said,
“[…] I was much more interested in the technology, how it can lead to this autonomous real-world applications. By then in 2012, I had read the whitepaper several times and really got into it and started communicating with the early members. So, I decided to devote all my time on blockchain […]”
This was followed by the Co-founder stating that he got into the blockchain and cryptocurrency space in 2013. He further stated that he met with other founders of IOTA in 2013 via a project called Nxt, the first full Proof-of-Stake blockchain. He stated that it also had decentralized asset management and decentralized voting. He said,
“[…] It was pretty much an experimental protocol to see how far we could take blockchain. But then when we kind of went to my deeper passion, which is this decentralized informative things, where you have billions and billions of devices communicating […]”
David added that this was when the team started to think of a project that could ensure data integrity between devices, where the agreement between devices could be immutable and cryptographically insured in a ledger. However, he stated that this was when they also realized that the blockchain architecture that sits behind Bitcoin [BTC], and Ethereum [ETH] was not sufficient, resulting in the team creating the IOTA protocol, called Tangle, from scratch.
“[…] therefore we had to start from scratch and take the principles of blockchain, immutability, and decentralization and start kind of from scratch and what we ended up with was the IOTA protocol, which we call Tangle. Since then, I’ve been running the IOTA foundation and yeah, working 24/7 on the IOTA project and vision. […]”
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