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- IOTA founder Dominik Schiener has revealed that more countries are showing interest in the TWIN Project and that the team has ramped up hiring to cope with rising demand.
- He noted that to use TWIN, these governments will need to hold IOTA, making it critical for his team to bring the project to the mainnet to “drive real, tangible value to IOTA.
The TWIN Project could be among the most important to the growth and expansion of the IOTA ecosystem over the next few years, says founder Dominik Schiener. He revealed that his team has ramped up hiring to meet the rising demand from world governments interested in digitalizing their cross-border trade on a decentralized network.
As we reported, TWIN (Trade Worldwide Information Network) is the evolution of the long-running Trade and Logistics Information Pipeline (TLIP), which has been transforming trade in select countries, starting with Kenya. As TLIP has expanded into other African nations and Asia, and as other partners have been onboarded, it has expanded into an industrywide project, hence the transition to TWIN.
Dominik revealed in an IOTA forum that his team is hiring for five more roles in TWIN over the next month “because we have so much demand from governments and partners that want to engage with us. There’s a lot happening behind the scenes, and next year, we will definitely see several more countries coming online.”
Responding to crypto researcher Collin Brown on X, Dominik revealed that the TWIN team now consists of 28 people, and that “over the next 2 years, we will get it to 100 people dedicated just on TWIN and its ecosystem,”
Really excited to take this forward and digitize the backbone of our modern economy on IOTA.
Team is 28 people today. I think over the next 2 years we will get it to 100 people dedicated just on TWIN and its ecosystem.
Really excited to take this forward and digitize the backbone of our modern economy on IOTA 🙌
— Dominik Schiener (@DomSchiener) November 18, 2024
In another conversation on X, Dominik further highlighted just how critical TWIN will be to the future of IOTA. He noted that every government or corporate partner that wants to use TWIN on the public network will need IOTA tokens.
This is why it is our mission to bring TWIN to the IOTA mainnet as quickly as possible (need L1 smart contracts), as that will drive real, tangible value to IOTA.
Why TWIN is Critical for IOTA
IOTA has been active in several sectors and has dozens of projects, all seeking to solve real-world challenges on its decentralized networks. Recently, Abu Dhabi-based firms Realize and Neovision launched a fund that tokenized US Treasury bills on IOTA and Ethereum, the first of its kind in the Middle East.
As we reported, the network also announced its biggest upgrade yet with the launch of IOTA Rebased, which Dominik says allows the network to leapfrog other L1s.
As an OG L1 protocol started in 2015, #IOTA has always taken a unique, unconventional approach compared to others.
We invented the first DAG-based ledger, we worked with governments and enterprises, we operated as a regulated German non-profit foundation, we didn't play the… https://t.co/H8M6XWljER pic.twitter.com/AekYdLVtXu
— Dominik Schiener (@DomSchiener) November 18, 2024
However, TWIN is still one of the most significant projects on IOTA and has the potential to bring in the most investment and real-world adoption. Global trade remains tedious, opaque, slow, inconvenient and corrupt, despite being projected to be a $32 trillion sector this year.
If IOTA can become a critical cog in this sector, it could become widely used by corporations, small businesses, and even governments to introduce efficiency to the sector. Even powering 1% of this sector would be a $320 billion opportunity, almost as high as the market value of Ethereum.
IOTA trades at $0.1812, gaining 7.5% over the past day, and hitting an intra-day high of $0.2118, its highest since June. Most impressively, its trading volume shot up 700% to hit $174 million.