IOTA Founders Reject Weiss Ratings Claims On Project’s Destiny

The IOTA founders reject Weiss Ratings’ claims of the project being “destined to fall by the wayside” as the project is in the phase of technical maturity, progress, and adoption. The foundation is not running out of money as Dominik Schiener and David Sonstebo explained in our latest IOTA news.

It was at the start of May when the controversial agency Weiss Ratings published a report on the ranking of the “Top Coins” in the crypto-space where it ranked IOTA as a third behind Bitcoin and Ethereum. IOTA received a B+ rating in the ranking in the area of “technology and degree of adaptation” and a D- for “market performance” but this option seems to have changed. Weiss Ratings wrote that IOTA is running out of money as there are no commercial applications for the Tangle so the agency concluded that the project could fall behind in the race with other crypto projects:

“#IOTA is at risk of running out of cash, exacerbated by lack of commercial use cases of #Tangle. As second layer apps improve, the ever-growing #crypto community is ditching protocols it doesn’t want/need. Maybe IOTA is one of those projects, destined to fall by the wayside?”

IOTA founders reject the reports as they reacted to the serious accusation and the set the record that the project is one of the few projects that is financed by state subsidies. Schiener explained that the platform is now in technical maturity, progress, and adaptation:

“Umm what are you talking about? […] There is more tech maturity, more adoption and more progress than ever. We are one of the only projects which gets funding from government grants and corporations. Stop the attention grabbing headlines and get your sources right.”

When asked whether IOTA deserves the state funding and whether this could be audited and if Sonstebo will become rich from the government funding as the founders wrote that all grants that are to be audited by external bodies:

“As an innovation leader in Europe, I certainly say we deserve to get grants. There is a below 7% success chance usually. And yes, everything is fully audited (by externals ofc), showing clearly how and that the money was used in achieving the milestones of the grant.”

Sonstebo discussed that all claims from the article are refuted, answering to Anton Tasarov:

“Your account has been hacked I presume. Hopefully you get control back ASAP.”