With the new year picking up speed, we are working on finalizing regulatory structures and on some updates on the platform. These are important steps fundamental to ensure a smooth operation. In this blogpost we want to update the community — which has very supportive since 2018 — and share a few insights into general plans and goals for this current year.
Launching the Minimum Viable Product (MVP)
Opening the access to the exchange service as part of the MVP is our first priority and we work daily to be able to do so. We are working with regulators regularly to obtain the appropriate structures for operating our platform. The rollout to our users will be gradual when available. We are committed to ensure success and we will be onboarding users on a staggered basis. We will notify you individually as soon as this is ready.
Refining the Product Backlog
Besides our primary goal of launching the MVP and developing the product, backlog refinement — both internally and together with relevant stakeholders — takes up a large part of our resources. The Product Backlog is the heart of all ongoing developments. The cornerstone of the omoku product backlog is our vision to connect the IoT economy with the banking infrastructure. The resulting simplified exchange between IOTA and Euro is intended to support the adoption of IOTA and alleviate the issue of major price fluctuations for various stakeholders.
As usual in an agile environment, the Product Backlog is subject to constant change. As an example, we adapt it to developments concerning the IOTA protocol and applications related to the IOTA Foundation. Due to its dynamic nature, the specific content of the backlog items remains confidential. In this way, we also prevent possible speculations and false expectations.
We adhere to the principles of the Agile Manifesto. Like traditional companies, we still follow a plan which is reflected in the Product Backlog. At the same time, we are aware that this plan must be able to respond quickly to change, especially in the dynamic DLT environment.
To make Agility more visible to our community, it is our declared goal to reduce release cycles in the future and reduce the release scope accordingly so that we can collect your feedback and interest at an early stage. This is very important to us, as the best inputs usually derive from the feedback of our community, which is highly appreciated.
Expanding bank relationships
The cooperation with various banks is still one of the biggest challenges for startups in the DLT sector. In addition to existing relationships, TriModa GmbH, the operator of omoku, is in ongoing talks with other banks. Despite the ongoing great scepticism, we have been observing important developments in the Swiss banking sector for some time now, towards a rapprochement with companies wishing to offer regulated financial services in the DLT sector. This was an important reason for our move to Switzerland. In terms of timeframe, we expect significant progress to be made in this regard this year and next.