The IOTA Foundation wants to add prominent individuals to its Board of Directors to regain its position among the top ten most important cryptocurrencies. Despite the optimistic statement from Chairman Dominik Schiener, IOTA currently ranks around 100 in market capitalization, according to CoinGecko.

Chairman Dominik Schiener aims to elevate IOTA’s position in the cryptocurrency market by adding influential figures to the Board of Directors. However, the current market data shows a decline in IOTA’s significance.

Schiener plans to bring someone onto the board who will drive adoption of IOTA in the real world. However, the identity of this person remains undisclosed until the appointment is official. Presently, Schiener is joined on the foundation’s board by scientist Navin Ramachandran, and speculation suggests that Ralf Rottmann, a former member of IOTA, could potentially return.

Schiener highlights IOTA’s advantage over other altcoins regarding its partnerships and government collaborations. Establishing a second IOTA foundation in Abu Dhabi raises questions about its cooperation with the United Arab Emirates.

The lack of transparency and the decline in IOTA’s significance in the crypto market can be attributed to Schiener. Despite promising more openness and decentralization, these commitments have not been fulfilled. It remains uncertain whether Schiener’s efforts will successfully revitalize IOTA’s position.