IOTA Cofounder is Optimistic for the Cryptocurrency's Future Amid Global Expansion
With bitcoin, ethereal and other large name electronic currencies regularly making the information for their role in controversies and developments, it is often easy to overlook the rest of the cryptocurrency marketplace, even those rising in prominence such as as IOTA. With a market cap of about $5 billion, it's now the eleventh most precious cryptocurrency. Unlike others, however, IOTA has its own unique spin on the blockchain tech, called Tangle. Additionally it is able to boast zero transaction fees.
In recent times, IOTA's legacy in the German capital has clearly attracted several native companies with deep pockets. For instance, the Chief Digital Officer of Volkswagen Group, Johann Jungwirth, is one of the board members of the IOTA Foundation. Bosch Group, through its venture capital arm, RBVC, has also invested an undisclosed amount and works closely with the base.
When interviewed by Bloomberg, IOTA co-founder Dominik Schiener shared his belief that with these new ventures, IOTA is heading for the «next growth cycle». There are also rumors circulating in the crypto community surrounding a possible smart contracts-like feature in IOTA. Setting up multiple offices around the world, including ones in Canada, Japan, Norway and South Korea, is possibly in expectation of explosive growth following these changes.
Programmers and mathematicians hired by the IOTA Foundation to work on the cryptocurrency are compensated in IOTA tokens rather than fiat currency. The base has shrunk over 300,000 Euros in IOTA contributions from users of the money, based on Dominik.
Schiener's first stint with cryptocurrencies was back in 2013 when he tried to start his own digital trading exchange at age 17. The project, however, completely failed to take off, causing him to lose his investment of about 500,000 Euro. In the interview with Bloomberg, he said that the reason for his enterprise's failure was primarily due to the relative infancy of virtual currencies all those years ago.
He further added:
«Many associated it with drug deals and other shadowy businesses, and no bank wanted to give me an account for the company.»
And by now, after the slow rise of IOTA throughout 2016 and 2017, it is clear that the young entrepreneur is dead set on making IOTA one of the most valuable currencies of our time.