IOTA Co-Founder Thinks Positive To Cryptocurrency Future

Bitcoin News

IOTA Co-Founder Thinks Positive To Cryptocurrency Future

IOTA is the eleventh most valuable cryptocurrency, with a market value of $5 billion. Unlike other coins, IOTA has its own unique spin on the blockchain tech, called Tangle. It is also able to boast zero transaction fees.

Recently, there were several German companies being interested in IOTA. Among them are Bosch Group, through its venture capital arm and RBVC, who has also invested an undisclosed amount and works closely with the foundation.

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IOTA co-founder Dominik Schiener gave an interview to Bloomberg and shared his belief, that 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 perhaps in anticipation of explosive growth following these changes.

Developers and mathematicians hired by the IOTA Foundation to work on the cryptocurrency are paid in IOTA tokens and not fiat currency. The foundation has accrued over 300,000 Euros in IOTA donations from users of the currency, according to Dominik.

The first stint with cryptocurrencies was back in 2013, when Dominik tried to start his own digital trading exchange at the age of 17. However, the project completely failed and caused a money loss around 500,000 Euro. He stated in an interview given to Bloomberg, that the reason for his venture’s failure was primarily because of the relative infancy of virtual currencies all those years ago.

But Dominik feels positive for cryptocurrency future and will continue the development of this sector.


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