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With bitcoin, ethereum and other major digital currencies that regularly make the front page for their role in controversies and developments, It is often easy to ignore the rest of the cryptocurrency market, even those who are gaining importance as IOTA. With a market capitalization of about $ 5 billion, it is currently the eleventh most valuable cryptocurrency. Unlike others, however, IOTA has its own spin on blockchain technology, called Tangle. He is also able to boast zero transaction fees.
Lately, the legacy of IOTA in the German capital has clearly attracted several local businesses to deep pockets. For example, the Volkswagen Group Chief Digital Officer, 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 foundation.
When interviewed by Bloomberg, the co-founder of IOTA, Dominik Schiener, shared his belief that with these new partnerships , IOTA is moving towards the “next growth cycle”. There are also rumors circulating in the crypto community surrounding a possible smart contract type device at IOTA. The creation of several offices around the world, including Canada, Japan, Norway and South Korea, may be in anticipation of explosive growth as a result of these changes.
Developers and mathematicians hired by the IOTA Foundation to work on cryptocurrency are paid in IOTA tokens and not in currency. According to Dominik, the foundation has accumulated more than 300,000 euros in donations from IOTA from the users of the currency.
Schiener’s first stint with crypto-coins dates back to 2013 when he attempted to launch his own commercial exchange at the age of 17. The project, however, failed to take off, making him lose his investment of about 500,000 euros. In the interview with Bloomberg, he said that the reason for the failure of his business was mainly due to the relative childhood of virtual currencies all these years ago.
“Many associated it with drug trafficking and other obscure affairs, and no bank would give me an account for the company.”
In 2015, when Dominik founded IOTA alongside David Sønstebø, Sergey Ivancheglo and Sergei Popov in Berlin, bitcoin and, by extension, cryptocurrencies, gained credibility among the masses. And now, after the slow rise of IOTA throughout 2016 and 2017, it is clear that the young entrepreneur is determined to make IOTA one of the most valuable currencies of our time.
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