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IOTA wishes to operate as a trust layer for the digital economy, says Dominik Schiener at OffTheChain

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Recently, Anthony Pompliano interviewed the co-founder of the IOTA project, Dominik Schiener. This episode of Off The Chain has been released on Spotify for the entire public. Dominik spoke of his background prior to being involved in the cryptosphere, as a gaming enthusiast. Once Schiener was introduced to cryptocurrencies, he decided to purchase Protoshares [now known as BitShares].

Dominik then decided to set-up an exchange but faced regulatory uncertainty. All financial institutions decided to not pay heed to his requests [he even flew down to Malta but in vain], which is when Charles Hoskinson extended an invite to him from Zug, Switzerland. Together with Vitalik, Gavin, and roughly 8 others, Schiener explored his talents and established a skillset.

Dominik Schiener lost a ton of money during the 2013 crash and later won a hackathon in Shanghai. He collected the prize and was also awarded 30,000 ETH coins by Vitalik Buterin. Dominik then began experimenting with IOTA in 2015, after he moved to Berlin.

IOTA wishes to revolutionize the field of automation, but more importantly, it aims to implement a seamless machine-to-machine communication system. The network itself is open and permissionless and welcomes suggestions and inputs from people scattered across the globe. Dominik referred to Facebook’s recent scandal involving data leaks, and how massive conglomerates are capitalizing on data obtained from customers from every nook and corner of the world.

The IOTA Foundation hopes to give the ownership of data back to the people. The citizens will then be able to use said data in a way they see fit. Schiener referred to something Tom Lee of Fundstrat had once stated, that automation is a reaction to the prevailing labor shortage. An appropriate example would be how truck drivers are rarely available in the USA, and the numbers keep declining every passing year.

Dominik has dreamt of a future where Artificial Intelligence, Internet-of-Things, and Distributed Ledger Technology goes hand-in-hand. Tesla vehicles communicate with one another via the Headquarters which functions like a cloud [or a server]. By expanding this network so as to include other organizations like Volkswagen and Renault, Dominik holds the opinion that such initiatives are more likely to catch on. Fragmentation would thus be reduced.

Dominik then moved on to discuss more regarding IOTA’s recent partnerships, specifically the Jaguar Land Rover deal. This allows IOTA-centric smart wallets to be pre-installed in the latest vehicle models; cars will soon be able to collect information tied to potholes, traffic, tolls, and forward it to a network that connects similar smart vehicles. He also harped on how IOTA doesn’t employ a blockchain but uses a Directed Acyclic Graph [commonly known as the DAG].

The key features that Dominik has in mind include:

  • scalability
  • governance
  • feeless transactions

Coordicide is expected to be implemented shortly, which would bring about smart decentralization. Schiener was greatly influenced when he came across the book titled The Age of Surveillance Capitalism.

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