IOTA co-founder Dominik chats how to run a crypto company in a wild market with Oscar Williams of Business Insider UK. IOTA is a cryptocurrency that’s worth $5 billion and is designed for the internet of things.
Cryptocurrency markets have been swinging wildly in recent weeks, creating headaches for people trying to build businesses off the back of them.
Answering how one can make plans for a business when they are not sure how much they have In the bank he says;
“You have to constantly adapt and change things,” adding; “Today it’s like $300-400 million or so — probably less so now,”
“Me and David [Sønstebø, IOTA cofounder] always joke: we are really f—— good at freestyling this because the crypto market is just too insane right?”
“You have to constantly adapt and change things because all of your assumptions are constantly being proved wrong. You just really have to be very agile and just move forward. We don’t make 12-month plans.”
Dominik is the chairman of the IOTA Foundation a not-for-profit set up that is in charge of developing the IOTA network. IOTA aims to be a cryptocurrency for the internet of things (think cars and petrol stations communicating with each other over the internet — that kind of thing). As machine-to-machine contact grows, IOTA wants to be the currency that powers their transactions.
IOTA launched in 2015 and managed to raise 1,300 Bitcoins through ICO. Its token, MIOTA is the 11 biggest cryptocurrency worth an estimated $5Billion.
Dominik has been in the crypto space since 2011, He set up a cryptocurrency exchange in 2013 and lost it all in a past market crash.
He says that IOTA liquidates some of its Bitcoin holdings every month to ensure they have the stable cash to work with.
On IOTAs plans for 2018 he says;
“The first one is definitely to get the technology right, to get it to a stage where it’s production ready. That is kind of our main focus on 2018.”
“The second thing is to really engage with the ecosystem, which means developers that build products. Apart from this community, we also have a big corporate ecosystem where we really focus with them on, hey, how can we introduce the technology to you and more importantly, how can we do projects together?”
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