6 questions for Dominik Schiener from the Iota Foundation – Cointelegraph Magazine

We ask developers in the blockchain and cryptocurrency space for their thoughts on the industry…and throw in some random zingers to keep them on their toes!

This week tackles our 6 questions Dominik Schiener, co-founder of the Iota Foundation, a non-profit organization, and creator of the Tangle, a permissionless, multi-dimensional distributed ledger designed to be the foundation of a global log for all things connected.

Dominik Schiener is co-founder and chairman of the Iota Foundation, one of the largest and greenest cryptocurrency ecosystems in the world. The Iota Foundation’s mission is to support the research and development of new distributed ledger technologies, including the Iota Tangle. Dominik grew up in Italy and oversees partnerships and the overall implementation of the project’s vision towards the machine economy. He is a strong advocate for research-based, community-vetted, and transparent developments in the cryptocurrency space.

1 — If you were to invest in startup companies right now, what type of blockchain-based business opportunity would catch your eye?

I would bet on startups that focus on the intersection of Web2 and Web3. We are in a transition period that will continue for a long time, and it is prudent to embrace this ongoing transition, both financially and technically. Companies that help the centralized world transition to the decentralized world – and vice versa – are the present and the future. These include crypto banking, fiat gateways, NFT marketplaces, and so on. The biggest barriers to adoption are user experience, not scale. Focusing on UX and investing in UX is the path to mass adoption and the new world of Web3.

2 – Which people do you find most inspiring, interesting and fun in this field?

I am drawn to people who have endured and survived hardships in their personal and professional lives and have become more capable leaders as a result. Of course, people like that inspire me Vitalik Buterin within the crypto space, but I also admire Ray Dalio, whose innovations – and thinking – transformed traditional finance long before crypto even existed.

3 – What is the most innovative blockchain use case you have ever seen? It may not be the one most likely to succeed!

I’m becoming increasingly excited about algorithmic stablecoins. I am fascinated by their mechanics and their possibilities. They are of course very experimental, and some can simply fail, causing investors to lose millions. Nonetheless, these stablecoins have tremendous potential to bring retail investors on board and offer a new way of transacting. I think they’re vital to mainstream acceptance, so I definitely hope they’re likely to be successful.

4 — What was the most interesting place you have ever visited and why?

I’m a mountain man. I grew up in the Alps so I’m probably a bit biased. My favorite places are remote areas in the mountains, where you can be far away from civilization and really take a moment to step back, reflect and appreciate the beauty of our world. This kind of rest is the best way to take a break from the crypto madness. I love being in a place where the only reminder of the modern world is the occasional airplane overhead. I love South Tyrol [in northern Italy] special.

5 — Which alternate cinematic universe would you most like to live in and why?

I will go with Avatar. It’s such a breathtakingly beautiful and fully realized world. I love the look of this film and the deep meaning it gives to the interconnectedness of nature. If I’m a natural on Earth, I think I’m a natural on other planets too. Living in an alternate reality and becoming part of the Na’vi tribe sounds like an amazing exploration adventure.

6 — What should we teach our children?

Financial literacy is still not the priority – it should be within literacy, and the sooner that changes the better. I also think that there needs to be more emphasis on philosophy and especially ethics. Science and technology are evolving faster than at any time in human history, and we simply cannot have a generation that is unable to think critically about the human element of these developments. We know about the dangers of technical progress without ethical limits – there are countless dystopian films about exactly that! – and its importance should not be underestimated.

A wish to the young, up-and-coming blockchain community:

That we never forget why we are here. It’s not about getting rich quick. It is about removing centralization and abuse of power to lead billions of people to prosperity and abundance through decentralized technologies.