Dominik is an entrepreneur from Italy, with a passion to drive change in society and business. He is a technology wizard and is not a new face in the cryptocurrency market. Often referred to as the “golden boy”, he earned his first millions when he was just seventeen years old. Most of his income is in IOTA tokens.
Let us talk about 15 things you probably did not know about this Golden boy.
Dominik was born in December 1995 in Italy. His father was bricklayer and his mother worked as a cook. His parents expected him to be a bricklayer as well as according to them that was the only way of making money.
At the age of 17, he was studying for his Matura it is Latin word for secondary school exit exams.
2.Interest in computers
He developed interest in computers from a young age and he started hacking computer games when he was just 14 years old. He hacked down to number 1 in the world ranking list of the popular computer game, Call of Duty.
He got a reasonable income by selling the modifications of the computer games that he hacked.
3.Feeling like an outsider
While growing up in South Tyrol, Dominik felt like an outsider as he did not have friends who had the kind of drive he did and he was not taken seriously. The people there were small minded people who had little or no knowledge about technology and were a bit backward in terms of innovation and progress.
Since an early age he strived to be independent and entrepreneurial and had great plans for himself.
4.Projects created by him
- Public Votes- it is an Ethereum-based voting platform which is fully transparent and enables voters to verify the outcome of the vote publicly.
- Decentral Wiki- a simple Proof of Concept a Decentralized Wikipedia powered by IPFS. By extracting information through the Wikimedia API, it stores the summary of Wikipedia pages.
- Identity on Bitcoin- using fingertip sensor and Raspberry Pi a user can register a new identity. A private key to the digital wallet is generated by creating a hash using the characteristics of the fingertip. The identity owner can easily make use of it in future.
5.Realizing the potential of cryptocurrency
The first time Dominik came to know about cryptocurrency was back in 2011 and at that time he found it difficult to understand the Bitcoin white paper as he was not fluent in English.
He finally got grasp of Bitcoin in 2012 and was fascinated and very interested as well. He realized the potential of cryptocurrency. He was getting paid through Paypal by his customers. He realized the limitation of Paypal as it hindered innovation and young entrepreneurs.
Bitcoin allowed him to pay his developers without any formalities throughout the world. He started Bitcoin mining.
Dominik first startup was Fileyy when he was just 17. He claimed that he earned more than his parents at that time. Seeing the ever growing demand he focused Fileyy on exposure for Businesses. He created a new Affiliate Marketing Platform which was able to connect both advertisers and affiliated promoting the advertisements. It was a successful venture.
7.Moved to Switzerland
To pursue his interest in cryptocurrency Dominik moved to Zug, Switzerland, with half a million euros to begin his first cryptocurrency startup which was unsuccessful. Bithaus GmbH was cofounded in June2014 but it was during this time that the Bitcoin crash happened and all his euros were lost. Due to which he had to sell his company so that he could pay his outstanding bills.
8.Honors & awards
Dominik with his work has won international prizes from Deloitte, Wanxiabg, GTEC and Emirates NBD.
- In the GTEC Blockchain Challenge he came at 2nd
- He was Technology winner at the Emirates National Bank of Dubai Group FinTech Challenge.
- He was the Winner of Blockchain Hackthon
- Winner of Sudtirol Innovation Challenge.
Finhaus Ltd was started in 2015. It makes use of the blockchain in the Financial Setor. It was the second cryptocurrency company created by Dominik.
After facing failure of his previous exchange, Dominik turned his attention to the application of cryptocurrency, and the financial sector was his preferred target. The blockchain technology was not able to meet financial-level trading needs at the time. While operating Finhaus, Dominik found that under the blockchain technology, the feasibility of applying blockchain technology to real social and economic activities was extremely low and he felt creating a new decentralized book technology may be the right way and that’s how he came up with IOTA.
IOTA was founded in 2015 and stands for “Internet of Things Application.” Dominic and the co-founders believed that if machines were independent, they could carry out transactions and exchange values autonomously. They needed a new technology and that gave birth to IOTA.
IOTA is a disruptive technology which enables machines to store and send money between one another. It has its headquarters in Berlin, Germany.
11.Germany’s first non-profit foundation
By co-founding the IOTA Foundation in 2017, Dominik established Germany’s first nonprofit foundation which enabled and fostered permission-less ecosystems powered by distributed ledgers.
Dominik is the co-chairman of the foundation which encourages development on the platform and helps to foster the broader IOTA community.
IOTA foundation holds over 300 million euros in tokens, employs around 50 people in Berlin who receive salaries in IOTA tokens.
12.Iota and controversy
Some of IOTA users lost their funds to an unknown attacker on 19th January, 2018. Later it was discovered that the root cause of the attack was users who had chosen to rely on online generators to create their seeds.
IOTA was criticized by the prominent Digital Currency Initiative (DCI) at the MIT Media Lab. The Lab criticized IOTA’s approach and potential security issues. The Lab said it had “uncovered a gaping hole in IOTA’s software” and said “IOTA’s relationships with top-tier companies continue to be nebulous.”
- Dominik was rated among top 10 managers in The global blockchain community.
- He was ranked no 34 in the list of 100 most influential People in crypto of 2019.
14.Way to make blockchain success
Dominik is an advocate of blockchain technology and believes that developers’ sole purpose behind developing blockchain should not be getting rich. In fact the developers should focus on how blockchain technology can be used to solve problems.
Dominik is of the belief that no one can completely understand where the blockchain technology is heading to. He feels that blockchain technology is still in the early stages of development and has not been fully defined as yet. In order to make blockchain a success story, the industry and the community needs to sit and work together so that blockchain can be pushed forward.
15.IOTA and Jaguar entered into partnership
In April 2019, both the companies entered into partnership. Jaguar Land Rover would use blockchain network IOTA to reward drivers with cryptocurrency for data reporting. The teams would be working together to implement brand-new Smart Wallet technology into cars. Drivers can earn cryptocurrency and make payments while driving using the connected car services. Data such as traffic congestion or roadblocks can automatically be reported by cars in return for credits which can be redeemed to automatically pay tolls, parking fees, and even buy coffee.