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- IOTA’s Dominik Schiener has hinted that the secret to a long-running company is “focusing on a specific problem, developing projects, and having actual customers.”
- The IOTA co-founder further disclosed that IOTA is focused on digitizing the backbone of the digital economy (International Trade).
IOTA co-founder Dominik Schiener has, in a detailed post, outlined how companies could maintain their relevance over a long period and avoid being just a “one hit wonder”. In the post, Schiener disclosed that some startups fake their way to success “during a single narrative window.” Meanwhile, they seek to build a $100 billion company and dominate every industry (infinite market).
According to him, the “magical wand” to excel is to have a “relentless focus on specific problems or a smaller subset of the market”. Per his observation, “conquering these niches” could be a significant step towards “scaling and hitting escape velocity.”
Also, he believes that companies that survive in the long run have actual projects and actual customers who are willing to pay for them.
This is true for every tech product over the past decades. It’s also true for L1s / L2s and every crypto project. Product market fit is everything.
Explaining how he has applied this principle in the building of IOTA, Schiener pointed out that they ensured the project focuses on “digitizing the backbone of the modern economy – international trade.” According to him, the initial plan is to conquer global trade and grow to become the dominant infrastructure to digitize global pipelines.
Additionally, Schiener disclosed that IOTA plans to dominate the area of creating digital identities for traders and governments while tokenizing commodities and financial assets for trade finance. Already, the much-anticipated IOTA Rebased Protocol has been launched with the Trade and Logistics Information Pipeline (TLIP) expected to be redefined, as discussed earlier.
Previous Efforts to Make IOTA Dominant in Its Niche
As part of the broader plans, IOTA has introduced its digital identity to encourage data integrity while combining W3C standards with IOTA MoveVM to address problems. As noted in our earlier post, this provides a framework for authentication, verification, and secure data exchange.
In a recent update, CNF discussed Schiener’s plan to build a digital world on-chain by introducing projects that cut across different areas, including markets, banking, tokenization, Artificial Intelligence, ETC.
According to a Web3 professional, Lenny, IOTA is relentlessly working to transform the global trading industry with its recent initiatives, including the collaboration to launch the TWIN Foundation. As indicated in our earlier discussion, its Initiative could be expanded to eliminate trade barriers across Africa.
This is the very definition of the RWA and DePIN narrative: using crypto tech to solve tangible, billion-dollar problems. While others make promises, IOTA is delivering real-world utility right now. The question is, when will the wider market wake up to this?
Regardless of these developments, the price of IOTA is struggling to reclaim its monthly high of $0.21 as it declines by 1.8% in the last 24 hours to trade at $0.16.
According to our recent analysis, the asset is likely to target the $0.27 and the $0.28 psychological range after it rises above the $0.21 level in the near term.