Dominik Schiener is co-founder of IOTA, a Berlin based startup which has developed a blockchain-like solution for machine-to-machine payments and micropayments in the Internet of Things. IOTA uses the Tangle, a type of directed acyclical graph (DAG) that does not have the high energy consumption of blockchains using proof-of-work consensus mechanisms, that do not have transaction fees and can scale up to thousands of transactions per second.