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BitcoinBusiness & Finance

Bitcoin’s Second-Ever Developer is Launching a New Cryptocurrency!

Martti Sirius Malmi announced that he will be launching a new cryptocurrency called AXE.

Malmi’s decision of launching a new cryptocurrency has gained popularity due to several reasons. Second to bitcoin’s creator Satoshi, Malmi was the only developer for bitcoin. His work and sincerity at that time was appreciated by Satoshi himself so much that he was given admin access to Bitcoin.org. Malmi left bitcoin after realizing that its success has left him with nothing more to offer. He said:

I felt like bitcoin had already gone from zero to one, so to say. It was already up and running with a growing community and had lots of great developers working on it.

Apart from interesting history, Malmi’s vision for his cryptocurrency has attracted people as well. After leaving bitcoin he founded Identifi which had a decentralized framework. Identifi didn’t have a cryptocurrency before but now Malmi has realized that to help him to implement his vision of taking control from web companies, cryptocurrency should be employed. He revealed the strategy to tackle web companies by explaining the need of decentralized indexes. He said:

Most of the giant online businesses, such as Google, Facebook, eBay or Airbnb are basically centralized indexes – searchable lists of stuff. If we want to disrupt them, we need decentralized indexing.

Possessing these goals further paved way for joining hands with GUN. GUN was aiming to decentralize web for a long time and as soon as its mission found a convergence with Malmi’s Identifi, a new company was launched with the name ‘ERA’ to turn the idea in to practicality.

Nadal, CEO of GUN and ERA, shared his discussion with Malmi regarding the need of launching AXE. He said:

Martti and I were discussing how governments can still blacklist bitcoin miners’ IP addresses. Telecom companies, Google, Amazon or others can throttle or reroute our traffic without net neutrality….This is a huge vulnerability that could affect everyone, thus why we’re building AXE.

Gun has successfully raised $1.5 million along with the achievement of building decentralized You tube and Reddit as Identifi is all set to provide censorship-resistant identity layer to decentralize the system. Malmi shared his views on the services of Identifi that will be playing a key role in supporting ERA in the following statement:

You could have users digitally sign all their posts and use Identifi to fetch the identity profile (name, avatar, feedback etc.) that corresponds to the public key…You could use your Identifi web of trust to filter out spam, trolls and other kinds of unwanted content without resorting to centralized censorship. That is useful for decentralized social media.

AXE will be helpful when for decentralizing the system, people handling databases all over the world would be needed by ERA. Although he was pointing to the failure of a blockchain based app mainly,  Nadal explained the need for decentralized databases to complete its mission through ERA. He said:

The missing piece [to a decentralized web] was a decentralized database that could handle CryptoKitties scale traffic.

ERA is taking a different approach for its user to store data. Rather than running servers to store data, it will be running servers to move encrypted data. And as data would be encrypted, while moved by servers, its privacy will be maintained throughout.

Nadal and Malmi have been claiming of developing a ‘scalable’ system without adhering blockchain. Malmi explained the need of blockchain is a necessity only when DLT with trusted parties is a must. He said:

Blockchain technology is overhyped and pushed for applications where it is not useful….If you don’t need a distributed ledger with no trusted parties, you don’t need a blockchain.

According to him, ERA will be perfectly introducing a cryptocurrency in to a decentralized system. He personally credits crypto solely for opening up the possibility by saying:

Crypto should be given credit for incentivizing the decentralization of infrastructure.

He believes that he will be offering a very meaningful thing to people by introducing a decentralized system. With emphasis on offering only meaningful things instead of expected ones. And explains that meaningful thing he will be working for in these words:

I believe that decentralization of digital identity and other basic infrastructure of our society are the some of the most meaningful things a developer can work on these days.

Although Gun is not at the moment used for building as large apps as the companies wishes to, but hopes and expectations invested in decentralizing are large enough to believe that one day it might.

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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