26-year-old Google employee creates a cryptocurrency to replace the money

The story of the former employee Google of Nader al-Naji drew attention because just recently a major investor has provided his young company $ 133 million. Apparently, the company is very promising, and if you look deeper into the ideas of al-Najah, will know that this is true. His company is called Basis, and it works over the cryptocurrency, which we will be able to apply for payment.

The basic story begins in the dormitory Princeton, where al-Naji studied information technology. Together with his friend, learned that the residents of the student hostel are provided with free electricity, they decided to start mining bitcoins.

“If you build a farm for $ 1,000 in 2013, investments struggled for about a month,” said al-Naji in an interview with Business Insider. With the help of a powerful computer with two graphics cards it for 6 months got 22 bitcoins.

Interest in bitcoin has led to the fact that al-Naji went on a course of monetary history at Princeton. After graduation he went to work for Google, but during work it would not let the idea of creating its own cryptocurrency. What should be its features? It should not fluctuate wildly in value.

It just so happens that bitcoin and many other cryptocurrencies today is rather good for speculation, rather than for use as currency. The value of the currency can change dramatically in just one hour, and this creates a huge inconvenience to both sellers and buyers. For this reason, al-Naji and his friends Lawrence Diao and Josh Chen had the idea to use the blockchain as a form of monetary regulation.

So, Basis is working on a stable cryptocurrency, the cost of which will be adjusted by an algorithm. To use this kind of currency is best for shopping, and the blockchain can better deal with the regulations than the government.

The idea was so good that al-Najah has left Google in order to devote his full time Basis. He originally planned to develop the company’s own funds, but interested, Google Ventures, Bain Capital Ventures, Lightspeed Venture Partners and Andreessen Horowitz. Al-Naji and his companions agreed to accept investments, which amounted to $ 133 million.

We will wait for the implementation of the idea, which received such a good financing. Basis hopes that their technology will primarily help developing countries with undeveloped financial infrastructure.

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