Lawrence Diao's Contact Details

Lawrence Diao's Company Details

Basis

Newark, NJ, US • 5 - 9 Employees
Internet

Did you notice that nobody is using cryptocurrencies to actually buy things, in spite of major benefits like privacy, security, low cost, and international reach? Rather, all of the transactions are speculative in nature, with traders simply betting on ups and downs, with almost no use as a medium of exchange. Why is that? Well, we believe the main blocker to mainstream adoption of cryptocurrencies as a medium of exchange lies in their price volatility. For example, it's very hard to denominate prices in Bitcoin because the purchasing power fluctuates massively on a day to day basis. Much worse, it's impossible to have rich credit and debt markets if the underlying currency is volatile. To see this, just consider issuing a Bitcoin loan-- if the price drops significantly at any point before the end of the loan's term, the lender is left holding a significantly devalued stream of payments. So we see lack of price stability a complete nonstarter for mainstream adoption of cryptocurrencies.That's why we created Basis, a new cryptocurrency that has all the benefits of traditional cryptocurrencies, including privacy, anonymity, decentralization, etc.. but with a monetary policy built into the blockchain that keeps the price of each token pegged to a stable asset (USD in the short run, basket of goods in the long run). In that sense, it is the world's first "algorithmic central bank,"​ operating without need for human discretion.To learn more, visit our website below.