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Kenta Iwasaki wants to revolutionize the cryptocurrency.
The 20-year-old student, who has turned down offers from Stanford University and California Institute of Technology in the United States for an honorary degree course at the University of Science and Technology in Hong Kong, believes the field has remained stationary.
"You really need something new, a new flavor for what you can do with cryptocurrency," otherwise the technology will be wasted on the exchange of basic currencies, he said.
And it's not just dreaming. The magician has recently raised $ 49 million (RM204mil) to finance a crypto-ridden market that aims to change a sector that struggles under falling coin values and a confidence crisis.
The market, called Perlin, is based on a blockchain created by the same Iwasaki, a self-taught programmer who at eight years was already making thousands of US dollars a month with the online software developed by him.
Born in a Japanese and Chinese-Indonesian couple, Iwasaki moved to Hong Kong with his family when he was four years old. He learned programming through a constant process of trial and error.
His scholastic marks have suffered while he was managing companies, while he also worked as a graphic designer and web developer in high school, but decided to pursue a degree in computer engineering and engineering with a scholarship from the Li Ka Shing Foundation.
Now, Iwasaki is set to launch Perlin, which provides a new model for how cryptocurrency is assessed and how businesses power cloud computing.
It could also help people make money with their smartphones, allowing users to "sell" (them) phone calculation unit temporarily every night at a business or a start-up, "Iwasaki told an event on his university campus.
Iwasaki and his international team of entrepreneurs and engineers hope to have 50,000 smartphones connected to their network by the end of next year, providing computing power to companies in exchange for Perl, the market's cryptocurrency.
That currency also seems to address a pressing problem in the sector. Because its value was tied to the price of computing power sold on the network, the currency was isolated from speculative practices and pump-and-dump schemes that destabilized cryptocurrencies in the last year, and threw a hood on the industry, said Iwasaki. .
"Even if people suddenly stopped trading, they stopped using the exchange to buy and sell, it would still have a fixed value, it would not be extinguished like a currency".
At least 4,800 pump-and-dump scams have taken place in the first six months of this year, according to a study published December 18 by the University of Tel Aviv, the University of Tulsa and the 39; University of New Mexico.
These schemes involve a group of traders who manipulate the values of the coins by buying coins in bulk to raise prices and then sell simultaneously.
While these patterns generally influence the darkest currencies, even major players such as bitcoins have seen the volatility of value: the price of coins has fallen by 70% this year.
The suspicions of manipulation have increased control of the regulator on cryptocurrencies around the world, which have already been treated with caution by established financial institutions. Last week, the Hong Kong Stock Exchange excluded Bitmain, the world's largest assembler of cryptocurrency mining equipment, and a Perlin token holder, from the launch of an initial public offering.
Officials said it was premature for companies in the industry to become public when the regulatory framework was still under development for the digital asset.
The volatility in the exchange of coins and in speculative practices not only gives cryptocurrencies a "bad name", said Iwasaki, but they also lose the potential of blockchain as "without trust" technology.
Iwasaki and his partners see their use of this technology as a social enterprise, with the potential to provide smartphone users in developing countries with a free Internet connection through their mobile phone providers or even, in their higher goals, a universal basic income paid directly to the phone owners.
Users with 2007 model smartphones could make US $ 1 (RM4.20) to US $ 3 (RM12.60) over a six-hour period selling their computing power, Iwasaki said.
A telecommunications company in Indonesia had already registered as a partner, he added.
As for Perlin's future, Iwasaki said that his hopes on how quickly he will spread "are exponential". – South China Morning Post
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