bank, banking, bitmain, blockchain, central, create, private - March 08, 2018Bitmain Wants to Create Private Central Banks on the Blockchain
There are always intriguing developments taking place in the cryptocurrency world. Bitmain, the world’s leading cryptocurrency mining hardware manufacturer, wants to invest in startups. That in itself is not surprising, but the company’s end goal is a bit of a surprise. They seemingly aim to create private central banks on top of blockchain technology.
It is evident the terms “central bank” and “cryptocurrency” do not mix all that well. In fact, these terms are almost mutually exclusive, especially in a positive manner. That hasn’t kept companies from trying to build their own blockchain-based bank solutions, though. For some reason, Bitmain is now aiming to provide private central banks on the blockchain. It sounds ambitious, intriguing, and worrisome all at the same time.
Sponsored A Weird Plan for Bitmain
More specifically, anyone who owns cryptocurrency already is their own bank. There is no need for central entities to be part of this ecosystem whatsoever. Even so, Bitmain co-founder Jihan Wu sees a bright future to combine both worlds. Bridging the gap between fiat money and cryptocurrency will always be a challenge. A blockchain-based bank may not necessarily hold any answers in this regard either.
A private central bank would be better at creating user experiences. Bitmain is very interested in this private central bank model. The company aims to issue private cryptocurrencies as a service which is certainly interesting. At the same time,...