Bitcoin Layer 2 Creator Dishes On The Origin Of The Crypto That’s Jumped 98% In A Week
Way back in 2014, long before most people had heard of blockchain, Muneeb Ali launched his first company, OneName, an early effort to expand bitcoin’s underlying technology to new uses, in this case creating domain names with less reliance on middlemen. Since getting his doctorate from Princeton in 2017 with a thesis on employing blockchain to design a new internet, he’s raised over $200 million to build a software stack, or suite of software tools, for bitcoin developers.
As interest in creating non-fungible tokens (NFTs) on bitcoin is just now entering the crypto consciousness, one of his latest projects, the stacks (STX) cryptocurrency, has exploded in value, almost doubling in the past week to $1.05 and commanding a market capitalization of $1.4 billion. The token enables sophisticated smart contracts that run on the bitcoin blockchain, an area that so far has been dominated by ethererum.
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Another competing bitcoin Layer 2 (the term for a blockchain that sits on top of another blockchain enabling new features or faster transactions), called RSK, has increased 80% over the same period. Bitcoin
itself jumped 32% this week to $26,420, with a market cap of $555 billion.
I had a chance to sit down with Ali this week to talk about how being born in Pakistan informed his thinking on the role central banks play in creating stability and hyper-inflation, and why he decided to stick with the first cryptocurrency to build his technology.