Bitcoin, the first ever cryptocurrency, was the brainchild of Satoshi Nakamoto. One person who is known to have worked alongside Satoshi, Martti ‘Sirius’ Malmi, has become the trending name in the crypto space lately. He allegedly is working with a team of developers to launch a new cryptocurrency named ‘AXE’.
The project, which is combining Malmi’s Identifi online reputation system with decentralized database system GUN, is taking on the long-desired mission of decentralizing the Web.
Malmi is one of the earliest developers of Bitcoin, alongside Satoshi and Gavin Andersen. He got involved in the software development of Bitcoin in 2009, eventually gaining Satoshi’s trust as time passed. He is said to have become so close to Satoshi that he was also given the admin access to the website bitcoin.org, which Satoshi maintained only by himself.
However, just like Satoshi, Malmi also left the Bitcoin project a few years later, as he wanted to venture into something different. He said
“I felt like bitcoin had already gone from zero to one, so to say. It was already up and running with a growing community and had lots of great developers working on it.”
But as he built with his eyes on reducing the control web companies like Google and Facebook have – he decided something else was needed that hadn’t been tried before and that a crypto token could incentivize its use. He said,
“Most of the giant online businesses, such as Google, Facebook, eBay or Airbnb are basically centralized indexes – searchable lists of stuff. If we want to disrupt them, we need decentralized indexing.”
Hence, he started Identifi in 2014, which is a decentralized system, which provides a censorship-resistant identity to any person on the web. But to be truly decentralized, project ERA, launched by Malmi, needs people from around the world running the database systems – which is where the new crypto token comes in.
AXE is supposed to incentivize users on the network to store data. But it takes a slightly different approach by paying servers to move encrypted data around. However, project ERA will not be using a blockchain to store people’s data and keep track of the crypto transactions. Instead, they plan on replacing some of the big centralised companies using their decentralised crypto token, which is backed by a strong product.
(Source: CoinDesk )
