An independent blockchain startup is proposing to build a network of 100 million connected digital assets that would allow for payments, assets, and data transfers in a way that is untraceable.
The company, Mountain, has raised $10.5m in Series B funding led by Sequoia Capital, led by digital currency entrepreneur Vinny Lingham.
“The idea behind the network is that every user would have their own Bitcoin address,” said Mountain CEO James Lee.
“That’s a very novel idea.
The Bitcoin address has value, and it’s worth billions of dollars.
But the most valuable assets in Bitcoin are not the Bitcoins themselves, they are the software running on the network.
So every user’s Bitcoin address is a software function.
The value of the value of that software is a function of every user having their own computer, their own hardware, their software.”
The company is planning to build out the infrastructure to run the network and also to distribute the data between users and businesses.
“This is a new type of digital economy,” said Lee.
“It’s like the Internet of Things for the digital economy.”
The blockchain is a digital ledger system which can store and verify transactions.
It allows data to be stored on computers, phones, and tablets.
Users can then exchange data and exchange it with each other.
“A transaction can take anywhere from a few minutes to days, depending on how much of a transaction you want to make, and how much the other party wants to pay you,” said Hill.
“If it takes a week or a month to make a payment, that’s not going to make you wealthy.
But it does mean that if you send $20,000 to a Bitcoin address and that person’s address changes, you’ll see a $10,000 change in your Bitcoin account.”
If we get enough of the transactions going, the value on the blockchain will rise.
“The technology could also be used to verify payments between two parties, like in the banking system.”
But if you want the money to move, the money needs to move to the blockchain.””
The bank could just verify the funds, and that’s all that’s needed.
But if you want the money to move, the money needs to move to the blockchain.”
Hill is an expert on distributed ledger technologies, including the Bitcoin blockchain.
He was also the co-founder of Blockchain, which was acquired by Visa in 2012.
“What we’ve learned in Blockchain is that it’s a scalable and very scalable system,” said James Lee, Mountain’s CEO.
“There are a lot of people out there building this system that are building it on the basis of the Bitcoin Blockchain.
But I don’t think there is any doubt that this is the future.”
The Mountain team is also developing an application for mobile phones that would be able to track a user’s location, transfer data and assets to the user’s phone, and perform other functions.
“There is no central authority that controls Bitcoin, so there’s no need to have a central server in the world to run a Bitcoin network,” said Park.
“So the next step is that there are people in the cloud, there are data centers all over the world that are running Bitcoin that can be used for this.”
In addition to blockchain technology, Mountain has partnered with digital currency company Coin, to develop a new mobile application that allows users to send money directly from one mobile phone to another.
“We are a bitcoin company, and we want to bring that into the world of mobile payments,” said co-Founder and CEO Park.