Marek Olszewski and Rene Reinsberg former GoDaddy vice presidents, were quite successful in their undertakings and are determined to emulate the same with startups. These two gurus were the founders of internet app Locu, which according to sources was in 2014 sold out to the company at about $70 million.
The Duo focuses on creating Celo
The duo is teaming up on Celo, a digital currency payments scheme, and if all moves according to plan there is quite much to look forward to. Sep Kamvar, an MIT professor who is widely known in technology circles for co-inventing the ‘Elgentrust’ algorithm recently made it known that he would be joining the duo. Having worked for peer-to-peer systems, the official pulls along with the much needed experience and expertise.
The project seeks to come up with a strategy that will facilitate payments via digital currency and the central objective is to ensure that the process is simplified and streamlined. It is expected to be as easy as sending a text message.
Stablecoins pegged to fiat
Aside from that, the project will also be focusing on coming up with a stablecoin fundamentally pegged to a fiat currency, like Tether. It is important to ensure that there are no volatile fluctuations in price for this. In so doing, it becomes possible to attract more traders than users. To carry out its wide range of functions, the system will use stable coin as opposed to Ethereum or Bitcoin.
The officials have given a joint statement indicating that they target emerging markets. They would be channeling their efforts in coming up with $20 cheap android phones.
Olszewski and Reinsberg in June revealed that they had so far managed to raise $6.5 million in traditional venture capital funding for the project. These funds were obtained from different groups including cryptocurrency exchange Coinbase, Andreessen Horowitz Naval Ravikant and General Catalyst.
The system and its shortcomings
The Celo white paper indicated that the system pulled along with its own shortcomings and there was need to be cautious about all those factors that could end up derailing the project. Measures have been formulated already and might be unveiled soon.
Much is going on at the moment in terms of bringing stability to the volatile crypto market. Reserve, a new cryptocurrency startup recently made a statement outlining that it was going to help make the dream a reality.