Can a cryptocurrency replace regular money? This man may well do it

May 01, 2018, 01:12 PM IST

Can a cryptocurrency really replace regular money? No, we are not talking about Bitcoin. The answer is a resounding yes if a 26-year-old ex-Googler gets his way, reports Business Insider. Meet Nader Al-Naji who just received huge funding from top tier investors to create a cryptocurrency with a stable value against the dollar.


Nader Al-Naji is the CEO of Basis (earlier basecoin) who left his job at Google in June 2017 to start Basis along with his friends, Lawrence Diao and Josh Chen.


Nader Al-Naji's passion for cryptocurrencies began at Princeton where he used to mine Bitcoin in his dorm room. He still owns the 22 Bitcoins he mined in college.


Significantly, investors saw real value in his passion and invested $133 million in the one-year old startup Basis. 


Investors include Bain Capital Ventures, GV, Stanley Druckenmiller, Kevin Warsh, Lightspeed, Foundation Capital, Andreessen Horowitz, and many more. 


Al-Naji has prepared a whitepaper to create a "stable cryptocurrency" whose value will remain stable. This cryptocurrency is now called Basis. 


The value of Basis will be regulated algorithmically. To put it simply, when demand is rising, the blockchain will create more Basis, while it will buyback Basis when demand is falling.