Long Live the Decentralised World!!
Jos Evans — CEO of Ai-X, describes a use case for Ai-X in the Crypto world. By plugging in to any IM, Ai-X would facilitate global OTC trading of Cryptocurrencies.
AI-X, big government and decentralisation.
This week there was a story that explosively validated the core tenets and values of the cryptocurrency world. The government of China is desperately trying to destroy their citizen’s financial freedom by closing down cryptocurrency exchanges there but VIVA LA REVOLUCION! Cryptocurrency traders first took to Wechat to trade between each other in private transactions and when the government tried to annihilate even more freedoms by cracking down on Wechat, Chinese citizens instead took to Telegram — a private and heavily encrypted messenger service — to trade bilaterally.
Early adopters of crypto often spoke of how they wished to be free from government interference in their financial affairs. Many commentators laughed at these ideas but China’s heavy-handed measures cast a glaring spotlight on the need for citizens to have a means of escaping draconian legislation.
We at AI-X firmly believe in the concept of decentralisation and its power to free citizens the world over from oppressive regimes. Where our company comes into this story is this; currently Chinese trading of cryptocurrency over instant messenger is very inefficient. Each trader or broker must laboriously gather quotes from as many participants as possible in order to try to find a tradable price, but information is lacking (so traders can never be sure they are getting a good deal), costs are high and the time spent on the activity is huge. AI-X could make this private market hyper-efficient by being able to speak to millions of people simultaneously in order to get the best possible execution and bring costs down by a huge factor. AI-X would be a decentralised exchange for the trading of cryptocurrency — and any other financial assets — over instant messenger (be it Telegram, Whatsapp or Wechat), out of reach of any government measures aimed at reducing people’s choices. We can democratise financial trading for people who would otherwise have no way of accessing markets in an efficient manner.
Long live the decentralised world.
