Introducing Coinbates and our mission of opening crypto to everyone
Crypto: a new stage in the evolution of the Internet, and society
Crypto has come a long way since Satoshi Nakamoto announced Bitcoin to a niche group of cypherpunks via The Cryptography Mailing List, nearly 10 years ago in November of 2008.
As fatal errors in transparency by the operators of the global financial system caused negative systemic effects throughout society, the anonymous computer engineer and cryptographer offered to the world an alternative financial system: one that is open, borderless, and uncensorable; guaranteed not by human promise but by crypto-economic computation, and governed not by centralized dealings and decrees but by participant consensus.
Once a space consisting of only a handful of open source software projects, considered by some to be mere toys, there is now an expanding universe of crypto-assets beyond Bitcoin, including new contenders against the institutions and monopolies that many of us have taken for granted in our daily lives.
The essence of crypto is the freedom of choice, which is also one of the principles of a proper free market. People now have the choice to choose new forms of assets to store their wealth, and new types of infrastructure to transact with.
These new kinds of assets and infrastructure are notable not because of their newness but for their essential characteristics: they are not owned, shaped and controlled by singular monolithic entities but by a collectivity of participants. Their operations and policies are not guarded and hidden but public and verifiable.
As the initial stage of the Internet brought a commons for publishing and media, this current stage is deepening the societal impact with the creation of a commons of digital financial infrastructure, through distributed ledger technologies such as the Bitcoin blockchain.
In the manifesting of these new commons, we are witnessing new kinds of human — machine coordination, through systems which leverage the already decentralized and ubiquitous protocols that comprise the Internet and modern computing, bringing forth a new economy with freedom at its core.
Call it the Internet of Value. Call it Satoshi’s dream. Whatever you call it, realize that it is just getting started.
Our mission is to open crypto to everyone
While crypto has come a far way since the days of Satoshi, it is still a nascent and under-penetrated technology. Many are drawing analogies that parallel the rise of crypto to the spread of the Internet, which had its roots in DARPA’s ARPANET as far back as 1969. It wasn’t until the late 90s, or about 30 years later did the Internet explode into mainstream awareness, with significant global penetration and usage taking more than a decade after that.
At Coinbates, we sense that crypto is the future of finance — but this future will be a multi-decade process in its unfolding. Currently, there are an estimated 30 million participants in crypto-ecosystems, compared to the more than 4 billion people using the Internet somewhere in the world today (we include every Internet user into the total addressable market for crypto simply because everyone uses money.)
Our mission is to build products and services that help bring new waves of adopters into the crypto-sphere by leveraging existing behaviors and business models, while also educating entrants about the new economy and stimulating usage of the developing technologies among consumers and businesses.
We begin this journey with the beta release of our first “weapon of mass adoption” product: crypto cashback shopping.