Bitcoin Layer 2 Creator Dishes on Origin of Crypto That Jumped 98% in One Week

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In 2014, long before most people had heard of blockchain, Muneeb Ali started his first company, OneName, an early effort to extend the underlying bitcoin technology to new uses, in this case by creating domain names with less recourse to intermediaries. Since earning his PhD at Princeton in 2017 with a thesis on using blockchain to design a new internet, he has raised over $200 million to build a software stack, or suite of software tools. , for bitcoin developers.

As interest in creating non-fungible tokens (NFTs) on bitcoin has only just entered crypto consciousness, one of its latest projects, cryptocurrency stacks (STX), has exploded in value. , nearly doubling in the past week to $1.05 and commanding a market capitalization of $1.4 billion. The token enables sophisticated smart contracts that run on the bitcoin blockchain, an area hitherto dominated by Ethererum.

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Another Layer 2 competing bitcoin (the term for a blockchain that sits on top of another blockchain allowing for new features or faster transactions), called RSK, grew 80% over the same period. BitcoinBTC itself jumped 32% this week to $26,420, with a market capitalization of $555 billion.

I had the opportunity to sit down with Ali this week to discuss how being born in Pakistan informed his thinking about the role central banks play in creating stability and hyperinflation, and why he decided to stick with the first cryptocurrency to build his technology. .

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