Kjell Inge Røkke, a Norwegian billionaire, recently wrote to his shareholders a letter about Jack Mallers that says:
In the past months, I have met many new people. One of them was Jack Mallers of Strike. He’s almost forty years younger than me. Experiencing his energy and enthusiasm was special. I felt old in his company but also very emboldened: I lost out on mobile communications. I didn’t invest in Internet companies. It was only recently that I started to invest in and build software companies (and I love it!) When I realized how much brainpower goes into Bitcoin, I saw the future in the making.
Mallers’ grandfather directed the Chicago board trade, and since a young age, Jack has been surrounded by all kinds of conversations between his grandfather, his father, and his family about stocks, bonds, derivatives, and financial tools.
In an innovative disruptive era, Jack emerges as this fantastic entrepreneur, with an extreme notion about the markets, but better than that, ultimately appeared in the ecosystem of blockchain and Bitcoin.
So, to explain what Strike does, let me explain monetary networks. Some of the most popular financial networks are the SWIFT, Visa, Paypal, Square, and Mastercard. As networks, what do all these known systems do? For example, Visa uses ACH (automated clearing house) plus the Visa network to move US dollars, implementing things like identity, payment protocols, credit, and debit.
We use Visa cards without realizing behind them is a network with protocols to protect our money.
The particular thing about these networks is that they are developed in private. Someone in the Paypal network cannot participate on the Square network. My Paypal account can’t pay to your CashApp account. You can’t because they are different networks.
The insight behind Strike is that the Bitcoin lightning network is the first and most efficient, cheapest, and fastest open monetary network ever created. It achieves all of these characteristics the previous networks do, like identity and payment specifications, but Strike was designed under the Bitcoin lightning network.
Jack Mallers thinks the Bitcoin lightning network plus the ACH network will outcompete the previous ones. Because it’s an open network, Jack feels it gives him a competitive advantage over the other Fiat networks.
How will it work with Strike? Let’s pick Martha again. Martha is in the USA, and she has a friend in the UK. She wants to send $100 to her friend.
Through Strike App, Martha will do the operation that will debit $100 from her account. Then, Strike will programmatically trade it into Bitcoin in real-time in the American lightning infrastructure to the English lightning network that converts it automatically into pounds to her friend. All of that, using Bitcoin as cash finality.
You have an asset and a monetary network that it’s able to achieve cash finality anywhere in the world, at any time, at no variable cost.- Jack Mallers in What Bitcoin Did podcast.
This technique may be the ultimate breakthrough into international transaction disruption. But more than that, it can disrupt an entire sector.
The notion that we have a decentralized and open-source network makes everything possible, and if other entrepreneurs follow this innovative technique, it can potentially be the end of Visa, Mastercard, Square, and Paypal business models.
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Source: https://medium.com/the-price-of-tomorrow/money-revolution-is-knocking-at-your-door-why-you-should-be-an-early-adopter-660a8974ed0e?source=rss——-8—————–cryptocurrency
