How a 31-Year-Old Has Changed the Cryptocurrency World
The 31-year-old, Michael Oved helped Virtu Financial Inc. to become one of the largest and most consistently profitable market maker’s in the entire history of trading electronically. He now has his goals set to change the entirety of the cryptocurrency system that is operating today.
Oved founded a company recently known as AirSwap, whose main premise is to become a decentralized exchange. The idea is brought to life by the technology that goes behind ethereum’s blockchain network. This idea of decentralization presents itself as the main factor behind cryptocurrency as a whole and why so many are involved.
Instead of one central authority being in charge of the exchange, a computer program that is known as a smart contract, would help investors to find each other wherein they would then be able to trade with one another. The trading is done solely between the two parties involved, thus decentralization.
Richard Johnson, a market-structure analyst at Greenwich Associates who specializes in blockchain stated that “what’s novel about that is there’s no New York Stock Exchange or Nasdaq in the middle, setting rules.” He further stated that the baking system behind the digital currencies is “cool,” and something “that we haven’t seen before.”
The idea of blockchain is what makes supporters of cryptocurrency so interested. Taking away any sort of middleman from the equation makes everyone equal, and the process of monetary exchanges so much easier. Some efforts have been made by governments such as China and Russia to curb the use and production of different cryptocurrencies but to no real avail.
Oved stated that “it’s impossible to shut down, and you don’t even need an account. People won’t even know Chinese traders are on the system.”
It will be interesting to see where bitcoin and cryptocurrency takes the next generation of finance as time goes on.