Welcome to our story – Timothy Forrest
We are LastBit, a company founded on transparency and dedication. It all started in Bangalore, India with two young founders Prashanth Balasubramanian and Ashvin Panicker.
The early days — After entering the cryptocurrency world at the age of 21, Prashanth Balasubramanian and Ashvin Panicker started thinking about problems of globalization and scalability within the cryptocurrency market and the inability to quickly turn Bitcoins into liquid assets. Prashanth and Ashvin quickly realized that there was a real problem with the usability of Bitcoin, as they constantly needed to use their bank accounts to transfer money as they traveled the world. Bitcoin was built on the foundation that the currency would be global, authority resistant, censorship resistant and decentralized. But still there was something in the way of this.
The start of something new- Prashanth was currently a masters student at ETH Zurich studying Computer Science, while Ashvin was working full time when they realized that Bitcoin really didn’t have a good entry to the traditional economy. Prashanth ended up leaving school, and Ashvin left his day job to begin one of the hardest journeys in their lives.
Building Lastbit — Building hardware is not an easy task, however Prashanth and Ashvin had set a goal to create a device that would bridge the gap between the financial markets and the traditional shops/markets of the world. A first prototype for the hardware device was created in Europe, while investors in Hong Kong stayed idle watching the project turn into a real Silicon Valley StartUp.
Lastbit today — Although Lastbit has changed locations the hard work and dedication from the founders have not changed. Lastbit was recently picked up by UC Berkeley in its SkyDeck program, where the hardware is currently being worked on and tested 12 hours a day. The device is currently being evaluated with the help of MasterCard to be able to transact and communicate with its scanning devices that are available in millions of locations around the United States. The Bitcoin Network has seen its challenges in its scalability by its transactions per second fault, however thanks to the proposal of the Lightning Network, Lastbit will be able to function and interact with the scaling abilities that Lightning has to offer.
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Published at Fri, 16 Aug 2019 01:19:55 +0000
Bitcoin Pic Of The Moment
By CashlessWay – Global Hub for ePayment Culture on 2014-06-28 09:38:52
