Kenta Iwasaki, a 20-year old undergraduate at the Hong Kong University of Science and Technology, believes the field of cryptocurrency has stagnated. He believes the industry should be more than trading and coin exchange — that something new and refreshing has to be developed.
“There really needs to be something new, a new flavour to what you can do with cryptocurrency”, he said.
Perlin For Leasing Idle Smartphone Storage
Iwasaki is set to launch Perlin, a digital marketplace where ordinary users can lease out their idle smartphone storage and companies can source cloud computing power. The marketplace is based on a blockchain created by Iwasaki himself, a self-taught programmer.
The aim of the technology will be to help people make money off their smartphones, enabling users to “sell [their] phone’s computing units temporarily every single night to an enterprise or a start-up”, Iwasaki said at an event on his university campus. Iwasaki and his international team of entrepreneurs and engineers hope to have 50,000 smartphones connected to their network by the end of next year.
He recently raised HK$382 million (US$49 million) to fund the cryptocurrency driven marketplace that he claims will change the way crypto assets are valued and restore public confidence to the industry.
Evolving New Model For Crypto Valuation
One critical aspect of Perlin that Iwasaki has hammered on is the currency ability to have a less volatile price. Unlike the other cryptocurrencies, there will be an exact value for the capacity or storage leasing out to companies.
Because its value links to the price of computing power sold on the network. The coin insulates from speculative practices and pump-and-dump schemes. Moreover, to have destabilising cryptocurrencies in the past year.
“Even if all of a sudden people stopped trading, stopped using the exchange to buy and sell. It would still have a fixed value, it wouldn’t just die off as a currency,” he explained.
Users with 2007 model smartphones could make US$1-US$3 in a six-hour period selling out their computing power, Iwasaki revealed. Iwasaki and his partners believe their technology has much potential. Basically, to provide smartphones users in developing countries with free internet through their service providers.
And at some point in the future even give a universal basic income paid directly to phone owners. Iwasaki also said a telecommunications carrier in Indonesia had already signed on as a partner.
Perlin will not be the first to offer a decentralized storage system. The Filecoin network, initially released in 2014, allows anyone worldwide to participate as storage providers. It also makes storage resemble a commodity or utility by decoupling hard-drive space from additional services.