Blockchain is very ‘in’ at the moment. DeFi, which is the use of blockchain to facilitate financial transactions, is more popular than ever before, with billions of dollars locked on various DeFi platforms. Then there’s cryptocurrency, arguably the most famous product of blockchain, that has seen worldwide use, especially in the last year. These are all besides the organic use of blockchain as a ledger for transactions and as a foundation for the creation of decentralized apps (D’Apps).
With blockchain being so prominent on the global stage these days, it is worth noting that blockchain, and its many iterations, were founded on the idea of freedom for the masses. Cryptocurrency was founded on the basis of providing a currency that was not subject to the whims of a central bank or any single authority. DeFi has made strides in offering financial services whilst removing middlemen, and non-fungible tokens (NFTs) have been instrumental in helping creatives make a living outside of the elite art world. All signs point to an incoming blockchain revolution.
Few people know quite as much about the revolutionary power of blockchain as Alexander Mamasidikov, the co-founder and CMO of MinePlex, a crypto bank that will allow customers to interact with cryptocurrency as both a financial tool and as a medium of exchange for everyday purchases. In the world we live in, money is freedom and allowing consumers to have control of their finances gives them this freedom
“First of all, money is a tool that can be used in different ways. You can do charity work, you can build factories. Therefore, any financial assets are a potential key to freedom. You are free in your decisions. In this series, cryptocurrency has an additional property – decentralization. Digital assets truly belong to you, without reference to third parties. This is freedom without limits,” he says.
The Political Implications of Blockchain
Mamasidikov is in a unique position in that he is not only a businessman but an activist. Believe it or not, blockchain and activism are often very entangled. In China, activists often use blockchain platforms to spread the word about government oppression. Unlike a traditional website on a centralized network, these posts cannot be removed or changed and this creates a permanent record of these events.
Mamasidikov sees a lot of potential for blockchain in the future of activism, saying, ‘‘The main advantage of the blockchain is its decentralization, where there is no controlling organization. Its strength is where transparency, objectivity and honesty are needed. In my opinion, one of the areas where blockchain implementation is needed is the Internet. Creation of a decentralized network and no monopolist with content creation. We know that politically inconvenient websites and content are blocked in a number of states. Each of us is subject to the influence of built advertising. This can be changed. Journalism in the decentralized Internet can solve its main tasks: objectivity, freedom and reliability. I look in this direction of blockchain development and see the future. Everything will be possible soon.”
This, among other things, has seen blockchain finding immense success, especially during the COVID-19 pandemic. Bitcoin saw its biggest bull run to date during the pandemic as well as a wave of institutional support from firms like PayPal and JP Morgan, some of which had famously been critical of cryptocurrency in the past. According to Mamasidikov, all this was inevitable.
‘‘The pandemic has made many processes irreversible. The financial system and the whole world are learning to live according to new laws. The removal of geographical restrictions, the development of digitalization and mobility came to the fore. This has strengthened the presence of businesses, including on the Internet. Cryptocurrency allows you to make transfers almost free of charge. The demand for digital assets, initially aimed at solving these problems, has finally found a way out. Therefore, we created a mobile cryptobank MinePlex with CrossFi technology, combining traditional financial services and blockchain capabilities,” he says.
All this has not been without its roadblocks, though, as the industry has battled regulatory pushback all over the world, from India to China, and has been accused of being everything from a tool to commit crimes to a threat to economic sovereignty.
Mamasidikov acknowledges these challenges but believes that the industry will come out on top, saying, ‘‘The main difficulty is that initially the cryptocurrency was created as a decentralized instrument, not subject to influence. Different countries have made different progress on the issue of regulation. In some countries, there is no clear position. Some are negative. Most countries are creating or exploring the possibility of regulating and using cryptocurrency. But a number of countries, on the contrary, understand that it is necessary to look for solutions. The Bahamas has its own sand dollar. El Salvador has approved bitcoin as a means of payment at the state level. China is trying to create an alternative to digital assets for mass use. The activities of crypto companies also depend on global regulation. MinePlex is currently in the process of obtaining all required banking licenses. This will allow providing financial services to all clients and introducing cryptocurrency into daily use.”
Whether financial or political, blockchain is undoubtedly on track to change the world as we know it. A new generation’s idea of what money means and how to access it has been forever changed and firms like MinePlex are leading the charge. Moving forward, the industry will have to overcome certain roadblocks but Mamasidikov has faith that it will succeed.
Mamasidikov is positive about the future of the industry and about his company MinePlex. ‘‘Blockchain will allow it to be applied in any industry where it is necessary to increase transparency and openness. These are payment systems, logistics, medical industry and healthcare, government activities, etc. Soon we will see the full-scale use of technology, since this is the best solution for the market in every sense today. MinePlex, thanks to CrossFi technology, is a full-fledged participant in the crypto market right now and a solution to the problems for 220 million potential crypto users,” he concludes