A 20-year-old Hong Kong University student is looking to revolutionize the crypto space.

Kenta Iwasaki says the cryptocurrency arena has stagnated in recent months, and he’s looking to do something about it. Among the projects he’s currently leading is a $50 million fundraising effort for a cryptocurrency-driven marketplace known as Perlin, based on his own unique blockchain design.

The Crypto Space Needs to Change

He comments:

“There really needs to be something new, a new flavor to what you can do with cryptocurrency. Otherwise, the technology will be wasted on basic coin exchange.”

Iwasaki has been building software since he was eight years old. He’s already established himself as an entrepreneur, selling the software he designs for thousands of dollars online each month. His latest focus, Perlin, he says will provide a new way of valuing cryptocurrencies and how companies source Cloud-based computing power.

The company is also looking to make users a little money in the process. Smartphone owners have an opportunity to lend out their computing power to developers starting crypto businesses. Users provide their phones’ power in exchange for the company’s digital asset “Perl.” Customers who lend out their power can earn anywhere between $1 to $3 in crypto every six hours. Iwasaki is looking to have roughly 50,000 phones connected to the Perlin network by the end of 2019.

Iwasaki says the advantage to Perl is that it is tied to something that never loses its value. Like stable coins, which are tied to fiat currencies like the yen, USD and the euro, Perl is hooked to computing power, which people and businesses will always need. This makes it less vulnerable to pump-and-dump schemes and volatility.

A study released by Tel Aviv University, the University of Tulsa and the University of New Mexico on December 18 suggests that nearly 5,000 individual pump-and-dump schemes took place between January and July of this year, though most of them involved relatively obscure or smaller altcoins.

But he believers Perl has its benefits:

“Even if suddenly 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 cryptocurrency.”

Building the Business Even Further

Iwasaki is adamant that bad actors and volatility give cryptocurrencies a “bad name,” and prevent people from exhibiting trust in blockchain technology like they should.

In the future, he mentions he’d like to boost Perlin enough that it’s able to provide free internet service to residents of third-world or developing nations.

Do you see Perlin as a revolutionary venture in the crypto marketplace? Post your comments below.

Image courtesy of Shuttershock

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