TECH TALK: Meet Alex Mashinsky, Everyone’s White Knight

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Alex Mashinsky is a man with a mission. He is a frontline fighter for consumer rights and the ultimate king of innovation. But Mashinsky is no ordinary benefactor. He’s a pioneering, stubborn entrepreneur who has already made $ 3 billion in profits, and he’s just getting started.

• The Decentralized Vision of a Billionaire – Mashinsky is passionate about protecting the average citizen from large corporations, controlling industries and monolithic institutions. He questioned why these companies should serve as supposedly irreplaceable intermediaries when a service can be offered directly to the user at little or no cost.

• Free communication for all – After reflection, he realized that the answer lies in finding better solutions for consumers who would supplant the middleman. This led him to take on the phone industry, which charged $ 3 a minute for international calls.

He created Arbinet, which developed an innovative new concept: voice calls based on VOIP. Mashinsky then founded Comgates, which produced softswitches for VOIP (voice over Internet Protocol). The ultimate development was Elematics, a pioneer in the field of network virtualization, which now includes a vital system component for Amazon Cloud, Microsoft and Google.

VoIP-based technology currently serves over 3.5 billion end users at no cost. Anyone with a PC or cell phone can use WhatsApp, Skype, or FaceTime to make local and international phone calls for free.

• Free Wireless Services for Public Transit – Mashinsky took on another giant when he asked why the Metropolitan Transit Authority refused to build wireless systems for New York’s subways. Raising the battle cry again, he fought the MTA, which ultimately agreed to conduct a consumer survey. After a resounding response, the MTA was forced to open an offer. Today, eight million commuters use free wireless every day and Mashinsky has scored yet another victory.

• Coming soon: Battle with the Banks – Not one to rest on his laurels, Mashinsky is now pointing his arms at another monolithic dinosaur – the banking system. He finds that the classic banking system is stacked against the customer. Depositors put their money in banks to make a profit, but it is the banks that reap all the benefits.

Once again, he is raising the flag of decentralization. According to Mashinsky’s vision for the future, the structure of finance must evolve from a pyramid shape to a circular shape, where opportunities are available to all. The shift to an automated blockchain-based system and cryptocurrency will eliminate central and commercial banks as middlemen and place customer needs at the center where everyone has the potential to be financially successful.

To achieve this goal, Mashinsky founded Celsius Network with Daniel Leon, a social and business entrepreneur who has a proven track record of growing start-ups and building organizations from scratch, a lending and business platform. ‘cryptocurrency borrowing that raised $ 50 million in an initial coin offering in 2018. Celsius has developed a series of client-focused services that the big banks left in the dust a long time ago – things like fair interest, no fees and lightning-fast transactions. Mashinsky envisions a monetary system in which national currencies no longer rule the roost but rather a stable crypto coin.

Cryptocurrency logos (credit: Wikimedia Commons)

Celsius is poised to cross $ 20 billion in assets under management and one million clients, making it one of the biggest contenders for reinventing traditional finance. Will Mashinsky once again succeed in taking power from the haves and returning it to the have-nots or is finance too strong and politically entrenched to be disrupted.

• What will the future bring? – Can Mashinsky really shake up the financial world as we know it today? Will it be able to generate the mass adoption which is so crucial to the success of the new system? He has already done it and maybe he can do it again. Here’s a tip: keep an eye out for that white knight. It’s a shining meteor that brings amazing innovations in its wake.


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