Those in the crypto-sphere know Satoshi Nakamoto as the elusive individual (or group of individuals) responsible for the development of Bitcoin. While Satoshi is certainly due credit for popularizing one of the first use cases of blockchain technology, it’s important to distinguish between Bitcoin and the technology that it was built upon — the blockchain.
In Satoshi’s ground-breaking Bitcoin white paper, four of the eight footnotes reference the work of W. Scott Stornetta and Stuart Haber, originally done while they were at Bell Communications Research. What they created and began commercially operating in the mid-1990s was a primitive immutable ledger. A system of blocks cryptographically chained together whose wide distribution via appropriate incentives eliminated the need for a trusted third party . And while neither Stornetta nor Haber (or for that matter, Satoshi) ever used the word blockchain in describing any of their work, it is hard to think of anything else to call it but that.
While Stornetta and Haber are widely acknowledged as founding fathers of blockchain technology, perhaps Scott is less well-known as a Celsius Network advisor. Scott has served as an essential part of our team and our community bringing a wealth of knowledge and experience that has transformed our brand into one of the leading products in our industry that is both doing good and doing well.
“I have been approached to serve on many, many advisory boards, and always have had to say no due to time constraints. The success of Celsius will signal the mainstream acceptance of the entire blockchain community.” — W. Scott Stornetta
Out of many opportunities, Scott chose to join Celsius Network as an advisor because he realized that Celsius delivers on both sides of the coin — for the crypto community and the coin holders. He recognizes that without mass adoption, we can not cross the chasm from early adopters and speculators to cryptocurrencies being used and both store of value and form of payment.
If we do not create a reason for people all over the world to take out their hard earned money deposited with banks and move it to be stored on blockchains as cryptocurrencies, the entire technology will not scale and billions of people could lose the opportunity to unbank themselves from the credit card companies and banks that are squeezing them for all they’re worth.
Today, Celsius offers up to 7.5% interest income on coins, that is at least 7 times more than the average bank offers to their depositors. Satoshi’s dream was to create a new financial system that was supposed to act in the best interest of the “Bitcoin Depositor” instead of relying on a toll collector who takes no risk but keeps most of the rewards.
Scott understands which projects are building these types systems and which projects are just acting as another toll collector riding along to grab as much as possible form the community, typically in the form of fees, penalties, and products that do not act in the best interests of the coin depositors.
If we are to build a decentralized platform that has transparency and scale to replace banks and financial institutions, we need to pool all our coins together to give the ones acting in our best interest the best chance to make it through the gate.
Scott is a big believer in the power of decentralization and its opportunity to make the world a better place. His life motto of doing good and doing well has been a central pillar of his success and is also one of the founding principles of Celsius.
After inventing the light bulb Edison said, “one percent inspiration, ninety-nine percent perspiration,” so we have plenty of work ahead of us to complete this journey.
About Celsius Network
Celsius Network is a democratized interest income and lending platform accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. Crypto holders can earn interest by transferring their coins to their Celsius Wallet and borrow USD against their crypto collateral at interest rates as low as 4.95% APR.
Download the Celsius Network app and start earning interest on your crypto today ➡️ celsiusnetwork.app.link