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MoIP will be forcing Banks to align their practices with coming financial era

Alex Mashinsky, who for decades remained involved in the telecommunications industry, is the current founder and CEO of Celcius Network, a crypto loaning platform. He, as founder of seven successful startups, is not only a serial entrepreneur but also holds over 35 patents, related to VOIP protocols, messaging, exchanges and communication. And for innovation he received numerous awards. He also authored patents covering parts of Skype, Netflix, Twitter, the App Store and many more and a pioneer of web-based exchanges.

Invention of Voice over Internet Protocols (VoIP), currently used by billions of people every day, is the biggest success of Mashinsky; but in 2017, to continue innovating in tech space, he turned to the blockchain industry.

For challenging the centralized authorities, particularly those among the telecommunications and financial industries, Mashinsky has been well known for.

Untill 1994, before the VoIP was co-founded by Mashinsky, a bunch of few giant telecommunication companies were holding monopoly in the markets around the globe, where these companies, in absence of true competition, were making money by charging high to the users to make phone calls, and even for listening calls in its initial years. But after launch of new protocols over internet for telephony, to remain relevant in the market become struggling for the telcos who remained unchallenged for almost a decade.

“We went from a system where only a few large phone companies basically dominated communications and charged people $3 a minute, to one where it’s free.”

Currently for upsetting the centralized and dishonest banking system, Mashinsky, just like VoIP for telcos, has now came up with Money over Internet Protocols (MoIP) for banks, financial and payment systems.

In a premier blockchain event in Tel Aviv Stock Exchange, on December 12, 2018, namely NEXT BLOCK Conference “From Chaos to Clarity: 2019 Trends”, Mashinsky quoting telecom industry in 1994, forced by his VoIP free telephony services, had radically changed its way of doing business, said that banks, after the MoIP services and blockchain technology, would be sharing the same fate that telecom companies suffered after VoIP in 1994.

“…the banks have done a great job for themselves, of taking your money, paying you 1 percent and charging 25 percent on your credit card; they make all the profit…The bank is focused on maximizing the profit, Celsius, our company, is focused on maximizing the community,”

Gary Williams

Written by Gary Williams

Gary Williams:- Technology

I am Gary Williams and I’m passionate about business and finance news with over 9 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind newsstoriesworld.com with a vision to broaden the company’s readership throughout 2015. I am an editor and reporter of “Technology” category.

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