Celsius Network, a blockchain-based borrowing and lending platform, announced today that scientist W. Scott Stornetta has agreed to join its board of advisers. Considered a co-inventor of the early blockchain, Dr. Stornetta joins a growing list of pioneers at the company headed by CEO Alex Mashinsky, one of the inventors of Voice over Internet Protocol (VOIP), the technology that allows users to make and use phone calls over the internet, perhaps the most pervasive peer-to-peer application ever built.
“Our goal at Celsius is to add 100 million new users to the cryptocurrency community by offering innovative, customer-centric financial services, including borrowing and lending.” This new form of banking on the blockchain allows customers to easily deposit, borrow, and earn interest with cryptocurrency.
Mashinsky believes adding innovators like Stornetta to its advisory board allows the company to further its goal of expanding financial reach. Mashinsky, who has followed Stornetta’s career for years, noted that “having Scott as an adviser further validates our project.” He added, “Scott both embodies the best of the blockchain community and represents perfectly what we at Celsius hope to achieve.”
Dr. Stornetta, currently Chief Scientist at Yugen Partners, noted that “the promise of blockchain to improve the lives of billions is real. But it takes a great deal more than wishing to get there.” He added, “After really getting to know Alex and the Celsius team, I’m persuaded that they have what is needed to achieve their mission. Namely, they are deploying ‘customer-first’ financial services based on a token that maximizes value creation for all of their members.”
Stornetta noted that because his time is limited, he carefully chooses which advisory boards he can join. “I am only able to serve on a small fraction of the boards that ask, so I try to choose those that best represent the promise of the entire blockchain community. Celsius is one of those exemplars.”
In the blockchain space Stornetta brings an unmatched long-term view, having worked on blockchain-related issues for nearly thirty years. Of Satoshi Nakamoto’s famous 2008 Bitcoin whitepaper, there are only eight references to prior work. Three of those eight are to the papers authored by Stornetta and Stuart Haber.
Celsius looks forward to working closely with Stornetta, who, besides his early work on the blockchain, has extensive experience helping to transform promising technologies into value-creating products.