Walkerhill Hotels & Resorts, Seoul

info@koreablockchainweek.com

Muneeb Ali

Muneeb Ali serves as the CEO of Trust Machines, a Bitcoin application developer, and also stands as a co-founder of Stacks, a solution...


Read more


 

Muneeb Ali

Muneeb Ali serves as the CEO of Trust Machines, a Bitcoin application developer, and also stands as a co-founder of Stacks, a solution geared toward expanding the capabilities of Bitcoin. Distinguished as an open-source smart contract platform tailored to Bitcoin, Stacks became the pioneering project to introduce its own token under the regulatory oversight of the U.S. Securities and Exchange Commission (SEC).



From Netscape Enchantment to Internet Expertise

With a comprehensive background spanning over 15 years in internet research, Ali's journey commenced with a promise made by his mother—rewarding him with a computer if he managed straight A's in school, a pledge documented in this video. This pact led him to stumble upon the early internet browser Netscape on his gifted computer, sparking an innate passion for delving deep into the realms of the online world.

Subsequently, he earned Computer Science & Mathematics Bachelor of Science(BSc) from Lahore University of Management Sciences (LUMS) in Pakistan in 2003. Building on this foundation, he furthered his academic pursuits, culminating in a Ph.D. in Computer Science from Princeton University in 2017.

A decade ago in 2014, he embarked on the development of Bitcoin-based applications. His journey led to the co-founding of OneName that same year—a decentralized profile service powered by the Bitcoin blockchain—where he held the position of Chief Technology Officer(CTO) until 2016. OneName's distinction also included its selection for participation in the prestigious startup accelerator Y Combinator program.

Drawing upon the expertise garnered from OneName, he went on to spearhead the creation of Blockstack in 2017, functioning as a co-founder and key figurehead in its development. Fast forward to 2022, he assumed the mantle of Executive Chairman at Hiro, a company focused on the development of Bitcoin tools. In tandem, he continues to serve as the CEO of Trust Machines, an entity devoted to advancing Bitcoin applications.



Blockstack's Motto - Blockchain, Can’t be Evil

Ali highlighted two glaring flaws within the prevailing internet landscape. Primarily, users were compelled to place blind trust in authentication entities and intermediaries. Secondly, major tech giants such as Google and Facebook wielded unrestrained control over user data.

He admired blockchain, “I’ve been doing research in computer systems for almost 15 years and the blockchain is the most sophisticated, complex, yet elegant and beautiful technology that I’ve ever came across.” In his perspective, blockchain-based internet furnishes users with a singular, all-encompassing identity, enabling unrestricted access to any website and affording ownership over personal data storage.

The rallying cry of Blockstack PBC—which underwent a renaming to Hiro in 2020—is encapsulated in the phrase "Can't be Evil." This slogan serves as a declaration that a blockchain-driven internet inherently precludes malicious intent, transcending even Google's iconic mantra of "Don't be Evil."

In 2019, Blockstack employed the Reg A+ provision outlined in the U.S. federal securities law, carving a significant niche as the inaugural project to lawfully distribute tokens to retail investors. This provision—affording a regulatory exemption—facilitated startups' ability to amass capital of up to $50 million from institutional and individual investors without necessitating rigorous registration requirements.



Nurturing Bitcoin's Resurgence with Trust Machines

Ali currently occupies the role of CEO at Trust Machines, a role primarily focused on the development of Bitcoin-centric applications and the associated technological infrastructure. Trust Machines, jointly established by Ali and Dr. JP Singh from Princeton University in February 2022, successfully secured a funding sum totaling $150 million from investors including Breyer Capital and Union Square Ventures.

In the wake of Trust Machines' establishment, Ali made a strategic transition from his role at Hiro to assume the mantle of Executive Chairman. This strategic pivot underscores the urgency that Ali identifies in propelling the Bitcoin ecosystem toward its next evolutionary phase.

Presently, Trust Machines extends offerings such as a Bitcoin web wallet and a BTC lending application. Simultaneously, the entity is committed to pioneering advanced scripting technologies aimed at optimizing trust while harnessing BTC capital within the Bitcoin network's architecture.

He believes that Bitcoin is better designed for being money bacause of simplicity and durability is the best settlement layer with the most censorship-resistant, immutable, durable ledger, so it has powerful potential within the realm of DeFi and broader economic activities.

“Compare Bitcoin to the rest of the crypto industry like you know, Ethereum smart contracts or other newer chains, I would say Bitcoin Layers are relatively small right now and they are at various stage of maturity. Many developers are fixing the Dev tools and infrastructure and they are growing slowly but I think they’re reaching a point of majority especially last year.
— Bitcoin vs. Ethereum smart contracts | Interview with Muneeb Ali, (paraphrased and excerpt)


Within the context of Stacks' impending Nakamoto Release this year, a pivotal feature looms large—the two-way Bitcoin peg system (sBTC). The incorporation of sBTC functionality introduces a spectrum of possibilities, ranging from uncollateralized Bitcoin-backed stablecoin loans to on-chain, undercollateralized BTC lending, and even non-custodial BTC distribution mechanisms for generating gains. Trust Machines stands at the forefront of contributing to the open-source development of sBTC.


“That sort of technology(sBTC) is what’s needed to really kickstart Bitcoin DeFi. We need to make Bitcoin programmable in L2s, and then put that BTC in smart contracts, put them in the hands of developers, and then let them go wild.”
— One Small Change Bitcoin Needs to Unlock Its Programming Potential: Stacks CEO (Consensus 2023 LIVE), (paraphrased and excerpt)



Writer:  Jeehyun Ham, PR Lead at DeSpread

Reviewed by  Do Dive, Senior Researcher at DeSpread

#TrustMachines #MuneebAli

🔎  View Biography