The skyrocketing popularity of cryptocurrency over the past year has been heralded by many analysts and pundits as undeniable success of the growing decentralized movement. But the reality is that crossing the chasm from early adopters and speculators to mainstream usage has proved quite challenging for an industry that seeks to reinvent how people communicate, transact and share value.
Gem, a Los Angeles–based block-chain startup founded in 2013 in the early days of the decentralized movement, is launching a new cryptocurrency platform this summer that the company hopes will bridge that gap by recruiting millions of new mainstream users to join and drive the movement forward.
“We believe that every person is valuable. Everyone has something to contribute to their larger community,” said Micah Winkelspecht, founder and CEO of Gem. “In the new decentralized economy, we have an opportunity to reshape how that value is captured and exchanged, in a way that directly rewards the people who create that value, and not institutions. That’s what this movement is about.”
The company’s growing team of veteran blockchain and crypto-currency engineers is building on its experience of deploying blockchain and wallet technology for consumer-facing cryptocurrency startups and large companies alike — including giants such as Toyota, Capital One, Mercer and Philips. With its new product, though, the company is taking a more direct approach.
“Our goal is to empower individuals to take control of their money and return the economic benefits of their data back to them,” said Winkelspecht. “It’s about giving power back to individuals and giving them direct access to the new distributed economy.”
Decentralization brings inherent challenges that companies like Gem must address to make the new economy more accessible to everyone. These challenges include navigating the sheer number and complexity of tools and services, managing complex cryptographic keys, educating people about the
