The 21 company was founded as 2106 in November 2013. Even before 21 had proposed a product, it had drawn the attention of major financers of the fintech industry like Khosla Ventures, Andreessen Horowitz and the Winklevoss brothers. The firm raised a fund of $121 million dollars-maximum till date.
The firm created a hype in the industry is a very short time and launched then launched its first product-a hardware device for mining the cryptocurrency as well as building applications for the bitcoin blockchain, the open-source, decentralized ledger underlyingbitcoin. It came as a surprise to most of the firms in the industry because a hardware device was completely unexpected in an arena that talks of launching only open-source software to improvise the functions of the blockchain ledger.
Talking of the hardware device- it is nearly the same size as that of an iPhone and is sold for $400. It runs over a small, single-board programming computer, Raspberry Pi, which was put forward in 2012.
Adding to this predominant development, in May 2016, Srinivasan (co-founder, 21), announced inauguration of the 21 software. The software was made available for Linux and Mac by then. Windows version and mobile-based application were to be launched soon. “Any computer can now become a Bitcoin computer”, said Mr. Balaji Srinivasan.
And now we know why 21 was the most sought-after Bitcoin firm in early 2016.
Srinivasan firmly claims that Bitcoin is the next big thing when it comes to being a “system resource” in computing. It will soon become as important as a Hard disk or a RAM is. Bitcoin, according to him, is a foundation stone of “machine economy” where one computer will securely trade with other without human intervention.
The future vision of 21 is crisp and clear. It aims that a computer has to be made able to grant certain fee or allowance when one a publication’s web site, or perform any other task. If this process is put into practice, it has major potential implications for all every area that has alternate revenue stream from selling digital ads, and has severe flaws, presently. 21’s vision is, thus, exciting for all, including developers, investors and Bitcoin enthusiasts.
“One way of thinking about it is, the 21 software makes bitcoin a part of your operating system,”Srinivasan says. “Over time, what we think that will do is increase demand for bitcoin as a resource.”
With a handful of companies being dubious about the declining esteem of Bitcoin, 21 still holds its confidence in the technology and bets that it will soon pick up pace and turn the tables in its favor.