UNLOCK met with Jack Nikogosian, CEO of ARYZE (pronounced Arise) to talk about the new startup out of Denmark based at the Copenhagen Fintech Lab. ARYZE wants to make dumb money smart and solve the issue of dealing with volatile cryptocurrencies.
Jack, who has been involved in the Blockchain space since 2013, was one of the first in Denmark to invest in Bitcoin and took on a position at Coinify Innovation Lab where he was exposed to many Blockchain ideas. He is also the founder of the facebook group Bitcoin talk in Denmark with over 13,500 members and since 2015 has been known as Bitcoin Jack because he lived off of Bitcoin for an entire month.
Speaking with UNLOCK Nikogosian felt that the most important element missing in the Blockchain ecosystem today is a trusted digital payment currency. Nikogosian stated, “After many years of conceptualizing ideas I wanted to take one amazing idea and see it through and build it.” He further explains, “Our mission at ARYZE is to create a platform, where the properties of crypto-currencies and traditional currencies are combined. Our business model is not around technology but around humans Today even in the most advanced countries such as The Kingdom of Denmark where 80% of the population does not pay in cash, the Danish Kroner is still very analogue. So we decided to start by creating a stable crypto-currency linked to the Danish Krone and call it eKkroner (electronic Kroner) or (eKR), a stable-coin in form of a virtual representation of a national currency.” In short ARYZE wants to bridge the gap that exists between conventional and digital assets by enabling individuals and business to transfer value using distributed ledger technologies.
ARYZE is reimagining payments by delivering a stable secure and groundbreaking mobile payment solution with multi asset integration for individuals and businesses. UNLOCK asked Jack why not have the central banks create electronic Kroner? His reply, “It is not an easy task for Central Banks to create their own crypto-currency as they would need to issue these to every single citizen and no national bank can facilitate the technology given the millions of accounts present. Corporate bank deposits are not guaranteed by the governments, so the first thing that will happen if a national digital currency is launched is that corporations will place most of their excess short-term liquidity in the national currency — bypassing bank deposits, which will totally undermine the way banking traditionally works.
So ARYZE will do it for them. It will create a programmable and virtual representation of the Danish Kroner and activate it and move it on Blockchain, as a first step in a new vision for money. ARYZE will also create an exchange for individuals and enterprise solutions for Businesses. ARYZE already has various parties show interest in their doings, ranging from Danish Ministry departments who are curious to understand how digital payments can be used to optimize payments for large impact investments to Large international TelCO’s who want to enable seamless payments between all of their users. Our aim it to streamline and simplify complex payment processes involved with impact investments. Saving on time, cost while minimizing fraud and corruption using Blockchain, IT systems, and smart contracts.”
ARYZE will use a Blockchain technology which could be TANGLE, a hybrid of Ethereum and TANGLE or another Blockchain platform yet to be decided as various technoliges matures. Using Blockchain, ARYZE will create a distributed payment network that would allow users and businesses to make zero-fee payments and a distributed exchange service allowing anyone to exchange between multiple digital assets at minimal fees, creation of virtual IOUs.