Before the Euro became the currency for 19 European countries, there were many who scoffed at the idea of a universal currency for the continent. But, eventually those 19 countries switched to the Euro and it all seemed quiet for a while. That is until 2017, which ushered in a new wave in finance – the rise of cryptocurrency and the blockchain. The blockchain has signaled a new age in the financial world. Just like when people questioned the value of a unified currency in Europe, people are again questioning the vitality of digital currency. If there is anything we’ve learned from the boom of initial coin offerings that happen every day, digital currency is here to stay. One company is capitalizing on the popularity of the blockchain to bring about big changes in the financial world, completely upheaving a foundation we’ve been used to for a long time – investment firms and fund managers. CrowdWiz is a decentralized invest platform that claims to give the power back to the people where it matters: with their money and how it’s spent. CrowdWiz plans to release multiple blockchain based investment features, with its first one focusing on using the wisdom of the crowd to make funding decisions. What exactly does this mean? Think about the last time you made an investment, or imagine what the process would be like if you were to make one. You’d find an investment manager, give him your money, and trust him/her on where to put it. But, what most people don’t realize is that these third party fund managers may have a conflicting or undisclosed personal interest, meaning that where your money goes may benefit your fund manager instead of you. Crowdwiz changes this. Their Etherum based blockchain platform gives the power back to the people, relying on crowdsourced information to make decisions, rather than third parties.
Not all of us will become business owners, entrepreneurs, or be featured on any one of Forbes’ numbered lists; however, it is natural to at least have the desire to be a direct part of something big. Companies like Indiegogo and Kickstarter have enabled this in many ways; on the other hand, there are financial catches to these crowdfunding programs and, since most of us aren’t as intuitive as Ashton Kutcher when it comes to startup investing, we can’t be certain which innovations are truly worth it. This is what “sold me” on the idea of a crowdfunding platform on the blockchain. The blockchain is decentralized, thus there is no one but ourselves deciding where our money goes to. Crowdwiz stays true to this while also implementing the ability for everyone to “vote”, by way of token transfer, on the company with the most potential. Your money, in the form of Crowdwiz’ cryptocurrency, will be transferred toward the most profitable choice, so you can be certain that you’re making a smart investment using the wisdom of the crowd and not catering to the personal interests of your greedy fund manager. The word democracy comes from the Greek word for “the power of the people.” The French Revolution, one of the history’s most powerful responses to the tyrannical structures of monarchies, set the stage for the voting system, where citizens exercised their power as a majority. To establish a similar response for financial democracy is a bit more complex. Currently, most people do have somewhat of an influence as to where to invest their money. But, the issue lies with the financial institutions and investment firms that are being run by middlemen with, generally, greedy, self-serving vices. We depend on these intermediaries for expertise and business connections, and, hope, rather than trust them, to put our money into the right opportunities. By eliminating this accepted, yet flawed pattern, we can achieve a truly democratic investment system where we finally rely on an outcome led by the intuition and wisdom of masses and not a selfish few. Although the idea behind it is great, CrowdWiz hasn’t yet officially launched as they are still in the pre-ICO phase. Revolutionizing the financial industry sounds amazing, but users must take into account that the blockchain is deregulated and decentralized, meaning that there isn’t any official regulation. It’s been said that this is all just a bubble waiting to burst. I try to remember that the same was said about the Euro, and hope that blockchain is the beginning of democracy in the financial world, driven by companies such as Crowdwiz.
