Company:Trust Machines
Founders:Muneeb Ali,JP Singh
Participation:Seed
What is Trust Machines?
Trust Machines is enabling a decentralized economy on top of Bitcoin by building a suite of end-user products to reach mainstream users, along with contributing to the necessary underlying infrastructure for Bitcoin and Bitcoin layers. For products, they are building a Bitcoin web wallet, BTC lending apps, amongst others. For infrastructure, they are contributing to trust-minimized ways to bring BTC to Bitcoin layers for smart contracts and to enable advanced scripting for using BTC capital on Bitcoin L1.
Market
- $600B+ market unlock potential
- Bitcoin Infrastructure:
Trust Machines focuses on building infrastructure for the Bitcoin network, targeting a market of developers, miners, and enthusiasts who require reliable and efficient tools to interact with the Bitcoin blockchain.
- Application Development:
Trust Machines aims to cater to the growing demand for Bitcoin applications by providing a platform for developers to build innovative solutions on top of the Bitcoin network. This includes BRC-20 applications, decentralized finance (DeFi), and other use cases that leverage the security and transparency of the blockchain.
- Mainstream Adoption:
Trust Machines seeks to bring Bitcoin to the mainstream by offering user-friendly wallet products and services. This market includes individuals and businesses looking for secure and convenient ways to store, manage, and transact with Bitcoin.
- Bitcoin as Productive Capital:
Trust Machines focuses on promoting the use of Bitcoin as productive capital, targeting investors seeking opportunities to generate value with their Bitcoin holdings.
Why we invested?
Trust Machines is driven by the remarkable value and potential of Bitcoin, evidenced by its current market cap exceeding $600 billion. Trust Machines is uniquely positioned to unlock this value by offering innovative solutions that harness the unparalleled security and immutability of the Bitcoin blockchain.
One key aspect that attracted us to Trust Machines is its commitment to developing user-friendly products on the Bitcoin Network. By creating intuitive and accessible solutions, Trust Machines aims to accelerate the adoption of Bitcoin among the masses. We strongly believe in the long-term potential of Bitcoin as a decentralized digital currency and a reliable store of value, making Trust Machines' mission closely aligned with our vision for the future of finance.
One key aspect that attracted us to Trust Machines is its commitment to developing user-friendly products on the Bitcoin Network. By creating intuitive and accessible solutions, Trust Machines aims to accelerate the adoption of Bitcoin among the masses. We strongly believe in the long-term potential of Bitcoin as a decentralized digital currency and a reliable store of value, making Trust Machines' mission closely aligned with our vision for the future of finance.
Team
Muneeb Ali, a co-founder of Trust Machines, is a renowned figure in the blockchain industry. With a Ph.D. from Princeton University, he co-created the Stacks layer, a leading Bitcoin L2 solution, and has been actively involved in the Bitcoin ecosystem since 2013. His expertise and contributions have made him a respected authority on Bitcoin and smart contracts.
JP Singh, also a co-founder, brings extensive experience in scalable infrastructure and applications. With a background in Computer Science and a professorship at Princeton, he has made significant contributions to the field. JP's entrepreneurial ventures, including CaaStle, Inc., and his role as Chairman of 8x8, Inc., further showcase his leadership and expertise in the technology industry.
Together, Muneeb Ali and JP Singh form a dynamic team of innovators, driving Trust Machines forward with their deep knowledge, industry experience, and a shared vision for revolutionizing the blockchain space.
JP Singh, also a co-founder, brings extensive experience in scalable infrastructure and applications. With a background in Computer Science and a professorship at Princeton, he has made significant contributions to the field. JP's entrepreneurial ventures, including CaaStle, Inc., and his role as Chairman of 8x8, Inc., further showcase his leadership and expertise in the technology industry.
Together, Muneeb Ali and JP Singh form a dynamic team of innovators, driving Trust Machines forward with their deep knowledge, industry experience, and a shared vision for revolutionizing the blockchain space.
Achievements so far
- Robust Infrastructure:
Trust Machines has focused on building its core infrastructure technology and has achieved significant technical breakthroughs. Their dedication to developing innovative solutions has positioned them as a leader in the industry.
- Contribution to Bitcoin Ecosystem:
Trust Machines has actively supported the Bitcoin ecosystem by making contributions to the Stacks Bitcoin layer. Their ideas and code have been instrumental in the proposed release, which will enhance security, enable faster blocks, and expand the potential for Bitcoin applications.
- Decentralized Bitcoin Peg:
Trust Machines has made tremendous progress on a decentralized Bitcoin peg called sBTC. This breakthrough development allows smart contracts and applications running on Bitcoin L2s to utilize Bitcoin as the underlying asset, opening up new possibilities and use cases.
- Growing Team:
Trust Machines has successfully grown its in-house team to over 30 talented individuals, including exceptional engineering talent. The expansion of their team reflects their commitment to building a strong foundation for their projects.
- Wallet Product Line:
Trust Machines has integrated an existing wallet team into its operations, resulting in the development of a popular Bitcoin web wallet. With over 280K installs and 100K+ active installs, their wallet product has gained significant traction among users
- Strategic Partnerships:
Trust Machines has formed strategic partnerships with two public companies to seamlessly connect traditional internet (web2) to a Bitcoin-powered web3. These partnerships signify Trust Machines' ability to collaborate and drive innovation in the industry.
Challenges in the Current Landscape
- No way to build DeFi due to the lack of smart contracts on Bitcoin:
Bitcoin's scripting language is limited compared to other blockchain platforms like Ethereum. It lacks a robust and Turing-complete programming language necessary for complex smart contracts. As a result, building decentralized finance (DeFi) applications on the Bitcoin network is challenging, as smart contract functionality is limited.
- Bitcoin still remains only a store of value:
Bitcoin is primarily considered a store of value or digital gold rather than a versatile medium of exchange. While it has gained widespread recognition as a valuable asset, its use as a widely accepted means of payment or currency is still limited. The scalability and transaction throughput limitations of the Bitcoin network hinder its adoption as a practical currency for everyday transactions.
- No easy way to access the Bitcoin network: :
For the average user, accessing and utilizing the Bitcoin network can be complex and challenging. Setting up a Bitcoin wallet, understanding transaction fees, managing private keys, and ensuring secure storage can be daunting for newcomers. User-friendly interfaces, educational resources, and improved accessibility options are needed to simplify the process of onboarding users to the Bitcoin network.
Solution and Product offerings of Trust Machines
- Simplified Access to the Bitcoin Network:
Trust Machines is developing user-friendly dapps, wallets, and educational resources to simplify the process of accessing and utilizing the Bitcoin network. By providing intuitive tools for creating and managing Bitcoin wallets, educating users on security best practices, and offering clear instructions for transactions, Trust Machines could lower the barrier to entry and make Bitcoin more accessible to a wider audience.
- Scalability Solutions:
Trust Machines invest in research and development to address the scalability limitations of the Bitcoin network. This could involve exploring layer-2 scaling solutions, such as the Stacks, to facilitate faster and more cost-effective transactions. By implementing scaling solutions, Trust Machines could improve the efficiency and usability of the Bitcoin network for both individuals and businesses.
- DeFi ecosystem on Bitcoin:
By building a smart contract layer on top of Bitcoin, Trust Machines enables the creation of decentralized financial applications, such as lending platforms, decentralized exchanges, and yield farming protocols. This opens up new opportunities for users to participate in the decentralized finance space while leveraging the security and stability of the Bitcoin network.
- Bitcoin beyond the store of value:
Trust Machines goes beyond the traditional narrative of Bitcoin as a store of value by unlocking its utility as a versatile platform for various applications. Trust Machines empowers individuals and businesses to harness the power of a decentralized, transparent, and secure infrastructure, revolutionizing the way we interact with money and assets in the digital age.
Final Thoughts
Trust Machines is a visionary company dedicated to advancing the capabilities of the Bitcoin network and expanding its utility beyond being a store of value. By focusing on building innovative solutions and infrastructure, Trust Machines aims to unlock new possibilities for Bitcoin and bring it closer to mainstream adoption. Their commitment to developing user-friendly products and services, along with their expertise in the blockchain industry, positions them as a key player in revolutionizing the future of finance. Trust Machines is poised to overcome the challenges in the current landscape and pave the way for a thriving Bitcoin ecosystem.