In the first half of Benzinga's latest "Moon or Bust" crypto livestream, co-hosts Ryan McNamara and Logan Ross interviewed Stefan Rust, founder of Truflation, a company using blockchain technology to make accurate inflation data more accessible to the masses.
Rust is a multilingual entrepreneur and founder of various technology companies, with a track record of turning cutting-edge technology into commercial success. After having bought his first Bitcoin (CRYPTO: BTC) in April 2012 and using it to pay developers directly, Rust realized the staggering potential of blockchain technology.
In the second half of Benzinga's "Moon or Bust," Ross and McNamara interviewed Haohan Xu, Columbia University alumnus, founder and CEO of Apifiny, a global trading platform that allows professional digital asset traders to execute global strategies on more than 20 connected exchanges.
Why it Matters: Truflation is a datahub for providing independent, daily price indexes and economic data for fiat and crypto markets. The datahub is in response to inaccuracies in inflation measures, including the Consumer Price Index (CPI).
Rust elaborated on this by stating, "inflation is being calculated with a model and framework that was created over 100 years ago. We thought there must be a more modern approach to calculate inflation." Currently, Truflation estimates a real inflation rate of roughly 10.9%.
Image courtesy Truflation
"Truflation works by aggregating over 50 data sources across 10 million items in real-time," according to Rust. "We are aggregating real-time data on a consensus basis."
This is as opposed to the traditional method that "calculates CPI by analyzing a study done by the Labor of Bureau and Statistics 477 people ... we thought that in a world of online commerce we thought we could be more accurate in terms of sourcing data and updating it on a more regular basis," Rust added.
Haohan Xu, who founded Apifiny while attending Columbia, commented on how to value digital assets in a bear market: "I think it would come down to the numbers. So for Ethereum (CRYPTO: ETH) for example, you have to consider how many protocols are consuming however many ETH at the time," he said. "In other words, you need to consider how many projects are active, rather than how many potential projects will be built on that blockchain."
To get the full scoop on the current markets, inflation, and all things crypto, check out the full "Moon or Bust" livestream on YouTube:
Photo: Immersion Imagery via Shutterstock
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.