Founder: Lance Davis, 23
What it does: Insurance for cryptocurrency in Web3
No. Employees: 1
Lance Davis is a self-prescribed technology enthusiast.
A computer engineering graduate of N.C. A&T State University, Davis has done a lot of reading into the history of technologies, both new and old.
While researching Web3 – which is the idea for a new iteration of the World Wide Web that incorporates concepts such as decentralization, blockchain technologies, cryptocurrencies and non-fungible tokens (NFTs) – he came up with the idea for his business, Minnet.
Davis originally intended for Minnet to become a Web3 social network but realized it would be difficult to monetize social networks in Web3, which is still in a “primitive” state, he said.
Now, Davis has pivoted Minnet towards the insurance of cryptocurrency in Web3.
“One thing that I have seen is that crypto and the Web3 industry are on a trajectory that is similar to what the internet was on in the early and mid-90s,” Davis said. “Ever since learning about what blockchain technology was really all about, I have been enamored with how great it could be.”
There are lots of cyberattacks that can occur in Web3, with people losing their assets in cryptocurrencies. While there are some protocols in place to be able to negotiate with hackers, it might not always work to recover funds, Davis explained.
He wants people to feel safe using Web3, knowing that their funds can be insured and recovered.
“One thing is for certain: Cyberattacks aren’t going anywhere, and they’re probably going to be bigger and worse,” he said.
Despite his passion for Web3 and Minnet, Davis knows he might not be able to achieve his goal for some time, as insuring cryptocurrencies, especially in Web3, will require regulations that do not yet exist. But, Davis is confident that the regulations and legal framework are well on their way, so it is a matter of when, not if, for him.
In the meantime, Davis has been doing leg work for Minnet, including legal and insurance reading and developing his Web3 and blockchain skills, that will allow him to hit the ground running when the time comes.
Davis completed Launch Greensboro’s incubator in January. He credits the incubator with helping him refine Minnet and create a better business model.
Currently, Davis is an intern with the venture capital firm Andreessen Horowitz, working with cryptocurrency. He has previously worked with companies such as Microsoft, Apple and Greycroft. After his internship, Davis intends to join a Web3 company as a contract developer to better his skills with Web3 and blockchain technology.
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Inno under 25: Lance Davis looks to insure crytpocurrency in Web3 with his company Minnet – The Business Journals
Founder: Lance Davis, 23