Dr. Craig Wright on the accountability of Bitcoin, Metanet incentives
The celebration of Bitcoin, now reborn as Bitcoin SV (BSV), was fully on at the CoinGeek Toronto scaling conference. To discuss where Bitcoin is headed now that it’s been unleashed with massive scaling on the blockchain, its creator himself, Dr. Craig Wright, joined CoinGeek’s Becky Liggero.
The Toronto conference was a key point in Bitcoin’s history, and Wright was happy to see the crowds gathering to celebrate its history, and momentum going forward. “It’s good to see the energy and the vibrancy of the place at the moment,” he said.
Now that BSV is ready to follow the original vision of Satoshi himself, Wright expects it to bring a respectability to digital currency. “Bitcoin is an immutable evidence trail,” he explained. “It is a single global ledger. Once we roll it out, we’re going to make fraud expensive, fraud difficult. We’re going to make it so that people can actually trust money, trust negotiating with people. Because there’s no way of getting away with something bad, there’s a record kept of everything.”
With nChain recently having proven that the blockchain can scale as massively as they want to, Wright was in a very good mood. “Well, as Jimmy would say, ‘I like big blocks and I cannot lie,’” he said. He went on to explain where the team is currently at in their scaling milestones:
“We are now able to get to a point where, at 1.4GB, we stopped doing the testing not because we were running out of capability with the node, but we have to let some of the environment and the infrastructure catch up. So the block explorers and other things like that were having problems. It’s not actually our nodes that are not at that level, they were getting to 1.4GB fine, but the ecosystem needs to start realizing that they need to increase capability as well. So we’re letting them catch up a little bit.”
Wright used some of his time on stage at CoinGeek Toronto to talk about the rise of the Metanet, the BSV replacement to the internet. Development is coming along quite well, he noted. “We seen yesterday Ryan [X. Charles] was talking about identity systems now that can be built into Bitcoin and blockchain,” he noted as an accomplishment. “And we will have documents and blogs and training materials starting to come out from nChain, so that people can start building and developing the incentivized version to replace the internet. The new way of doing things.”
The key thing that will drive the success of the Metanet is the economic model it creates that improves on the current internet. “Not a system based on popularity like Google where it’s really about selling advertising,” he was keen to point out. “So you don’t care about the value of what you’re advertising, you care about how many hits. We want people to get value for their money. So they don’t go to the site just because lots of people do; they go there because it has the best information. Something that is actually good.”