Jimmy Nguyen: The Bitcoin world needs more positivity

Jimmy Nguyen: The Bitcoin world needs more positivity

CoinGeek.com’s Becky Liggero sat down with Jimmy Nguyen, CEO of the nChain Group, for an interesting discussion about collaboration and positivity, and how these factors will ignite the growth of Bitcoin Cash.

Since it split from the legacy Bitcoin (BTC) chain more than half a year ago, things don’t appear to be slowing down for Bitcoin Cash. And the cryptocurrency, which is considered the true Bitcoin as intended by the Satoshi Nakamoto white paper, can thank various groups for its growth.

One of the organizations working tirelessly to spur and ignite the growth of Bitcoin Cash is blockchain technology research and development firm nChain Group. CEO Jimmy Nguyen tells us in an interview that nChain currently has four business units: the first is nChain Limited, which focuses on blockchain research and development; there’s also the IP, holding and commercialization company called nChain Holdings; followed by an investment vehicle, called the nChain Reaction; finally, there’s nCrypt, formerly known as nTrust, which is the consumer-facing business of the group operating a Bitcoin wallet and exchange.

“Our business is set up with a very simple mission, which is we are designed to use our resources and our technology and our research to help enable the growth of Bitcoin Cash in particular, because we believe that it is the true Bitcoin,” Nguyen said.

In his role as the chief executive, Nguyen has already mapped out what he needs to do for nChain’s next chapter, which boils down to three things—take concrete actions, forge stronger relationships, and more importantly, foster positivity.

“There’s been a bit of negativity, which is an understatement, in Bitcoin for a number of years. I’m a person who always thinks on the bright side. I carry with me every day a positive attitude and I want to help inspire the people around me,” Nguyen said. “I believe the Bitcoin world needs more positivity, and I hope that our business can help provide that.”

Nguyen, who joined nChain after a 21-year career as an intellectual property and digital technology lawyer, isn’t just talk. In the past few months, the group has been partnering with organizations, groups and companies in the Bitcoin BCH ecosystem. These include collaborations with Bitcoin Unlimited as well as supporting and funding the Gigablock Testnet Initiative, all in the name of big blocks.

“We like big blocks at nChain, and we cannot lie,” Nguyen said. “Those are the various steps we’re doing to support what’s needed first: building the infrastructure and the backbone of a larger scaled network. Getting it to the average person on the street on a broader basis will come after that.”

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Zach Piester: Blockchain startups biggest task is ‘to build things that matter’

Zach Piester: Blockchain startups biggest task is ‘to build things that matter’

Aside from cryptocurrencies, blockchain-based ventures have been all the rage of late. Coingeek.com’s Stephanie Tower caught up with Zach Piester, chief development officer at Intrepid Ventures, and asked him about the process and methods of building well-designed products and services in the space.

With recent news in the blockchain and cryptocurrency spaced being filled with welcome turns in terms of mass adoption and positive regulation, the industry is slowly but surely making bold steps for innovation in the space. CoinGeek.com asked Zach Piester about what he thinks are the challenges behind creating products and services for the blockchain and cryptocurrency space.

“I think the biggest challenge is for startups and organizations to actually build things that matter,” said Piester, who currently heads Intrepid Ventures’ development initiatives. Piester noted that what people want should be placed as a priority into any design and development plan. Piester’s experience in both design thinking and venture management provides him with insight into the methods and processes behind what works and looks good at the same time.

The practical vision of any cryptocurrency and blockchain-based startup should be “to build products and solutions and applications that people want,” reiterates Piester, adding that startups must first ask themselves a fundamental question: “Are you building something or have you built something that somebody’s willing to buy?”

With a lot of products and ICOs sprouting up in the space, it’s hard to identify which has potential and which might be a waste of time. Nevertheless, Piester is hopeful regarding this trend because he sees these initiatives as the effect of the space’s democratization.

“What’s so exciting about the space is it does provide, should provide equal opportunities to all of us,” he said.

Aside from regulation woes, cryptocurrencies and blockchain-based applications have another problem: design. As previously observed by Dr. Craig Wright, a lot of users may not feel too welcome because of complex interfaces which might hinder their use and reliance on the space’s new platforms.

Piester, who has also worked on such organizations as the ART+DATA Institute, believes that solid design principles should serve as a product’s foundation, as well as a company’s core structure.

“Design principles have to be part of the core of everything you do not only from a company perspective to be able to attract and retain good people, but from anything you put out in the marketplace, hire designers, hire good designers,” Piester said.

Asked about ICOs and his perspectives about the hype surrounding it, Piester warned about bad practices in the space which might result to legal consequences, noting that “there’s not a lot of principles and governance and structures going into a lot of these ICOs.”

“The risks are huge, you do something wrong, that you either did unintentionally or intentionally, you have the risk of going to jail, you have the risk of significant civil and legal penalties, and ignorance is no excuse for breaking the law,” he said.

As an experienced investor, Piester shared this advice: “The same diligence you would apply to investing in a public company, you should apply to a cryptocurrency company.” Piester’s belief in the transformative power of new digital interventions is based on his observation of how the ICOs and blockchain-based startups open a “unique empowering access to individuals all around” which will help uplift lives.

“The way I look at things is how do we break these poverty cycles? How do we, you know, create the world’s largest middle-class, which is by unblocking the institutions that don’t allow the individuals to become empowered,” he said.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
John McAfee on easing fear from government regulation of cryptocurrencies

John McAfee on easing fear from government regulation of cryptocurrencies

In this interview with CoinGeek.com, computer programmer and entrepreneur John McAfee shared his views on cryptocurrencies and why banks and governments are afraid of the global phenomenon.

Known for establishing one of the most successful software companies that distributes enterprise security software under the McAfee brand name, John McAfee is a major stakeholder of technology holdings company MGT Capital Investments.

An experienced businessman and information security engineer, McAfee moved MGT Capital Investments into the cryptocurrency space in May 2017, when he was still the chairman and CEO of the company, increasing its research and development on blockchain-based cybersecurity solutions. CoinGeek.com caught up with McAfee recently, and asked him why banks and governments are afraid of cryptocurrencies.

“Cryptocurrencies frighten governments because people who use them, you cannot find how much money they’re making through bitcoin, what they’re buying, what they’re selling and so governments make income by taxing the movement of money, whether you’re, like, in America, our income taxes are the greatest source of revenue,” McAfee said.

Cryptocurrencies were created with the aim of liberalizing transactions through peer-to-peer electronic payments, following the 2008 financial crisis. Spurred primarily by the subprime mortgage bubble, financial institutions crashed and sustained significant damages. This was what served as a catalyst of the then burgeoning cryptocurrency movement.

McAfee said ceasing cryptocurrency operations will be futile because “you cannot stop this technology because it is distributed, meaning that you (a crypto user) don’t care where anybody is, it’s a worldwide phenomenon, and this frightens governments.”

While some in the cryptocurrency community are of the opinion that government regulation poses a significant challenge to the crypto industry’s growth, advocates of Bitcoin Cash like Jimmy Nguyen of blockchain research and development firm nChain Group hold a positive outlook on the issue of regulation. But how can cryptocurrencies exist in a regulated environment? For McAfee, that’s something that the cryptocurrency community needs to decide internally.
“We have to have self-regulation, that’s obvious, I mean, China is right about one thing: the ICOs, the initial coin offerings, there are, lots of scams, lots of people who are fraudulently taking money from other people, so, that’s got to stop, but I don’t think governments can solve it, we as users and the bitcoin community have to be self-regulating,” he said.

Asked about what advice he could provide to new cryptocurrency users who may fear what the government could do, the cybersecurity researcher and now cryptocurrency advocate had this to say: “There’s no fear, okay? You just realize that oh, this is, this is very convenient, very powerful, it gives me the power to be my own bank. Why do I need a bank if I have a (cryptocurrency) wallet?” Further, McAfee provided a sample situation: “If I want to wire money to someone, I don’t have to call my bank, I go in my wallet and I just send it, and in a matter of seconds and it’s done.”

These days, what McAfee describes as sample situations is applicable to leading cryptocurrencies like Bitcoin Cash. The Bitcoin Cash network provides faster-than-lightning transactions with reliable confirmations at negligible fees. The network’s ecosystem is also expanding with new protocols, concurrent technologies and services, as well as global adoption from merchants and decentralized developers looking to create platforms to facilitate permissionless innovation and unrestricted growth.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Digital cash is the ‘killer feature’ in Satoshi white paper

Digital cash is the ‘killer feature’ in Satoshi white paper, says Bitcoin ABC’s Amaury Sechet

CoinGeek.com’s Becky Liggero sat down with Bitcoin ABC’s lead developer Amaury Sechet for an interesting conversation on how the community-based development work on Bitcoin Cash is currently being done.

Known in the programming community as “deadalnix”, Amaury Sechet has worked as a software engineer for prominent community platforms including Facebook. He has been involved with Bitcoin for a long time, having learned about it back in 2010, although it was merely a hobby for him at the time, noting that the network then seemed like it “took care of itself.”

“There was good people in charge and they were doing what seemed to be the right thing,” Sechet told CoinGeek.com.

Sechet’s fascination with social infrastructures and peer-to-peer communication systems led him to work and develop cryptocurrency applications. According to Sechet, his shift to working with Bitcoin Cash after initially being attracted to resolving software issues in the legacy Bitcoin (BTC) network was a decision based on what “the main point is” for cryptocurrencies, in relation to the Satoshi white paper.

“More recently, there have been a lot of tension about, you know, should the Bitcoin chain be something of a settlement system for high value payments or should be kind of like cash, you know, new version of cash,” Sechet said.

Before August 2017 hard fork, there was “very strong disagreement in the community,” and Sechet believed “digital cash” made more sense as an argument, eventually siding with the community that adhered with a block size upgrade to resolve scalability issues in the legacy chain, effectively creating what is now the Bitcoin Cash network. For Sechet, this argument made more sense and hence fulfilled the original direction of the Satoshi white paper because the document “clearly described a peer-to-peer cash system, and within the paper it talks about payment, about replacing cash and all of that.”

“It doesn’t talk about completing it with settlement layers,” he said, adding that “there is actually a lot of aspects that exist in Bitcoins that are not even described in the white paper.”

Although he is not against the other features placed within the legacy Bitcoin network, Sechet said the white paper’s main point is digital cash.

“Digital cash is, I think, the most important, like it’s the killer feature. It’s like the game-changing stuff that is in there,” according to Sechet.

Asked about the current direction for Bitcoin Cash that Bitcoin ABC is helping develop, Sechet said the team wants to work on the technology that will scale the network. Currently, six teams of developers are working independently to achieve this goal, but Sechet said there’s still a lot of work that needs to be done.

“If you want everybody in the world to use it, we need to scale it by at least two orders of magnitude,” he said.

Sechet sees two aspects of development that the Bitcoin Cash network needs to become ready for the future: growing by two orders of magnitude and decreasing the confirmation time. According to Sechet, if a user wants a transaction to be validated, it should be ideally done in three seconds, giving the user a seamless payment or purchasing experience.

Sechet notes that for this to work out in the long-term, the community of Bitcoin Cash users and developers would “need to have a very high degree of confidence in the validation of a transaction within a few seconds.”

Reflecting on the need of the Bitcoin Cash development community to adjust its strategies, Sechet believes the community should change some of its practices, saying, “I think the community needs to become much more proactive. Right now many people in the community are acting in a reactive manner, it’s like ‘Oh there is a problem, we need to fix it’ right? And then you know, everybody jump in to try to fix that problem but there is an effect when you know everybody jump on the problem at the last minute, it tends to make the resolution of the problem slower.”

Unlike the BTC network which has only one “core” development team working on it, the Bitcoin Cash network has at least six decentralized development teams working together. Without a leader or a corporate entity mandating its decisions, proper coordination and communication may stand as a challenge to the leaderless Bitcoin Cash development community, which is mostly made up of passionate volunteers. To avoid this bottleneck, Sechet provides a lesson in software management: “get on with,” suggesting that whenever a problem like this arises, what people should do is focus on what they can contribute on their end, given their specializations, and “try to come up with a proposal for the next one.”

“Just being more proactive and less reactive would be, I think, a huge win,” he said.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Zac Cheah: Blockchain should be accessible for everyone

Zac Cheah: Blockchain should be accessible for everyone

What if you can pay for items and load up to purchase cryptocurrencies with the swipe of a card? A bold but nonetheless simple premise, this is exactly what Pundi X Labs has been doing. CoinGeek.com spoke with Pundi X Labs’ CEO Zac Cheah about his company’s mission.

With the onslaught of cryptocurrency and blockchain companies bootstrapping the crypto development scene, it’s hard to keep track of what’s what. Pundi X Labs is attempting to wedge into the increasingly complex crypto space with a simple solution: make buying crypto as easy as buying bottled water.

CEO Zac Cheah said his company’s efforts are “[…] trying to unlock the potential of blockchain,” with a campaign to reduce friction for mass adoption to ordinary users.

Since its launch in October 2017, Pundi X Labs has helped empower blockchain developers and token holders to sell cryptocurrencies at any physical stores in the world. Sharing his company’s vision, Cheah said they “believe that the blockchain can actually liberalize people owning bitcoin because it’s actually a way for people to go anywhere, to any store, to 7-11, to actually use our Pundi X POS device to buy cryptocurrency easily, it’s just like buying a bottle of water.”

Based in Jakarta, Indonesia, Pundi X Labs operates with a business registration from the Isle of Man. While there are a lot of other cryptocurrency and blockchain companies putting up some of the exact same things that Pundi X Labs offers, Cheah said their company is unique because “we have, we believe, is that we have a working product.”

The company is pushing with an on-ground strategy aimed at providing universal access to cryptocurrencies, anytime, anywhere. Pundi X Labs launched its Pundi X POS device globally last year, with several improvements to its synergized infrastructure lined up in its roadmap.

Asked by CoinGeek.com about his observations on the growing cryptocurrency scene and what it might look like in two to five years, Cheah had this to say: “I think it’s very important that you know, the blockchain technology is accessible for everyone,” adding that cryptocurrencies should not just be for “the privileged people, but also the normal people.”

“I think moving ahead, whether it’s coins or blockchain or developer ,we should try to focus more on the normal people, because now in reality, bitcoin is only being held by 0.1% of the population, and that is also our objective: to use a device and a card so that many people can own bitcoin,” Cheah said.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Roberto Capodieci: Blockchain is going to bring revolution

Roberto Capodieci: Blockchain is going to bring revolution

The revolutionary aspects of blockchain technology can be extended from its current use with cryptocurrency to other use cases that require facts and verifications. CoinGeek.com asked Blockchain Zoo’s Roberto Capodieci about what he sees as the emerging future of blockchain-based technologies.

Roberto Capodieci is a blockchain expert and infotech hacker, who started programming at 6 years old with his father as his instructor. Now a blockchain expert based in Asia, Capodieci is the first to apply blockchain to supply chain and trade finance.

In an interview with CoinGeek.com, the Nxt Foundation co-founder explained how blockchain can change our daily lives: “Blockchain is solving one problem for bitcoin but can solve many other problems. It’s going to bring a revolution in our life, as much as internet brought a revolution in our life. Blockchain is going to change the way that we operate online.

Basic services that once required tedious paperwork can leverage blockchain to optimize and secure their backend processes. According to Capodieci, “[in the next future] blockchain is going to move from an embryo stage that is now, to a natural full-working technology, and it’s going to be applied in how we live our life.”

Capodieci, who also works as a tech consultant for law enforcement agencies, provided an example of blockchain usage: “If the police officer is going to stop us on the street, is going to check our driver license status in the blockchain and is going to give us a fine for speeding, and register it in the blockchain. The court later, are going to check it in the blockchain later, see that it’s been digitally signed by a proper officer ask us to pay, then we’re going pay with a cryptocurrency on the blockchain. That’s why blockchain is going to be everywhere.

Capodieci specializes in lawful interception systems and big data analysis. His work with Blockchain Zoo and DeBuNe (Decentralised Business Network) has given him insight into open and decentralized platforms for tech. In Capodieci’s opinion, blockchain’s impact on government will be crucial in “eliminating corruption, making the process to flow fast.”

With blockchain, “there is no need to wait somebody to open a drawer find a piece of paper which somebody owns compromised. We are going to be guaranteed of the truthiness of data,” he said.

Recent projects launched in the blockchain startup space reflect Capodieci’s optimism. There is a vast space for innovation and disruption, applying blockchain to the most vital and critical components of our daily lives.

When asked about the security aspects of blockchain, Capodieci said: “Blockchain is a new technology, new invention, but it’s made with old technology. It’s like a new recipe made with old ingredients. Blockchain is made a peer-to-peer network, which is a network of computers worldwide where no computer is more important than the others, and it’s impossible to kill because if you shut down a computer somewhere, two more will comes up somewhere else.”

These advances in security principles are what hold and comprise the basis of blockchain’s usefulness. Because of its mathematical foundation, blockchain is more secure than second-layer software. “This (security) is guaranteed by the fact that it cannot be destroyed. It cannot be stopped. At the same time it uses mathematics as protocol for security, not software that can be hacked by hackers, that can contain bugs, but mathematics,” said Capodieci, adding that “mathematics is not an opinion, which is a guarantee of security and truthfulness.”

With blockchain technology, the future is secure and more open. Today, blockchain-based applications for digital identity, digital signatures, smart contracts, and other digitally-based records are sprouting up and rising to prominence like the Internet did in the past two decades. It is important to keep track of these disruptive developments and be informed. Major inroads in cryptocurrencies have led to global adoption, permission-less innovation, and decentralized development.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Oscar Darmawan: Anyone can use Bitcoin in Indonesia

Oscar Darmawan: Anyone can use Bitcoin in Indonesia, but not as payment

The ever-expanding market for cryptocurrencies has been variously called a fever by analysts. CoinGeek.com caught up with Oscar Darmawan, CEO of Bitcoin Indonesia, to check the temperature for crypto in the country.

As co-founder and CEO of Bitcoin Indonesia, Oscar Darmawan’s work in the cryptocurrency space is strategically positioned. His intimate knowledge of the market and how to straddle the tightrope between corporate vision and government regulation plays well for Indonesian crypto enthusiasts.

Asked about the status of cryptocurrency market in his country, Darmawan was quick to the numbers, saying: “Currently we have about 550,000 members registered in our site, and actually number of members that register in our site day by day is increasing quite a lot, around 200 new members has joined in our system.”

As the saying goes, it’s the numbers that speak. Indonesia’s burgeoning cryptocurrency scene has attracted investors from both within the country as well as its neighboring economies. Darmawan attributes this sudden surge in popular interest for cryptocurrencies in Indonesia to Japan’s decision to allow cryptos for payments last year.

“I think because Bitcoin is lately being legalized by the Japanese, and in many other countries or so, recognized as currency,” he said. “People in Indonesia want to catch up with this technology, because we have 260 million of people, that’s why a lot potential market in here.”

Darmawan believes the Indonesian demographic is particularly poised to adapt to cryptocurrency businesses because of their innate curiosity. “Many of them want to know, ‘What is virtual currency? What is all this issue about?’ So many of them register in our site, says they are going to take a look, want to see, how this technology actually works.”

Government regulation plays a critical role in any emerging cryptocurrency market. In Indonesia, Darmawan said its their own government that poses the greatest challenge to the crypto scene.

“They did not define clearly bitcoin or cryptocurrency as currency or commodity,” said Darmawan, adding that “[they] are actually having quite a big challenge because currency and commodity have different regulators. So from our company, we try to follow Indonesian regulation but if we don’t know who is our regulator they’re also another challenge.”

Recent moves by the Indonesian government to distinguish between the use cases of cryptocurrency have led to a gap in the market. Occupying a strategic position for the crypto space means a sense of corporate responsibility for Bitcoin Indonesia, which represents and connects majority of users in the Indonesian crypto market. Asked about his firm’s relationship with the country’s government, Darmawan said: “Of course all industries agree about regulation in cryptocurrency. I believe that for the business to go really big, we need to follow and support our government.”

The growth of the cryptocurrency business in the country hasn’t gone unchecked by its authorities. The Central Bank of Indonesia has recently pursued crackdowns on the use of cryptocurrency as payment solutions. Darmawan, however, clarified that Bitcoin is not prohibited in Indonesia, as long as it’s not used as an alternative payment method.

“As long as it’s not for payment, and people are using it for R & D or people are just buying it for asset like gold, there is no issue,” he said.

The Indonesian cryptocurrency market is alive and well despite regulations on its use as a mode of payment. Further development for the space is anticipated as major cryptocurrencies like Bitcoin Cash have made waves across Asia, despite severe regulation in countries like South Korea.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Michael Krohn: If there's 90% of community standing behind one coin

Marco Krohn: If there’s 90% of community standing behind one coin, that’s Bitcoin

The global market adoption of cryptocurrencies poses significant challenges with regards to adaptive performance and scalability issues. CoinGeek.com spoke with Marco Krohn, CEO of Blockchain Consulting, and asked him about his thoughts on these pertinent issues.

Ever since Bitcoin and its underlying blockchain technology entered into mainstream consciousness, the issue of maintaining viable performance for a stable network and easing into higher degrees of scalability to accommodate more users have become intertwined. More people using a cryptocurrency networks means the way networks are built and the difficulty with which they are mined also grow in proportion. Coingeek initiated a conversation with withMr. Marco Krohn, CEO of Blockchain Consulting.

Trained primarily as a mathematician and economist, Krohn works with his consulting firm as well as Genesis Mining. According to his Twitter page, his focus is on legacy bitcoin and ethereum.

Asked about the implications of mainstream adoption to cryptocurrencies in the global market, Krohn confessed that this was a difficulat moment for cryptocurrencies. Krohn shares that “mainstream adoption is a little bit difficult at the moment, because technically bitcoin as a system… is a little bit complicated to use at the beginning… you have to download special software and you have to use these weird addresses, right?”

His apt observations on the user experience with regards to “bitcoin” are accurate, because a lot of new users have been misled into thinking that legacy bitcoin was the same thing as it was some four or five years ago, that is, a network that accomodates quick transactions at low rates.

Of late, though, these all changed as soon as the corporate takeover of legacy bitcoin happened, turning the poor network into a highly-congested waiting line with sky-high fees. “The volatility in the market is very high, so it needs a little bit morepolishing and needs to be a little bit more user-friendly,” Krohn observes, pairing the user-facing factors with the industry-specific needs of cryptocurrency.

Despite these circumstances, Krohn is optimistic about the role that cryptocurrencies will play in the future, especially with its leverage in the global market through current projects undergoing merchant adoption. “Now there are certain things you can do to improve the situation, there is something you can do on the level of Bitcoin, on-chain how we call that and that is kind of increasing the block size.”

Last year, August, the historical fork between legacy bitcoin and what is now considered by most crypto enthusiasts as the correct version, Bitcoin Cash, became a bold step forward into the future of cryptocurrency and blockchain technologies surrounding the ecosystem.

“This is going forward certainly something that is needed. Onthe other hand there are people that are saying, okay if you increase the block size now, it could have cause certain problems with respect to the decentralization. And their argument is, if we increase the block size we will need bigger machines to process all these blocks so a lot of these nodes will drop out and if the nodes drop out that’s bad for decentralization.” Krohn avers.

In the crypto market, it’s not always the highest prices that reflect what’s more valuable. Aggregated statistics across the market cap would point to utility as a factor that provides better appreciation over time, as compared to store of value.

In Krohn’s opinion, the technical difficulty of cryptocurrency mining is relative to economic backgrounds, sharing that: “On a technical level you could also argue it’s kind of about the most difficulty, so kind of increasing the difficulty how many miners are mining on that chain, on the other chain, but at the end of the day, this is driven by the economic background.”

The developers of Bitcoin Cash innovated on the old protocol and turned it into something that ordinary users may easily understand and hence prefer for adoption. With bigger blocks, almost non-existent fees, and fast transactions over a highly secure network, Bitcoin Cash extended the vision of Satoshi Nakamoto and placed it at the forefront of development.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Dr. Michael Yuan: Due to scalability

Dr. Michael Yuan: Due to scalability, no one is using BTC as currency

With the rise of cryptocurrencies and their continued adoption globally comes the problem of maintaining performance and scalability. CoinGeek.com’s Stephanie Tower engaged Dr. Michael Yuan, Chief Scientist at 5miles, in a conversation on cryptoeconomics.

Due to the computationally intensive requirements of networks like legacy Bitcoin, otherwise known as SegWit1X (BTC), user verification and transaction validation models based on proof-of-work have become untenable in terms of energy requirements. CoinGeek.com asked scientist and investor Dr. Michael Yuan about the barriers and challenges that face cryptocurrencies today.

“In terms of performance and scalability, there are very good solutions that are out there, which has been highlighted today. One of the leading solutions is dedicated proof-of-stake. So meaning in Bitcoin and Ethereum, you have to prove your trustworthiness to the network to work, by consuming electricity. And that has made the network and transactions very expensive,” said Yuan.

Recognizing the needs and complications that emerge from new spaces of innovation like cryptocurrencies and blockchain technologies, the 5miles chief scientist shared his thoughts on what’s next in the world of crypto.

“On proof-of-stake, you don’t have to prove your worthiness through your work, but prove your worthiness through the coins you hold and then by delegating the network maintenance to professionals, by having them hold to your coins as a bank,” Yuan said.

Citing BTC and the Ethereum network as examples of highly-congested networks, Yuan believes that one of the best solutions to the problem of congestion in cryptocurrency networks is dedicated proof-of-stake, which is a method of verification that no longer requires vast amounts of electricity from the user’s end.

Instead of using a lot of energy for what is essentially the same process, proof-of-stake is an algorithm with which a cryptocurrency blockchain network can achieve distributed consensus.

“This whole set-up is what we call crypto-economics, or cryptocurrency economics.” Yuan said. His research work with Dallas-based startup 5miles has led to the introduction of CyberMiles, a blockchain protocol that promises to revolutionize commerce and marketplaces.

Asked about what his thoughts are on addressing the scalability issues, Yuan shares his advice to the crypto community: “In my opinion, Bitcoin has you off from its original roots. So if you look at Bitcoin, originally it’s a currency, but because of the scalability, the transaction per second is slow, and because the price goes up so much, no one is actually using it as a currency.”

Yuan shared his company’s vision for merging cryptocurrency and blockchain with digital platforms for businesses, saying, “I’m optimistic about new fundamental blockchains emerging in the next couple of years. Because these new blockchains are going to be a lot faster.”

Of late, the scalability issues that posed a risk for the BTC network have already been addressed with a hard fork after years of intense debate in the crypto community. The debate centered on the issue of scalability, with Bitcoin Cash leading the community to the sensible conclusion of bigger blocks.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.