A big step towards Bitcoin becoming the data carrier of the future will be applications that treat it as such. One company that was jumped into that kind of development early was CryptoGraffiti. Erich Erstu, the developer behind the site, joined CoinGeek’s Becky Liggero during the recent CoinGeek London conference to talk about his site, and why he got into Bitcoin in the first place.
Liggero first asked Erstu what his site is, and what sets it apart from other Bitcoin applications. “I think it is the first very useable service that allows you to save files on the blockchain which includes your personal images, text, whatever,” he explained. “People can do it, and they can read or look at what others have done.”
Visiting the site, it provides a very easy to use, scrollable interface to browse anything going on with the Bitcoin SV (BSV) blockchain in real time. As long as CryptoGraffiti can decipher a transaction in a visible or readable way, it shows up. It also makes writing to the blockchain, for that content that you want to make sure gets saved forever, simple and convenient.
Erstu has had a long time to think about and work with the blockchain. “The backstory dates back to my university years, in the University of Tartu, when I was doing my Masters’ program in software engineering,” he explained. “I had a course in data mining, and one day they handed out the homework for everyone to data mine something, whatever. I was already a big Bitcoin fan, and I immediately saw that Bitcoin’s blockchain was a huge source of data, and we can do all sorts of analyzing there.”
After quickly seeing the potential in Bitcoin, Erstu had the nugget of an idea that would eventually become Cryptograffiti. “I was personally curious to find out secret messages, if anyone has saved them on the blockchain,” he told Liggero.
As they were taking in the conference, Liggero asked what he thought of the gathering. “I have never, in my life, seen so many smart people in one place,” he proclaimed.
If you want to see a lot of smart people too, and join them to talk about BSV, join the CoinGeek Toronto conference, happening between May 29-30. The top minds of Bitcoin will be there, so simply register to join them. You can save money on your entry by using Bitcoin SV via Coingate.
For Bitcoin to take over the world, first it needs to grow up. In some corners, that’s already happening, but a lot more can be done for adoption to grow and for governments and businesses to take notice. Kristy-Leigh Minehan, Chief Technology Officer (CTO) of Core Scientific, joined CoinGeek.com’s Becky Liggero to discuss what she thinks Bitcoin needs.
The first big step towards global adoption needs to be greater attention from governments. “So Bitcoin needs to become regulated,” Minehan told us. “It needs to become something that governments can verify. It needs to become some kind of regulated standard, just like the U.S. dollar. It actually needs to become backed by the U.S. dollar or, you know, it needs to become a replacement for the U.S. dollar.”
The reason Minehan is so emphatic about the need for Bitcoin to become a standard is because of what it was envisioned to be. “If people are going to use this technology, they need to treat it like what it is, which is cash,” she said. “It’s a form of cash. Part of my presentation was the fact that money is history but Bitcoin is the future.”
The next important step is for Bitcoin to get past the technical hurdles and annoyances that it has been mired in the past, and become an easy to use application. “So, Bitcoin, like blockchain, is going to be very similar to the relational databases of 1975, in that, we’re not actually going to see this technology on the surface, but it’s going to be there and it’s just going to make our lives a seamless experience,” the CTO said. “So I think a lot of banks are going to start using blockchain specifically for being able to replace SWIFT codes. That’s a very new and exciting field, and I personally am excited after coming to the US and dealing with the banking system there, I’m excited just to not have to pay $35 for a damn wire transfer. Like, holy hell!”
For that to happen, developers need to make it easy for the banks. “They need companies, trusted U.S. backed entities or publically backed entities from Canada, from the U.S., from Switzerland, etc., to walk them through how they do this, to actually build the applications for them,” she explained. “In that way, we’ve also solved the liability problem. So if the technology doesn’t work, banks can actually point at the businesses and say ‘Hey, this technology doesn’t work. You’re at fault.’ They don’t start blaming the underlying infrastructure of blockchain or Bitcoin, which is important.”
Once the government and banks are on board, businesses are the next step, and again its about making the experience easy. “Just approach them, explain how it can save costs, cut out overhead, walk them through the entire process, package it into some neat little present, give it to them,” Minehan said. “They’ll start to adopt it. They’ll jump on it actually.”
The final step to adoption is the public, and again, it’s about providing them an easy to use product that doesn’t hassle them with the underlying technology. “users don’t care how technology works,” she notes. “You don’t care how your mobile phone works, you just care that you can look at Facebook on it, or you can use Twitter or you can take some photos. You just care about the application space. We’ve got to treat Bitcoin and blockchain the same way.”
If you’re already a few steps ahead, and have embraced Bitcoin SV (BSV), the only coin that is following the original vision of Satoshi Nakamoto, why not join the CoinGeek Toronto conference. It’s easy to register, and you can save money on your entrance by using Bitcoin SV with Coingate.
Enterprise resource planning (ERP) is defined as a suite of integrated applications that can be used for collection, storage, management and interpretation of data from core business processes, essentially to streamline an organization’s information and practices. To achieve this, ERP systems need a shared database that can support the different functions of a company’s multiple business units. This is where blockchain technology comes in.
For Norwegian startup company Unisot, blockchain is a key element the industry needs today to build “a distributed database that all companies can use.” Stephan Nilsson, founder and CEO of Unisot, describes it as a “central database”—but decentralized due to the nature of blockchain.
“It’s totally decentralized, but by using one and the same database for all companies, we get away with a lot of the problems that we have today with people having different information in different companies,” he explained.
Nilsson is a solution architect, with over two decades of experience building integrations between companies. In his work as integration consultant, Nilsson said he’d been building integrations between companies and what he noticed was that they’ve been doing the same integrations—an area where blockchain tech can be utilized.
“What I see with the blockchain system, with decentralized blockchain database, we can actually use that as the communication system so we don’t need all these integrations, we just have one integration with the blockchain, where everything is secure, quick and very cheap,” he said.
Unisot is building an enterprise ERP-blockchain platform and an Open Global Business Network for supply chains. The platform was initially developed on the Bitcoin Core (BTC) chain, but Nilsson said they had to stop following the debate of block size scaling amid the rising transaction fees, which “was totally unusable for enterprise system.”
The development was revived with Bitcoin Cash, but following the November 2018 hard fork event, Unisot has elected to continue to project in the “most efficient” Bitcoin SV (BSV) network.
“We are very pragmatic, we are not closed into one blockchain system. We will go with the blockchain system that is working in our enterprise product. Currently today, the things are developing so fast here now so Bitcoin SV is today the most efficient,” Nilsson said.
If you want to learn more about all the developments happening with Bitcoin SV, come join all the world leaders in on-chain scaling at the CoinGeek Toronto conference this May. Registering takes just a few minutes, and you can save money by using Bitcoin SV via Coingate.
CoinGeek’s Becky Liggero got to speak with Memo.cash founder Jason Chavannes on the potential of decentralized social networks.
According to Memo.cash founder Jason Chavannes, one disadvantage of websites like Craigslist is that accounts aren’t connected to an actual person. “[I]t’s basically like a bulletin board where you can post things for sale locally. But there’s some problems with it. People get scammed a lot, and a lot of this is basically because it’s anonymous,” he said.
Chavannes sees the same mechanism for advertising applied to the blockchain through Memo and make for more trustworthy transactions. “[H]aving single online identity, it reinforces the trust aspect so much more. Because anything you do on any service is now linked to your permanent identity, so you could build something like that into Craigslist,” he said.
Memo first came about a year ago, utilizing Bitcoin Cash to create online connections. Chavannes said he had been considering a decentralized on-chain social network for some time before that. “I knew that the blockchain had the potential to serve that [social networking purpose], because trying to create your own network… it’s hard to keep it alive, and the blockchain is already an existing network that you can just rely on being there. So it was a natural use of it. But then the [BTC] blockchain obviously couldn’t handle this because they don’t want any transactions, let alone crazy, large social media-level transactions.”
Unlike BTC, Bitcoin Cash allowed for larger blocks, which Chavannes took as a signal to start Memo. “It was like, ‘Alright, now’s the time to execute,’” he narrated.
Memo works similar to Facebook or Twitter, but activity such as posting involves a transaction on the chain. Fellow users then award posts by Satoshi units, or one-hundred millionth of a coin.
Now, in the wake of the November 2018 Bitcoin Cash hard fork, Memo has been enabled for Bitcoin SV, the only cryptocurrency remaining true to the Nakamoto whitepaper. More data could be encoded through the OP_RETURN function than ever before, allowing for a greater variety of content that users can share.
Chavannes said the Memo network was still at its early stages, but that “in the long run, as the network grows, it can be used across multiple sites. There’s already multiple social networks that are using the same-based protocol, so now when you sign up for Instagram or whatever, you don’t have any connections. You have to start from scratch over again. With Memo, you can now have all these social networks linked together so that when you sign up to a new one, you take all of your connections with you.”
Money Button has been one of the fiercest supporters of Bitcoin SV (BSV), the only crypto to follow the original vision of Satoshi Nakamoto. Ryan X. Charles, the CEO of the easy to use BSV payment system, joined CoinGeek’s Becky Liggero to discuss why he is such a fierce proponent of the digital currency, and what’s coming up next for his company.
When asked why he believes BSV is the true Bitcoin, Charles responded, “If you simply look at what cryptocurrencies and blockchains currently exist, Bitcoin SV is the only one that actually has the original protocol.”
The Money Button CEO is aware that Bitcoin Core (BTC) supporters will still argue for their crypto. His answer to that is “it really isn’t, because the economics of Bitcoin Core are radically different than it was originally. It’s completely different now. You can’t throttle the size of blocks, the size of transactions and all that stuff.”
What Charles realizes that so many don’t is that Bitcoin is more than just some code, it’s a vision. He explains, “Bitcoin is actually an economic protocol, it’s not software first, it is economics first. Software is a tool that we use. Cryptography is a tool that we use to actually implement the economics, but it’s the economics that matters. Bitcoin SV is the only one… Read the white paper, read what Satoshi wrote, look at the original code, Bitcoin SV is it.”
Money Button was quick to throw its support behind BSV. Just days after the contentions November 15 hard fork that saw Bitcoin reborn as BSV, Money Button declared in a blog post that BSV was the only blockchain following the original Bitcoin protocol. He elaborated on this decision in this recent interview, and his confidence in BSV’s future, stating:
“First of all, Bitcoin SV is Bitcoin, and I believe that Bitcoin is the right way to solve this problem. Bitcoin is sound money that scales to the entire world. I will also say that given the recent events, within the SV world, people deeply appreciate stability. They deeply appreciate that we need to keep the protocol the same. So that gives me confidence, the fact that it is the original Bitcoin, as well as the fact that the values of people in the SV world are aligned with stability and growth.”
The Money Button app is a great way for websites to accept payments using BSV. Charles explains it as a “Facebook-like button, but its money. It’s a payments button that you can easily configure and copy and paste into a website in one minute, so it’s the easiest payment system that you can install.”
One of the hallmarks of BSV is that its built for ease of use and adoption, and Money Button focuses on that as well. “We place a very strong emphasis on user experience, for the end user as well as the developer experience for the people that are using it,” said Charles. “So it is simply the world’s simplest payment system, and the payment system is actually the blockchain.”
For Money Button to break through, they will next be focusing on growth. To do that, Charles says, “We need to solve something that we call the onboarding problem. This means basically empowering anybody to easily acquire cryptocurrency.”
Ryan X. Charles is not yet ready to spell out the specifics of how his team plans to achieve this goal, but they have something in the works. He notes, “We’re going to rollout probably over ultimately a long period of time, but we’re going to launch all sorts of iterations of it soon. You can look for it probably as soon as January, we’ll have the first version of our solution to the onboarding problem ready to go.”
CoinGeek’s Becky Liggero spoke to Bitstocks CEO Michael Hudson on the launch of the company’s Gravity banking ecosystem, powered by Bitcoin SV.
Michael Hudson, founder and CEO of London-based Bitstocks, is looking to revolutionize the banking system, by simplifying it for anybody to use.
Their new product, Gravity, is aptly named, as Hudson explained: “Gravity is really a design philosophy at Bitstocks, because Gravity is everything, but you can’t see it. So it’s delivered like it’s nothing. So the philosophy behind the Gravity system at Bitstocks is how do we provide holistic experience? How do we plug all the holes that we can see in cryptocurrency and deliver it in such a user interface that makes it seamless? How do you provide everything but deliver it like it’s nothing?”
Developing the product, Hudson said, required “moving away from the nerdy, geeky narrative around cryptocurrencies,” and to actual everyday application. “Let’s just use it. Let’s make this useful, let’s make this accessible,” he said.
And all of this innovative banking for current, joint, and business accounts, will be done on Bitcoin SV. Hudson said, “You now have the ability of a very similar simulated banking experience that we’re all familiar with, and you could then spend your capital, your SV, at any point in the world that accepts Visa or Mastercard just as you would a traditional bank. You could even freeze your values as well so you’re not subject to the volatility on the market. There’s just no excuse now.”
The product is designed to be used even by those who are unbanked due to lack of requirements demanded by traditional banking systems. “They now have access to a banking-like experience that isn’t just like the past and what we’re used to. It’s better. So this is I would say the thing I am most excited about. This would be… what I use on a day-to-day basis. So we’re very excited,” Hudson said.
Bitstocks has been accepting investments, which Hudson stressed was “not an ICO [initial coin offering],” but rather for securities. He said, “This is to be done on the Bitcoin SV blockchain, so Bitcoin SV network, and we’re looking for investors who don’t just have capital. If we were doing that, we would have done that years ago. We’re looking for individuals or companies who share a very similar perspective as to what Bitstocks is really trying to achieve.”
According to Hudson, it’s not just a matter of creating a successful business. In addition, “We want to help do our role in harmonizing what we call the tools of humanity, the internet, and the internet of money now, how we share knowledge, and how we communicate and establish value. And we want investors who can help us facilitate our immediate, short, medium, and long-term goals in this mission. Help make the world an amazing place for amazing products,” he said.
After the November 15 hard fork, Bitstocks declared its support for Bitcoin SV. As Hudson explained, his company’s decision was based on “logic.”
“It’s as simple as that. There’s so much distortion out there in the market. I don’t really go on Twitter. I don’t really solicit anyone else but my own discernment. So all of the decision-making processes at Bitstocks is we sit, we look at things, we see what our position is, and we solicit our own discernment,” Hudson said.
He added, “It doesn’t matter how controversial a statement is. It doesn’t matter how it might rally the masses up. The truth will always remain the truth irrespective of the light that’s shone upon it. So it’s just a question of time. In time, people will realize, this is like the Highlander: there’s only really going to be one. There’s going to be… a plethora of different tokens, but it all needs to denominate and derive from the one internet of money, and that’s Bitcoin SV.”
CoinGeek Week 2018, the second conference organized by CoinGeek.com, succeeded in gathering the brightest minds and pioneers in the Bitcoin SV (BSV) space and educating those who wish to learn more. Taking place at a pivotal moment in Bitcoin history, the conference kicked off a message for Bitcoin to “Grow Up” before mass adoption can follow.
“We have a pure version of Bitcoin right now and everybody that’s here supports this and wants the same thing which is a stable platform that massively scales. And that will allow this platform to grow up and be able to be used by adults which means businesses”, said CoinGeek’s Founder Calvin Ayre.
Business owners made up a large percentage of the delegates populating the busy CoinGeek conference floor, alongside merchants, media, developers and other Bitcoin enthusiasts. The event’s impressive line-up of speakers covered all corners of the Bitcoin SV industry, in an effort to provide relevant insights for every attendee from expert to noobie.
The first of CoinGeek Week’s three days focused on Application Development and James Blending of Tokenized, the winner of CoinGeek’s 5 million pound contest, delivered a presentation on his innovative platform and how it will enable businesses, governments, the legal industry and more to take advantage of the BSV chain.
“I see the Bitcoin SV ledger as a huge opportunity to standardize a lot of the business communication that goes on throughout the world. So with EDI [electronic data interchange] for example, you’ve got purchase orders, invoices, shipping notices, things like that. But also contracts, agreements and that extends to smart contracts which is something that’s new and innovative, I think”, shared Belding.
Prominent Bitcoin figure Ryan X Charles of Money Button, a firm believer in building applications on the BSV chain because Bitcoin SV is Bitcoin, revealed his reasoning to the audience.
“Bitcoin is sound money that scales to the entire world. I will also say that given the recent events, within the SV world, people deeply appreciate stability. They deeply appreciate that we need to keep the protocol the same. So that gives me confidence, the fact that it is the original Bitcoin, as well as the fact that the values of people in the SV world are aligned with stability and growth”, Charles said.
Day two of the conference was dedicated to Merchant Adoption and the importance of educating merchants on how they can use Bitcoin SV right now, the only path to growing the Bitcoin ecosystem. Elizabeth White of The White Company is a first-mover in this space and revealed some of the high-end items available for purchase in BSV via her online shop.
“Through our white market luxury store we source everything from PAMP Suisse Gold to Lamborghinis, to trips around the world, so anything your heart desires that you would like to spend your crypto currency on we can facilitate”, she revealed.
“We also need real businesses which are not in Bitcoin to start using Bitcoin, using the global ledger in ways which helps their existing businesses which have no revenue streams tied to crypto currency price appreciation at all and I think that’s the way to build a healthy economy”, added speaker Jerry Chan of SBI Holdings.
The final day of the conference focused on the future of Bitcoin and featured a selection of innovative, forward-thinking speakers, including Dominic Frisbee, British comedian and author of “Bitcoin, The Future of Money”.
“What people don’t realize about Bitcoin is the sheer scalability of the thing – its more scalable than fiat money- there’s still two million unbanked people in the world who will be able to be accepting crypto currencies as a means of payment or they’ll never get a bank account. Fiat money is limited by borders, crypto currency is borderless and it just makes it so much more scalable”, Frisbee explained.
“We’re redoing the internet in a way, we’re going to use the internet as just one of any ramp people can get to create a full commercial capitalist peer-to-peer network so that anyone can route any packet, get any data, watch any video, stream anything, create any data, create any game, any application, whatever else, and get paid for it”, Dr. Wright revealed.
After three fruitful days of presentations, networking and fun, the Bitcoin SV community left feeling positive and enlightened, with clarity on the bright future that lies ahead.
“Bitcoin SV’s journey has just begun”, shared the ever-inspiring nChain CEO and CoinGeek Week emcee Jimmy Nguyen.
“This [conference] came at a critical time. It brought people together. I think it made people feel very confident in the future of Bitcoin SV…It just happened to come after the network upgrade, and the hash war period decided to be ended by CoinGeek. But I think it gave people a sense of hope, inspiration, a rededication to the belief in what Bitcoin’s core principles and designs are”, Nguyen added.
2018 saw focus turn from the previous year’s record-setting prices of cryptocurrencies, to real-world application of blockchain technology. It saw Bitcoin Cash—now Bitcoin SV—move from being the most useful medium of exchange, to one also enabling smart contracts and tokens for everything. Looking beyond the conflicts, Bitcoin’s potential as envisioned in 2008 has been set for realization.
During CoinGeek Week at the end of November, Dr. Craig Wright of nChain unveiled an innovation that is “a replacement for the Internet.” That’s as superlative as it gets. In this ‘Metanet,’ immutable data becomes available in a global system. And all of this is set to take place on Bitcoin SV.
It’s hard to believe that just seven months ago, Wright was discussing an increase of the block size from 8MB to 32MB. Bitcoin SV already allows 128MB blocks, and 2GB blocks are not too far off a prospect either.
The benefit of Bitcoin is most palpable in developing regions such as Africa, where smart contracts can solve trade-related problems, such as transport and product quality, while reducing costs significantly. Wright foresees Bitcoin SV aiding in global trade in a huge way.
The year has also been one of the rise and fall of initial coin offerings (ICOs), the value of which has been on a case-to-case basis. Many offerings have been halted by regulatory agencies, whether for simple failure to register, or outright fraud, luring in investors with dreams of high returns for little effort. Ultimately, ICOs for their sake are as untenable as any bubble market.
Worries of government intervention in blockchain markets have been present since Bitcoin started making the news. Yet John McAfee, who established himself as an expert on security software, thinks that the use of cryptocurrencies itself allows individuals to sidestep regulatory institutions, and that the technology could not be stopped if people continue to find use for it. He however appeals to “self-regulation,” given the prevalence of scams.
Back to the Bitcoin whitepaper
Most cryptocurrency prices have gone down since 2017, and it has been a test, to see which ones will prevail by providing value to communities. And a part of this is ability to scale, to allow sufficient transactions at a given time. Miners have to be properly incentivized to continue contributing to the system, and not be limited by software developers’ impositions. These make for a currency truly capable of serving as a decentralized global ledger.
The blockchain R&D firm nChain has played an important role the past year, and what CEO Jimmy Nguyen has said before, he continues to say now, that what makes Bitcoin what it is, is its faithfulness to the Satoshi Nakamoto whitepaper. What Nguyen said prior to the November hash war seems more true today: “I believe the Bitcoin world needs more positivity.”
The London Bitcoin Cash Conference 2018 successfully brought together leaders of the cryptocurrency world, and showed the tremendous growth of the sector from just a few months prior. Attendees got to discuss what makes for an effective medium of exchange, and merchant adoption was stressed as an indicator of cryptocurrencies’ popularity.
Store of value
According to SBI Bits’ Jerry Chan, the emergence of blockchain technology is part of Fintech 2.0, coming after Fintech 1.0 where the internet and e-commerce came about. And if a digital currency is to serve as a store of value, it must be liquid, immediately exchangeable, something that could not be said about BTC or any other chains no longer focusing on scalability.
No one knows for sure what’s to happen in 2019, but if this past year is an indication, we can look to blockchain becoming more important to our way of living, regardless of the markets going down (or up).
The last week of November marked the inaugural CoinGeek Week, a four-day event including a three day conference and special “invite-only” pre-conference Miners Day on November 27th at the Mondrian in London.
The purpose of a standalone Miners Day was to bring together miners in the crypto space, emphasize their importance in the Bitcoin SV ecosystem and introduce them to key players in mining hardware.
nChain, the industry’s leading Blockchain development company, has always recognized the importance of miners and their ability to remain profitable on the chain they are mining on.
“The Bitcoin SV project and its road map we think is critical to the success of Bitcoin because it really focuses on scaling to ensure higher volumes of transaction fees in the future to make up for block reward halving that is going to happen in two years”, nChain CEO Jimmy Nguyen told CoinGeek.com.
“The block reward cuts in half from 12.5 to 6.25 coins, so miners need to make up more value in the transaction fee component of their revenue instead of block rewards in order for the network to sustain itself and for miners to be profitable from mining, hardware manufacturers to be profitable, its all interrelated and it starts with the miners”, Nguyen added.
The Miners Day sessions kicked off with an inspirational speech delivered by CoinGeek.com Founder and Bitcoin SV pioneer Calvin Ayre, underscoring the importance of scaling and how the ability to scale impacts the mining industry.
“I personally believe that the only salvation for the mining industry is scaling”, said Ayre.
“The only technology, the only platform out there that’s been proven to be able to scale – and has a scaling roadmap that’s real – is Bitcoin SV. So it is my personal opinion that the future of the mining industry itself is directly connected to the success of Bitcoin SV and that any miner that isn’t supporting Bitcoin SV is working against themselves”, Ayre explained to the audience.
A recurring theme throughout CoinGeek Week (and in the messaging leading up to the event) is that its time for Bitcoin to professionalize and grow up. The road to mass adoption comes along with a more business-focused approach and pioneers in the mining space such as Core Scientific and Squire Mining are playing their part to help this process along.
“One of the things we’re doing today is we’re bringing all of our expertise on high performance computing, enterprise grade servers, we’re bringing it all down to the crypto currency level to teach this industry how you go build systems at scale”, shared Kristy-Leigh Minehan, Core Scientific’s Chief Technology Officer.
“How you go and build sustainable networks that Facebook runs on today, that Microsoft runs on today, that Amazon runs on today. And we’re applying all of that as it exists to Bitcoin mining and to SHA256”, she revealed.
“What separates us really is our focus on the enterprise space”, added Taras Kulyk, CEO of Squire Mining and CoinGeek Miner’s Day host.
“We really are looking at helping to build out the hardware for the network of the future. What we’re focused on for the design side is really an efficiency, making sure that the power consumption per terahash is really competitive, I would say world-leading”, he said.
“Ideally, we’d like to be the Bitmain killers – that’s a bit aspirational right now – but really we’ve got the team in place in Korea, in Taiwan, really globally to really give us an advantage and gives us a good shot at that”, Kulyk added.
In addition to featuring leaders in the mining supplier space, CoinGeek’s Miners Day welcomed the miners themselves and facilitated an intimate atmosphere for networking and learning.
“I enjoyed today, I didn’t know what to expect from the Miners Day, but I come away pretty excited about the payment processing system for Bitcoin SV. In my opinion that’s something that’s been lacking as far as the whole crypto space”, shared Core Scientific’s Chief Revenue Officer Russell Cann.
“We’ve got to get it user-friendly to the individual users that don’t care about cypto if we really want to make it used worldwide”, Cann added.
“We’ve seen a lot of miners who want to make money by just what’s coming in every day. But I think its really important that miners think about the long term and when they start to do that the importance becomes not on the money that they make every day, but on the money that they’ll make in the future and the way that they do that is by defending the protocol”, Chris Ames of Mempool said.
“So its really important that they make decisions based on what’s going to bring them money for years to come”, Ames added.
“Under the Proceeds of Crime act 2002, section 729, there’s an amendment that will come through in February next year here in the UK and that’s really, really interesting”, Dr. Wright explained.
“Without pay to script hash (P2SH), as a miner who colludes to have a double spend, the government will just put an order in and turn off your electricity. It won’t be everywhere, but it will be China, it will be the US, it will be most of the Western World that will end up doing this sort of stuff”, he said.
CoinGeek’s Becky Liggero spoke to James Belding on the sidelines of the recently held CoinGeek Week Conference about Tokenized, and how the project will bring about a standardized ledger to the world.
Tokenized, winner of CoinGeek’s £5 million tokenization challenge, was borne out of James Belding’s thesis to have a standardized global ledger. Tokenized is an on-chain token system designed exclusively for the BCH network, and proudly uses the original Satoshi Vision (SV) design of Bitcoin.
“Tokenized, I think, correctly addresses what the actual users want, and it takes advantage of that understanding to make it the cheapest possible solution without any compromise to the value, the utility to the users,” Belding said.
Tokenized offers protocols for over 40 separate kinds of contract, with all the necessary legal parameters specified. Belding said he and his team, composed of four colleagues spread around Australia and Singapore, studied not just the law, but also “the regulatory side of things and all the components they need to have” to make sure that everything’s all watertight.
This vision of bringing a standardized ledger to the world can be fulfilled on the Bitcoin blockchain, specifically Bitcoin SV, according to Belding.
“I see the Bitcoin SV ledger as a huge opportunity to standardize a lot of the business communication that goes on throughout the world. So with EDI [electronic data interchange] for example, you got purchase orders, invoices, shipping notices, things like that. But also contracts, agreements and that extends to smart contracts which is something that’s new and innovative, I think. It’s something that really benefits with Bitcoin SV blockchain,” he explained.
Tokenized, however, isn’t just for big financial or legal contracts. It can also be used for things like selling movie tickets. Belding noted how using smart contracts makes it efficient, not to mention cheap, to trade shares or complete cross-border transactions, among other things.
“It adds a lot of value when you use it on the immutable blockchain—the public, uncensorable, reliable, the nature of the blockchain,” he said, adding, “The value that the public Bitcoin brings is really important when you’re talking about cross-border transactions.”
The BCH Boys, the self-described “Bitcoin SV Evangelists” and educators on all things blockchain and Bitcoin SV, had a busy time at CoinGeek Week last November 28 to 30, holding 13 interviews with leading industry players who were at the conference.
This YouTube playlist collects all the BCH Boys CoinGeek Week interviews for your convenience.
The month of November was a big one for Bitcoin, and gave the BCH Boys and their guests much to talk about.
Hear from the various entrepreneurs implementing Bitcoin SV in all sorts of useful products hitting the market, from wallets such as Handcash and Centbee, to crypto-paid beer from the UK’s Brewdog.
While the guests all share a passion for a peer-to-peer electronic cash system, they have a wide range of ideas of what sound money means, and how mass adoption will occur. The variety of opinions on the November 15 hard fork should give a wider understanding and appreciation of what took place, and what is at stake.
Among the guests was nChain chief scientist Dr. Craig Wright, who presented his thorough understanding of Bitcoin, and what it takes to be a universally used distributed ledger, which largely has to do with going back to Satoshi Nakamoto’s original whitepaper. In a second interview, Wright shares with the BCH Boys the newly-announced Metanet he is developing to be a replacement for the Internet itself, built to run on the Bitcoin SV blockchain.
Another guest was Money Button’s Ryan X. Charles, who appears in two interviews. Among other things, Charles looks back at the cryptocurrency market in 2017, which he characterizes as largely speculative and inherently unsustainable. He also looks to the future, at what could be expected of the Bitcoin SV ecosystem.
To go through all the interviews yourself, check out the BCH Boys’ YouTube playlist.
Apart from their YouTube channel, the BCH Boys also offer their latest content on Keyport TV, where creators receive micropayments in Bitcoin SV for content they provide.
The highly anticipated CoinGeek Week conference has drawn to a close and to say that it was a huge success is putting it mildly. The conference attracted a slew of individuals that have been, and will continue to be, the primary driving forces behind the only cryptocurrency adhering to the original Satoshi Vision, as well as a huge crowd determined to help shape the future. There was a lot of ground covered in the short four days allocated to the conference, with some exciting new projects being announced.
Bitstocks is preparing to introduce Gravity, a banking ecosystem for the cryptocurrency community. Gravity is going to offer an array of products—banking accounts, loans, debit cards, over-the-counter trading and more—and will use Bitcoin SV as the supporting cryptocurrency. More about the Gravity project can be found in Bitstocks’ YouTube video.
The developers behind the Centbee wallet have announced a new feature that will be coming soon. It will combine a social network with a wallet, allowing users to send money to their friends while chatting. There is also a merchant software developer’s kit (SDK) in the works, which will allow any merchant to easily integrate Bitcoin SV payments into its point of sale system.
HandCash announced that it is bringing an iOS version of its wallet to market this month. It will also offer HandCash for Apple Watch sometime during the spring of 2019. Developers also discussed CashPort, the system that allows apps and games to connect to HandCash in order to allow users to make micropayments.
The White Company, which offers an array of blockchain and crypto products, has announced that it is adding support for Bitcoin SV. The company offers, among other things, a cryptocurrency debit card and has also teamed up with REM, a blockchain-based rewards company, to allow consumers to earn points when they use The White Card. The card is expected to be released before the end of the year.
A new digital ATM offered by BCB ATM was shown off during CoinGeek Week, as well. While a crypto ATM isn’t exactly news, the fact that the company’s new ATM offers 0-confirmation transactions certainly is something worth a great deal of attention.
One of the more exciting revelations was MetaNet, which was introduced by nChain and Dr. Craig Wright. Metanet is basically one global network that is built on the blockchain. Said Wright, “What we’re going to actually create is a replacement for the Internet. The internet becomes a sidechain. I don’t care how as a peer network you distribute data, I care that you distribute it. If you have HandCash or near-field or IP or private networks or X.25, it’s a value network. The entire global system connected commercially.”