Jerry Chan: Bitcoin will improve the Internet by bringing value to data

As a newly-appointed executive for the Bitcoin Association, Jerry Chan is confident in the prospects for Bitcoin SV. The former Morgan Stanley and SBI manager has followed Bitcoin through its many incarnations from the early days and says he’s simply guided by the technology.

Whilst Jerry is a strong supporter of Bitcoin SV (BSV) – which is promoted by his new employer – he insists that he’s very “anti-cultism”, in the sense that he just wants to “support the technology that works”. Now, as Bitcoin Association manager for Japan and South Korea, Jerry predicts that the technology behind many of BSV’s rivals will fail.

Whilst the use of Bitcoin for financial speculation has been “the first use case”, Jerry sees the future as very much the merging of the “bit” (data) with the “coin”. “It’s a hybrid – it’s literally a merging of data and value,” he says.“Bitcoin brings value to the Internet, it brings value to data.”

The strategy for Bitcoin SV should be to make sure that the network scales – which nChain is busy with – but to be “completely agnostic” as to its uses.

On the question of private blockchains, Jerry is relaxed about their use by big businesses which only deal with a limited number of outside partners. But he believes that in time, those private blockchains will be absorbed into public chains: “there is room for some private blockchains in those cases, but I believe that if you look even one step further …eventually, you’re going to need one public one to glue them all together”.

“The ownership of data is one of the things that plagues the Internet age,” he says. And data laws need to be clarified. But blockchain solves many of the problems because “the owner of the data is the only one with the keys”. So worries about the responsibilities of cloud companies are largely eliminated: instead,“the liability is on yourself”. You could say ‘you have only yourself to blame’. To that end, wallet security needs to be looked at, with new ways for individuals to look after their crypto keys.

In the near future, Jerry hopes to see a big tech company like Amazon or Google start to use Bitcoin. By eliminating data centres, they could operate more efficiently – doing away with expensive infrastructure. Instead, data would be saved on the secure and “almost free” blockchain. That would be a “really, really powerful” change for business.

It would add up to “a revolutionising of the Internet monetization model”. Instead of the advertising model, users would be rewarded for sharing their data. “Ecommerce is just going to get better. People are not going to have to deal with advertisements; people are just going to sell their data directly.”

Hear more from Jerry Chan in this week’s CoinGeek Conversation podcast:

 

You can also watch the podcast video on YouTube.

Please subscribe to CoinGeek Conversations – this is the fourth episode of the podcast’s second season. If you’re new to it, there are 30 episodes from season one to catch up on.

Here’s how to find them:

– Search for “CoinGeek Conversations” wherever you get your podcasts
– Subscribe on iTunes
– Listen on Spotify
– Visit the CoinGeek Conversations website
– Watch on the CoinGeek Conversations YouTube playlist

CoinGeek’s most popular videos of 2018

CoinGeek’s most popular videos of 2018

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.

Metanet

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.

https://youtu.be/xIE1P8lXD7w

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.

https://youtu.be/PM1J8j186UA

ICOs, regulation

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.

https://youtu.be/VJVTAxGCI_k

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.

https://youtu.be/MLRQK6k6hm8

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.”

https://youtu.be/iarn9RyHR10

From London

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.

https://youtu.be/Ain06JeMI84

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).

Satoshi’s Vision Conference day 1 recap

Satoshi’s Vision Conference day 1 recap

Hundreds of developers, researchers and Bitcoin enthusiasts from around the world have gathered in Tokyo, Japan for the Satoshi’s Vision Conference. The three-day conference organized by Bitcoin Unlimited and hosted by Taariq Lewis, CEO and founder of Aquila, featured presentations on building the future of money to bring Satoshi Nakamoto’s vision of a peer-to-peer electronic cash system to reality.

Andrew Clifford, president of Bitcoin Unlimited, welcomed over 400 attendees at the TKP GardenCity Takebashi and shared with us the importance of bringing Bitcoin groups together. Clifford officially opened the conference of more-technical-than-usual discussions on Bitcoin, led by groundbreaking companies as well as innovative thinkers and doers.

Jerry Chan, chief of Digital Asset Solutions of SBI Bits, started the day’s sessions with a talk about making Bitcoin Cash the best money in the world. He presented how to map Bitcoin’s way to global cash and what SBI has been doing from their end to realize this.

In an interview with CoinGeek.com, Chan said, “Mainstream adoption always starts from the grassroots. It always starts with the individuals. But as it moves to the stages of progression, it hits a certain point where institution starts to take notice.” Chan added that mainstream will not be reached without financial institutions and large corporations getting involved in the adoption.

Yours.org co-founder and CEO Ryan X Charles shared how cryptocurrency can be used to reach the level of mass adoption. He said, “We think the best use case of the cryptocurrency is the ability to earn money on the internet so we need to get people to actually spending cryptocurrency.” His company Yours.org is a cryptocurrency social network which enables contributors to earn Bitcoin Cash for content creation.

Researching for the future may not guarantee solutions for present issues and challenges but it will certainly lead to more developments and growth. Developing terabytes of blocks would be excessive at this day and age, but French tech firm Lokad explains the importance of Bitcoin Cash to reach the scale of 1 terabyte.

Lokad’s founder Joannes Vermorel said that a 1 TB block can accommodate 10 billion humans making 50 transactions per day. “I think sound engineering is to plan ahead,” Vermorel explained. “We want to keep the Bitcoin Cash network super reliable, super low cost.”

Also watch: Day 2 and Day 3 recaps of the Satoshi’s Vision Conference

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.

source: https://coingeek.com/satoshis-vision-conference-day-1-recap-video/