Bitcoin miners will be phased out in five years, TAAL’s Richard Baker tells CoinGeek TV

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For the longest time, miners in the Bitcoin world have been among its most important pillars and the basis on which it has been built. However, it’s all changing now, and as Bitcoin SV continues to see millions of daily transactions, it has become all about transaction processing. Richard Baker heads the industry’s biggest player in this field, and as he told CoinGeek TV, there will be no mention of miners in the next five years in Bitcoin.

Baker is the CEO of TAAL Distributed Information Technologies Inc. (CSE:TAAL | FWB:9SQ1 | OTC: TAALF), the largest transaction processor in the Bitcoin industry. He joined Kurt Wuckert Jr. on CoinGeek TV on the sidelines of the BSV Global Blockchain Convention in Dubai. At the event, he gave a presentation on how TAAL is enabling the real-world metaverse on BSV and was part of a panel alongside Kurt that discussed blockchain mining and energy innovation.

At the event, Baker was happy to interact with the founders of companies that are building innovative products on Bitcoin SV targeting finance, social media, supply chains, and more, many of whom his company processes transactions for.

As with many other attendees, one of the guests Baker enjoyed hearing from the most was Latif Ladid, the President of the IPv6 Forum. 

“The engagement with Latif and ultimately talking about IPv6 at a protocol level with the Bitcoin protocol, for me that’s a game changer,” he said.

At the event, Ladid gave a keynote presentation on the Internet Protocol Version 6 (IPv6) and how its integration with Bitcoin and the Internet of Things (IoT) would change the Internet and beyond. 

An electronics and communications engineer himself, Baker has worked in big data before. As he told Kurt, he has seen governments in the U.K., Singapore, and other countries try to incorporate authenticated devices and IoT into their systems, “but security, authentication, how to deal with transactions to streamline the process—all of those aspects are really being wrestled with.”

“What we’re seeing with IPv6 and the Bitcoin protocol is a fulfillment of being able to bring an operating system to the world. This is the next big platform to be building on,” Baker revealed.

Bitcoin has really changed the game, and one can’t help but imagine how different the tech landscape would be if Bitcoin’s full capabilities, as restored through BSV, were unleashed a decade ago. But as Baker noted, this is the best time for Bitcoin to be making an impact. Back then, many enterprises were holding onto their private servers, but in the years that followed, they would ditch them for cloud computing, presenting the perfect opportunity for Bitcoin integration.

Baker is at the forefront of redefining the Bitcoin infrastructure space with TAAL. One of the things he’s been working on is changing people’s perceptions of who a miner is and what he does, including being particular on TAAL being referred to as a transaction processor and not a miner. 

“Mining has been the most dominant part of the Bitcoin story…I don’t think we’ll be talking about miners in five years’ time,” he noted.

As he had illustrated in his presentation in Dubai, Baker sees TAAL morphing into a Metanet service provider. He compared the firm’s journey to the evolution of broadband to optical networks, which telcos turned into Internet Service Providers.

“Miners are exactly the same, at least in the BSV ecosystem. We are the transaction processors and have a responsibility for how we look after that digital cash system,” he explained.

BTC has been left behind, as always, and its miners still rely wholly on block subsidies. But even they know this isn’t sustainable, and as Baker observed, many of them are buying up other companies to diversify their revenue streams. 

With GBC being held in Dubai, Baker also talked about the city, the region as a whole, and its rise as a blockchain hub.

“The engagement here is absolutely tremendous,” he noted. “They are an innovative society, they want to do good for their people, they want to think about the next generation of jobs and they’ve really embraced the BSV blockchain,” he concluded.

Watch the BSV Global Blockchain Convention Dubai 2022 Day 1 here:

https://www.youtube.com/watch?v=ggbZ8YedpBE

Watch the BSV Global Blockchain Convention Dubai 2022 Day 2 here:

https://www.youtube.com/watch?v=RzJsCRb6zt8

Watch the BSV Global Blockchain Convention Dubai 2022 Day 3 here:

https://www.youtube.com/watch?v=RzSCrXf1Ywc