Bitcoin is heading for 3 billion transactions per second and beyond, according to nChain Chief Scientist Dr. Craig Wright. And this will enable the technology to play a greater role in autonomous systems and processes at a global scale.
Early this year, Dr. Wright was awarded ‘best paper’ at the 2019 International Congress on Information and Communication Technology (ICICT) for his work on decentralized autonomous corporations. He presented the paper in a lecture at Brunel University in London, titled ‘A Proof of Turing Completeness in Bitcoin Script’ as part of the event.
In the presentation, he explained that Bitcoin was incredibly efficient as a Turing complete machine. Dr. Wright said Bitcoin follows Turing’s idea of a simple alphabet that acts as a predicate, which can be looped as required to perform desired functions.
Dr. Wright said that the 1MB limit imposed by Bitcoin Core ignores the original focus of Bitcoin, and artificially limits these capabilities. When the artificial limits are removed, Bitcoin can perform as intended, including running more complex functions, which he said will enable Bitcoin to fulfill its true potential at mass scale.
In the next 10 years, Dr. Wright expects Bitcoin will move to 3 billion transactions per second and beyond, which makes the platform ideally suited to mass consumer payments and beyond.
In a subsequent presentation delivered at the University of Oxford on smart contracts and written agreements, Dr. Wright went further, arguing that Bitcoin will soon operate as a platform for commercial contracts and written agreements, offering independent, autonomous and immutable proof of agreement between contracting parties.
In particular, he points to the case of convicted fraudster Bernie Madoff, who kept multiple different versions of ‘cooked’ accounts in order to defraud investors—a practice which would have been impossible if agreements were handled by bitcoin at the time, as a result of the need for consensus and the immutability of bitcoin records.
He said that with OP_RETURN transactions, agreements in writing between two parties can be given legal effect on an agreed basis, demonstrable in court as an enforceable written agreement.
Dr. Wright, has proven beyond a doubt to ownership of CoinGeek that he was the main architect of Bitcoin, and that it was he who conceived and used the pseudonymous name of Satoshi Nakamoto, has said that only Bitcoin SV allows this functionality, which echoes the intention of the original Bitcoin white paper.
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