Xiaohui Liu on CG Backstage

CoinGeek Backstage with Xiaohui Liu: Bitcoin is a well-oiled machine, no other network can measure up

YouTube video

It’s been 13 years since Satoshi Nakamoto launched Bitcoin, and since then, thousands of projects have sprung up promising to be better, more efficient, faster, and cheaper than Bitcoin. None has delivered on its promise, and as Xiaohui Liu told CoinGeek Backstage, none of them will ever become better than Bitcoin.

Speaking to CoinGeek’s Jon Southurst on the sidelines of the BSV Global Blockchain Convention, Liu noted, “The original Bitcoin design was pretty good…it’s like a highly-oiled well-running machine. You can change some screws and add some rings and make it look fancy, and I feel that’s what a lot of blockchain do. But the core engine is still Bitcoin.”

Liu, the CEO of sCrypt, was a big hit at the Dubai event, with his presentation on the smart contracts transpiler earning him a well-deserved standing ovation. With the transpiler, Solidity developers can easily port their applications over to Bitcoin SV to leverage its infinite scaling and very low fees.

Liu believes that the transpiler is the first critical step in winning over the Ethereum users, but he’s under no illusion that they will all jump ship immediately. Some have spent years developing their projects on Ethereum, and moving will take quite some time. However, with others that have switched from Ethereum to BSV, such as CryptoFights, showing just what a great move this is, it’s only a matter of time.

With the transpiler, Liu was out to make it as simple as possible to use for developers. He worked with partners such as Vaionex, nChain, and the BSV Blockchain Association on the project, which they developed for months.

With sCrypt, Liu has been at the forefront in proving that Bitcoin is Turing complete. Just a few years ago, whenever Dr. Craig Wright made this claim, the BTC maximalists, such as Nick Szabo, would laugh him off as they justified the need for Layer 2s or alternative Layer 1s like Ethereum.

However, since then, Dr. Wright has been vindicated, and as Liu told CoinGeek Backstage, today, even the biggest anti-Bitcoin developers can agree that Satoshi built Bitcoin to support smart contracts.

Watch: The BSV Global Blockchain Convention presentation, Smart Contracts and Computation on BSV

YouTube video

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.