While Bitcoin has been around for nearly one and a half decades, it’s still an enigma for many. Even those with a good understanding have yet to uncover the possibilities that Bitcoin offers. Dr. Craig Wright is giving the world a better insight into what Bitcoin is and what it can do through The Bitcoin Masterclasses. And he tells CoinGeek Backstage that we’ve barely scratched the surface of Bitcoin possibilities.
“I’m trying to get awareness on just how much can be done on Bitcoin and the surrounding technology,” Dr. Wright told CoinGeek Backstage host Becky Liggero on the sidelines of the Masterclasses in London.
Dr. Wright, better known as Satoshi Nakamoto, has been going through many aspects of Bitcoin “that have been overlooked.”
As CoinGeek has reported, he has delved into privacy and anonymity, identity, P2P economies, confidentiality, IP-to-IP, IPv6, cloud services, and more.
“It’s not a deep dive, but understanding how they can integrate [the different features of Bitcoin] and why they should.”
Dr. Wright talked about the various real-life applications of Bitcoin that could revolutionize today’s tech industry. This includes a Bitcoin-powered alternative to Airbnb, where users own their data and have peer distribution groups and a decentralized music streaming service.
“Right now, the streaming companies make a lot of money, and the artists don’t get it.”
A key benefit of integrating Bitcoin into any existing technology is the added layer of trust. Online reviews, for instance, is a sector that has been marred by fake reviews. By integrating Bitcoin, reviews can be linked to real purchases where one can only write a review that ties with the invoice paid. This would eliminate fake reviews from both the customers and the retailer.
‘Challenge the Silicon Valley model: Build for the world’
Multicast has featured prominently in the Bitcoin Masterclasses. This ability for one address to send data packets to multiple others has been seen as a viable scaling model for the internet for decades. However, it remains a pipe dream today, but Dr. Wright believes it’s time for Bitcoin to turn to multicasting.
The challenge, he says, is the Silicon Valley business model that focuses on creating walled-garden behemoths where the users are the product. Every tech company now wants to silo its data to prevent competitors from making a run on its users.
Dr. Wright envisions a future in which people will own their data and will have the luxury of choosing which platform to use, be it for social media, video, and music streaming, web browsing, and more.
“The way I see it, the future will be different. People will have different applications but access the same data.”
Satoshi called on developers to think differently as they build future applications. While the dominant model in Silicon Valley relies on data collection and giant silos, he believes that it’s time to change and move toward data ownership.
This model might not prove popular in Silicon Valley and with the major VCs in the United States. However, it will attract interest, investment, and users from across the world at an age when other countries outside the US don’t want their citizens’ data owned by American companies.
“Make an application that will make the rest of the world happy.”
You can watch the Bitcoin Masterclasses by Dr. Wright on the CoinGeek YouTube channel.
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New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.