Tech 21 May 2018

Cecille de Jesus

Dr. Craig Wright: Bitcoin Cash will turn all other blockchains into sidechains

nChain’s chief scientist talks about breaking inter-blockchain barriers at the CoinGeek Conference in Hong Kong last week.

With The Imperial March playing in the background, in an equally fitting black suit under wicked red lights, nChain chief scientist Dr. Craig S. Wright made his entry into the stage at last week’s CoinGeek Conference in Hong Kong.

“You’re going to see every month—shortly, ever week, and very soon after that, practically every day—one or two papers coming out from us.”

“Bitcoin is cash,” Dr. Wright says. “If we want to use Bitcoin, if we want it to be something, it first needs to be cash,” he asserts. “The key behind Bitcoin, the key behind every single blockchain that will ever exist is economic.”

Atomic swaps

In March, Dr. Wright mentioned the “atomic swaps” at another event in Hong Kong, but decided not to elaborate further until all the paper work was done. But he did say that he can drive exchanges to the ground, and hinted that it will all be free for users.

“I can buy and sell Ethereum to Dash inside Bitcoin today. I can make exchanges obsolete,” Wright declared two months ago. “Right now, I can do a peer-to-peer exchange of Ethereum and Dash on Bitcoin Cash.”

“I don’t want your money. There’s my scam: I’m not going to take a cent from anyone,” he added. “I’m not going to stop you. I’m just going to basically out-compete you. We’re going to release—freely—a whole [lot of things] that make all that you’re doing there obsolete.”

At last week’s conference, however, he was more than happy to talk more about it. The atomic swap would supposedly enable inter-blockchain conversion between different cryptocurrencies to happen on the Bitcoin Cash blockchain.

“I don’t just mean swapping secrets. I mean we can embed key exchanges and you can pre-sell Ethereum, pre-exchange Dash, and using Bitcoin Cash, you can exchange them. One hundred percent safe, one hundred percent secure.”

Referring to the competition with other blockchains and cryptocurrencies, he added: “Here is my answer to competing with all this: we’ve patented [technology] and we’re going to subsume them.”

“We’re going to make them a Bitcoin Cash sidechain,” Wright said. “It’s only ever going to run on Bitcoin Cash. We are going to make Ethereum a side chain for Bitcoin, if people want to use it. And we are going to make Bitcoin Core (BTC) a side chain to Bitcoin Cash,” Wright said, instantly prompting laughter and applause from the audience.

Developers and project founders are welcome to build

Inviting developers and project starters to delve in, he added: “This technology will be there for developers, not so that we own it—so that you do. That’s what we want to see: we want to see you guys take what we’re doing and create the new environment.”

Dr. Wright adds that this means a whole world of possibilities for development, and that they will be helping developers get onboard and build projects for themselves. “In the next months, we’re going to start teaching you how you can not only tokenize basic things—we’re going to do the promise of Bitcoin. We are going to get common shares with dividends, with voting rights. We are going to allow you to make a registry that can never be deleted, can never be lost, can never be hacked, can never be subsumed, taken, or stolen by a government, by an individual. That’s what Bitcoin should be about—that’s what we’re going to help you build.”

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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