The Bitcoin SV (BSV) blockchain will be the world’s new digital currency, but it has bigger ambitions than that. Through the Metanet project, and the limitless potential of massive scaling, BSV will recreate how the world manages its data and content as well. nChain Chief Scientist Dr. Craig Wright joined CoinGeek’s Stephanie Tower to discuss his plans for Bitcoin, now reborn with BSV.
The idea behind Metanet is fairly simple, but ambitious. Wright explains:
“We’re starting to publish ideas based on some of the technology I’ve been developing the last 10 years, and we’re putting it up there so that anyone can take this and build solutions. Now, this is everything from secure accounting to registries, the whole thing of IoT [Internet of Things], of storing data, basically revolutionizing the internet and replacing it with something that works better.”
One of the solutions Wright needs to ensure is better data privacy and security than what the current Internet offers. Thankfully, he’s already on top of it. “So what we’re doing is were using a number of different cryptographic algorithms, and we’re taking those to create private but immutable records,” he said. “Now private means that you can actually still trace, track and access data. The whole idea of anonymous access is just where its wrong. Bitcoin is not about avoiding the law.”
This new Metanet has huge ramifications for content creators, who can now fairly profit off their work. Wright commented on the history of how content creator data has been handled in the early days of the web, “One of the big problems of the internet was the whole concept ‘data needs to be free.’ Data doesn’t want to be free. Data hates free. Data wants to be valued. Just like all of us, we all want to be valued, and data wants value too.”
When questioned about what it means for Bitcoin to be decentralized, Dr. Wright has to correct a false notion. “Decentralized is just a word people throw out there,” he noted. “Now, in the early days, the first version of money was DigiCash or ecash by David Chaum. Now it failed because of a number of reasons … The miners, well, they’re a competitive group. And it works, not because there’s one, two or whatever else, but because there’s something like the DigiCash fiasco happens, and the company goes into liquidation, then there were other miners to take their place. There’s always someone to step in. That’s what actually secures Bitcoin.”
If you’re interested in meeting some of the great minds working on BSV, and discussing the limitless possibilities open to it, check out the CoinGeek Toronto conference. This scaling conference will feature plenty of discussion around what the future holds for the real Bitcoin. If you want to be a part of it register to attend, and show your appreciation of BSV and save a few bucks by using Bitcoin SV via Coingate.
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