Interviews 29 August 2018CoinGeek
Dr. Craig Wright wants Bitcoin BCH-powered tokens for everything
CoinGeek’s Becky Liggero spoke to Dr. Craig Wright at the Blockchain Summit London about tokenization on the Bitcoin Cash (BCH) chain, and what can be expected in the future.
nChain’s chief scientist Dr. Craig Wright is excited about the enabling of tokens on the Bitcoin Cash (BCH) chain. Though tokens are often associated with Ethereum-based ERC20 and ERC721 for use in gaming, Ethereum itself is limited by its lack of scalability, among other issues.
“The way we have constructed contracts in Ethereum means that you actually have limits. You’re always going to have limits. You have to run them all over the place,” he said.
One solution to the scaling problem, as has been applied to BCH itself, is an increase in block size. Wright sees no problem with further increases. What he does criticize is the concept of sharding, or having transaction data held among different computers in a network, as a means of handling more transactions, which itself is a misunderstanding of peer-to-peer networks.
“Peer to peer doesn’t mean that everyone runs everything, everywhere. That’s always been wrong. What it means is you have groups of competing capitalist miners fighting to get your transaction that you’re going to be in. And because of that, because these competing groups want to get their block out there and win the prize, you end up scaling massively. Big companies end up forming, that send blocks around the world, blocks that enable your transactions to get out there quickly, blocks that get bigger and bigger over the time,” Wright explained.
Plus, the nChain chief scientist notes that sharding may pose a security risk, as it “actually splits the security between multiple parties, and the thing people don’t get is building big actually makes [the blockchain] more secure itself.”
nChain, the leading blockchain R&D firm, intends to expand the use of tokens to include, basically, everything.
“We’ve been developing ways of actually extending what you can do. None of this just being locked in with the ERC20 contracts or ERC721. We’re going to make the basic tokens for utility, stocks, bonds, everything else. We’re going to make a system that enables financial securities, that enables everything anyone can ever dream of, to be actually integrated on the Bitcoin Cash blockchain, so actually have locking systems for Internet of Things and going beyond anything we can think of now,” according to Wright.
The potential of BCH seems limited only by the imaginations of the likes of Wright. “I want to see a world where someone can actually spend one cent on a slot machine. If you’re talking about gaming, we want people using things like access chains and whatever else on top of Bitcoin Cash that will enable something like billions of transactions within a single Satoshi exchange. When you get to that point, then you can start saying, ‘This transaction cost me a hundredth of a cent, what can I now do?’,” he said.
If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. Members of bComm Association can avail CoinGeek Week tickets at discounted prices. To purchase tickets or learn more about CoinGeek Week Conference, visit the official website here.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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.
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