Tokens, NFTs, smart contracts, and digital currency wallets—in the latest episode of the Bitstocks podcast, Joshua Henslee sits down with Michael Hudson to explore those popular topics within Bitcoin and the greater blockchain ecosystem.
NEW #ConsciousConversations – Talking Tokens: NFTs, Wallets & Smart Contracts
— Bitstocks (@Bitstocks_) March 11, 2021
Hudson and Henslee talk about Henslee’s journey into going full-time on Bitcoin, SHUA coin, SHUA’s transition to the RUN network, and the benefits of operating on RUN.
“Right now, the tools and custom things you are able to do [on RUN] is completely wide open,” said Henslee. “As with the MoneyButton, they are just getting off the ground, so it’s API based and permissioned-base, so you can only do what they let you do with it at the moment.”
Bitcoin is experiencing somewhat of a protocol war at the moment. As tokens and NFTs have become very popular, we are seeing the token protocols that exist on Bitcoin competing for the top spot. This is causing businesses and developers to gravitate toward the token protocol that offers the most benefits given what they are trying to accomplish—which is why ShuaCoin migrated from Money Button’s Simple Fabriik Protocol for tokens to the RUN network.
With that in mind, it’s important to point out that there is a lack of interoperability in the Bitcoin ecosystem at the moment. Henslee and Hudson go on to discuss the problems that exist when there isn’t interoperability, as well as what we need to see Bitcoin wallet providers do to improve the overall user experience and progress of BSV, especially when it comes to taking advantage of the zeitgeist and the creation of NFTs.
“There is no token support from the wallets. Relay has started to do that as of last fall, but it’s only the ones that they service. It’s not like I can just create one and it pops up in the wallet. Money Button has that, but again, it’s permissioned. From my requirement standpoint, it does not satisfy,” said Henslee.
“I need a wallet where I can just make a token and then it pops up in the wallet. I can tell you right now, I have tools ready for this type of stuff, but I can’t launch it until I have a wallet that supports it. Because ok, I can make NFT art, but if I’m a user, where can I see it?” Henslee said.
“I could put a mint out there right now, that says, here you go, you can put up a picture, you got your NFT, here’s the transaction ID, it’s in this address. But if they can’t see it and they can’t send it, then they don’t own it. Without that part, we can’t go,” he added.
Bitcoin is currently going through a period of rapid innovation and making significant progress because of it. However, this has unearthed the fact that a lot of the tools and resources that Bitcoin businesses and developers need to thrive, either don’t exist yet or aren’t easy to use.
I believe that we will see more of these tools and resources being created in the near future because they are now in high demand. But the fact that they don’t exist yet sort of throttles the speed at which innovation can take place.
“We need to be like, you see what’s happening over here on Ethereum, we can do that right now,” said Hudson.
“If there’s ever a time to transition people away from other projects to BSV, I genuinely feel that NFTs is one of our better shots of doing it. In the spirit of what crypto is today, and I think all the other aspects of us being invisible, plumbing, and big businesses going on top of it is coming 100% but in terms of really keeping the spirit of crypto and what’s current in crypto right now and actually having other an opportunity that we’re not lagging behind [NFTs stand a good chance.]”
BSV is almost at the point where not only can we say we can do things better than other blockchains, but we will soon have businesses and proofs-of-concept that showcase those benefits.
“I’m more optimistic in these last 2 weeks than I have ever been regarding where we are going,” said Henslee.
“But with that said, we are slow to react, and then we have the division in the space, with this token thing booming, you see a lot of people [asking], ‘Are you a registered, licensed, etc, etc…’ like who cares! We just need to go! We don’t have the luxury to question use cases at this point.”
“It’s freaking number 30 on CoinMarketCap, and people act like that’s not a problem. And everyone’s acting like, oh this is fine, it’s like the dog in the house while the house is burning down.”
“We have to go! And we’re sitting here debating, oh can I do this, can i do this, we don’t have the luxury man.”
It is time to move fast and break things, it is time to break things to fix them. Now is the time to push the boundaries of what Bitcoin can do, and fortunately, we have pioneers like Joshua Henslee and Michael Hudson making this a reality.
Bitstocks Podcast episode 37, “Talking Tokens: NFTs, Wallets & Smart Contracts,” is one for the books. Henslee and Hudson talk about some of the hottest topics in Bitcoin and blockchain and where BSV falls into the mix.
Watch the full episode below:
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