The Frobots founder believes that for NFTs to have utility, they have to go beyond representing property and have some digital agency and life to them.
Jerry Chan was on the Brittany Bitz Podcast to discuss Frobots, how it incorporates NFTs, and his belief that the platform will bring forth a Bitcoin developers’ army.
On day one of the BSV Global Blockchain Convention, Becky Liggero moderated a panel that discussed NFTs, esports, online games, and how they all tie into the BSV blockchain.
Jerry Chan, former Wall Street technologist at Goldman Sachs, shares his own analysis on the case filed by Dr. Craig Wright against Coinbase and Kraken.
In a recent episode of Crypto Bitz, guest Jerry Chan talks about how he got involved in Bitcoin, why he objects that BTC won the war on Bitcoin, the misguided nature of anarchism the need for law.
Former Wall Street technologist at Goldman Sachs Jerry Chan shares his views on why he is convinced that Dr. Craig Wright is Satoshi Nakamoto.
The panel took a dive into TAAL’s business model, the primary ways that TAAL generates revenue, what the panelists believe Bitcoin will be used for in the future, among other topics.
TAAL is thinking beyond the time when the block reward for miners becomes zero—how are miners supposed to support themselves in a world where mining rewards no longer exist?
The road to sustainable mining
“Miners have been chasing block subsidies to make rewards to pay for their capital investment,” said Chan. “[But] this is a short term business model, putting capital up in hopes that the asset you are digging up appreciates in value. If it doesn’t, then you would have wasted a lot of capital and time.”
This is currently what a majority of digital currency miners are doing. They mine because they anticipate the price of the coin or token that they mine increasing. However, if the price of the coin or token significantly decreases—which is very possible in the volatile world of digital currency—or the mining hardware that they use becomes inefficient or unable to compete with the latest mining hardware being released, then the digital currency miner is not going to be cash-flow positive and will practically be forced to shut down their mining operation.
“We see that this is not a long term sustainable business model,” said Chan, “there is no guarantee that price rises, and if you remove all the speculative and gambling uses in the market, most coins and tokens have very little utility.”
When TAAL realized that this mining model was not sustainable, they changed their blueprint so that it did not need to rely on asset price appreciation.
“We created a business model not based on asset price appreciation,” said Chan, “but the increase of transaction volume, and therefore, the increase in transaction fees that come with that increase in transaction volume.”
“We see that as the sustainable business model for blockchain infrastructure service providers of the future,” he added, telling the audience that the transaction processing industry is projected to be worth $2.7 trillion by 2023.
To make the most of the only sustainable transaction processing model of the future, you need a blockchain that can handle a large transaction volume with high transaction throughput, and we finally have that in Bitcoin (BSV).
“We finally have Bitcoin which is unbounded in scaling. I like to think of it now that we have the unique opportunity of being back in 2013, when Bitcoin could do everything. It’s just that not a lot of people have realized it yet. And that Bitcoin that is capable of scaling at a global level is Bitcoin SV because it is the original protocol without any limits as intended,” Chan said." title="TAAL CEO Jerry Chan talks future of transaction processing at Baikal Summit 2020" />
Jerry Chan, CEO of TAAL, took a deep dive into the future of the transaction processing economy at the Baikal Summit 2020.
Speaking at the Asia Blockchain Summit 2020, the TAAL CEO said Bitcoin could solve more of the world's problems if people focus on creating new use cases for it.