“Bitcoin is a computational commodity,” John Pitts stated during his panel discussion on micro and nano payments at CoinGeek Zurich. Pitts, who is the founder of SLictionary, joined CoinGeek Backstage on the sidelines of the event to discuss why the data aspect of Bitcoin may be its most valuable asset as well as what the future holds for SLictionary.
Pitts believes that digital currency users have overly focused on the currency aspect of these currencies, neglecting the data side, which he believes is even more important. “In history, most things that are money become money because they are first a commodity,” he told CoinGeek’s Becky Liggero Fontana.
“I think if we focus on that [computational commodity], you’ll start to actually understand what Bitcoin is – it’s not just this thing we believe is money… It’s a place to conduct business and to place data, and that data has a value that exceeds the value of the Bitcoin itself,” he added.
“This dynamic is why it’s a computational commodity and we should probably be marketing it as such.”
Pitts is the founder of SLictionary, a platform built on BSV enterprise blockchain that lets users contribute their own interpretations to all manner of words, and get paid for it. Recently, Fabriik set the record for the highest bounty on SLictionary for whoever best defines the word ‘Fabriik.’
SLictionary is perhaps one of the best illustrations of Bitcoin being a computation commodity. Pitts founded the company under the belief that language is ever evolving and that words attain new meaning and usage constantly. This makes it critical to have an evolving dictionary which is by the people for the people, with BSV nano transactions powering the exchange of rewards.
Unlike most BSV projects, SLictionary caters to all age groups, including kids who can also earn by writing their own definition of words for other kids to use.
SLictionary has a lot of features in the pipeline, including a native token that will allow users to “convert back and forth between token and money.” Pitts hinted that by the time the next CoinGeek Conference kicks off, “we will have something really cool that will blow your mind.”
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.