Zug is a picturesque town in Switzerland. Whilst it’s renowned for its spectacular location, nestled between Zug Mountain and Lake Zug, with the Old Town dating back to the 13th century, it also goes by another name: Crypto Valley.
Zug has become a digital currency and blockchain hub. Why Zug? Switzerland has a supportive, progressive and decentralized political system, allowing blockchain based projects to benefit from stable legislation, regulation and of course, low taxation. The region where Zug is situated charges just 14% corporation tax, an attractive offering considering billions are invested in the Bitcoin sector; and with so many like-minded businesses based there, the networking opportunities are the icing on the cake.
Zug is home to the Bitcoin Association, with companies TAAL (CSE:TAAL | FWB:9SQ1 | OTC:TAALF), and nChain having offices here. Earlier this month, key players from their organizations as well as The Bayesian Group spoke at an exclusive event, introducing Crypto Valley to the capabilities of Bitcoin SV.
“I want to take you on a journey for a bigger vision of Bitcoin, one where Bitcoin is not just for payments, but for data and information value transfers,” the Bitcoin Association’s new Europe and Operations Manager, Patrick Prinz, told the audience. This is only possible on the Bitcoin SV blockchain, which Patrick eloquently explained.
Steve Shadders of nChain focused on practicalities in his presentation, the ways in which nChain are making blockchain technology easy to use and to understand. He noted many of its capabilities, including its use as a “record keeping service with timestamping function built in, which is incredibly important for industries. Immutable audit trails are music to the ears of any enterprise that has a compliance department.”
A key part of mass adoption is that enterprises will be able to seamlessly integrate their business needs on the blockchain, as Steve’s presentation highlighted. An enterprise wanting to use the tech only needs to worry about their needs: “I need to notarise data, I need to make payments, I need to keep records of business events, electronic data interchange records, I need to record what’s going on in a supply chain etc. You shouldn’t have to worry about all the internals of Bitcoin to get that done.”
That’s what nChain does, said Steve. They “boil down all of the complexity of Bitcoin… it’s an end point that speaks the same language that most IT departments in the world are used to speaking.”
Another speaker who took to the stage was Jerry Chan, TAAL CEO. His focus is on the next steps towards our future; he calls it the Datacosm. With thanks to George Gilder who wrote books on the Microcosm (noting the changes ushered in by the microelectronics industry which resulted in computers) and the Telecosm (fibreoptics which revolutionised the telecoms industry, leading to internet communication as we know it), both brought an “explosion of companies”, Jerry noted, taking it a step further: “What we see is coming really soon, is something I like to call the Datacosm.” Bitcoin SV allows for “a datacentric economy” where “everything becomes a transaction and everything valuable is data.” Mic drop.
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