CoinGeek TV: Bitcoin creator Craig Wright compares unscalable blockchains to digital beanie babies
Dr. Craig Wright has been a showstopper at CoinGeek Conferences for four years now, and the BSV Global Blockchain Convention was no different. In his keynote presentation on Day 3, the creator of Bitcoin talked about making Bitcoin SV the base layer that other non-scaling blockchains like Ethereum can run on, then subsuming them and their users. He later joined CoinGeek TV, where he gave the Ethereum community an ultimatum – join us or be phased out entirely.
Dr. Wright’s keynote, which was titled “Cloud Security, Overlays & Blockchain,” was charged as usual, with the nChain Chief Scientist asking a critical question – if BSV can scale much more than Ethereum, why not just run Ethereum (sort of) internally and offer Ethereum users a faster, cheaper and massively scalable way to run their native “second-tier” applications?
“We want to free all these Ethereum people from the dominant control that they are forced to be under right now and let them build in a way that allows them to jump between chains, keep their data and even upgrade and change without lose some value,” Dr. Wright told CoinGeek TV host Kurt Wuckert Jr.
“Whether they like it or not, they’re going to be on Bitcoin. We’re going to start integrating Ethereum,” he added.
The first step in this journey is the smart contract transpiler that was unveiled by sCrypt CEO Xiaohui Liu at the event. This transpiler ports code written in Solidity, the original Ethereum smart contract language, to sCrypt, the smart contract language created for Bitcoin.
In his presentation, Liu stated that the transpiler would allow Ethereum developers to easily port their applications to BSV, with the tool doing over 80% of the work for them. The developer will be left with a few issues to sort out, such as figuring out how to handle loops and other aspects that don’t translate to Bitcoin SV’s UTXO model.
Dr. Wright understands that some believe that Bitcoin SV should focus on its own path. But as he posed, “why do we want to isolate all those people who have already learned a skill, learned a coding language, why get rid of everybody?”
“We’re going to give everyone a roadmap toward scaling,” he noted.
The theme of targeting Ethereum developers and users was dominant throughout the three-day Dubai event. In one of the panels Kurt moderated, FemPeak’s Somi Arian noted that Ethereum already has a massive community around NFTs and DeFi, and this network effect ends up bringing more people in.
In keeping with the theme, HandCash CEO Alex Agut announced that the wallet would begin tokenizing BTC, DOGE, USDC and other digital assets via a fungible token platform. This will allow users to pay and receive payments in several other tokens and even cash out through a stablecoin.
Dr. Wright believes this is just the beginning. Soon enough, BSV will start subordinating not only Ethereum, but many of the smaller chains such as Algorand and Polygon.
“As we integrate others and build them into Bitcoin, we will allow people to instantly exchange assets and have a single asset class,” he said.
Dr. Wright believes that Bitcoin SV will have taken over almost the entire space by the end of this decade. Someone like Ethereum, which has a massive community, will take time and a lot of effort, but with the smaller ones, it will be easier. These smaller chains will even be the ones pushing to be integrated into Bitcoin because “by being subsumed, they’re going to add value.”
The irony, Dr. Wright noted, is that the smaller blockchains without a significant network effect “are the ones that are going to make the most money” when it comes to Bitcoin.
“It all comes back to use. Twenty years from now, the protocols that have value to society, the ones that people will continue to use, they have years. But the others will be like digital beanie babies. People are still collecting beanie babies. They’re not the big fad they once were, but they’re there,” he said.
Watch: Dr. Craig Wright’s Keynote: Cloud Security, Overlays & Blockchain at the BSV Global Blockchain Convention
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