The creator of sCrypt, a high level language for creating smart contracts on BSV, has said the protocol will make it easier for developers to build on Bitcoin SV (BSV). Speaking at the recent CoinGeek Conference in Seoul, founder Xiaohui Liu unveiled the project to delegates, with a presentation demonstrating the platform in action.
sCrypt allows developers to access bitcoin functionality without recourse to Bitcoin’s native programming language. According to Xiaohui Liu, Bitcoin’s native language has been a barrier to development, including on BSV, due to its complexity, which makes it difficult for even experienced coders to build.
In an interview with CoinGeek’s Stephanie Tower, Xiaohui Liu said the difficulty of understanding and utilizing Bitcoin’s programming language had meant fewer innovations and developments reaching users. With sCrypt, Liu said his aim is to encourage developers to build custom BSV smart contracts with greater ease, which he expects will contribute positively to the BSV community.
The response from developers has already been positive, with Liu describing initial feedback as “positive.” This was confirmed by developers at the CoinGeek Seoul Conference, who welcomed the project as an easier way of accessing BSV smart contract functionality.
Liu said Bitcoin was designed to be more than just a tool for the transfer of money. But with its native language “not easy” to understand or implement, many of the possible applications of the technology have yet to be successfully developed.
Liu said his aim was to help realize this original vision of bitcoin, as expressed in the Satoshi whitepaper, which would allow easier access to more advanced transaction and contract types for developers.
Developers can access sCrypt online, without the need for download, thanks to the in-browser coding interface at scrypt.studio. This allows developers to program and test online on the fly, for more responsive development in a dynamic environment. With a graphical interface and SDK development underway, Liu said he expects the platform to make it substantially easier for developers to build on BSV.
His presentation was one of a number of new developments showcased at the CoinGeek Conference in Seoul, where developers gathered to learn about the latest innovations in BSV.
Fauvel said that one of the fundamental problems with blockchain at the moment is that owning a digital asset is in practice, not legally possible. This is because digital assets are effectively just data that can be copied, pasted, and passed on to anyone.
To ensure that assets can’t just be given away freely, ownership needs to be tied to a more permanent record of identity. While there have been a number of attempts to date to build this type of model, they fall down because identity is not being recorded on chain.
This means these services are relying on company servers to authenticate identity, creating a single point of failure—if a company goes bankrupt, for example, identity is lost.
Fauvel said that the solution was on-chain identity that survives any single point of failure, by recording unique identity information on the blockchain and tying this data to asset ownership.
Naturally, any data written to the blockchain can be publicly accessed, raising security concerns for those building and relying on this type of system. The solution, according to Fauvel, is to encrypt the data, as well as identity, and to hide sensitive encrypted data within other encrypted data on the chain.
He said this provides a foundation model for recording identity data securely on-chain by ensuring attackers don’t even know where to look to find the data they need to unencrypt to carry out an attack.
Billed as a general solution to secure data storage and identity management on the blockchain, Fauvel said there were a number of applications where verifiable identity was essential, such as managing title deeds on the blockchain and blockchain voting.
Apple and Google may have complete dominance in the mobile apps market the world over, but in South Korea, one platform has managed to topple them both and take over the lucrative market in one of Asia’s largest economies. Despite being quite young, ONE Store has grown aggressively in Korea, and now, it has set its sights on using the Bitcoin SV (BSV) blockchain to disrupt the music industry.
Speaking to CoinGeek during the recently held CoinGeek Seoul Conference, CEO Jay Lee explained how ONE Store has managed to compete against the big tech giants and emerged victorious. While Apple and Google charge up to 30% of the revenues raised by publishers such as game and app developers, ONE Store just charges 5%. This ensures that the publishers make much more from their work.
Lee was one of the speakers in the conference where he made one of the biggest revelations in the BSV ecosystem yet—BUSKON, a music platform that is building on the concept of online busking.
BUSKON will enable the music industry to finally get rid of the middle men who keep on exploiting the content creators and making money from the hard work of the musicians.
“P2P commerce gets rid of the middleman,” Lee explained. “So, we made a decision to start with a small project, by the name BUSKON. This is a whole new concept of music distribution. The music creator uploads their content, the customers will then listen to or watch that content and if they like it, they’ll give a token to them.”
ONE Store began working on the project in 2018, with lot of trials and errors finally culminating into the success that BUSKON is. The company also experimented with a few other blockchain platforms before finally coming to the conclusion that BSV was the best fit for the job.
We tried other blockchain projects, but finally we found that BSV can resolve all the issues we have; reliability, security and more.
Bitcoin Association, the global organization for Bitcoin businesses, gathered a group of investors recently in Seoul to delve into a collection of BSV projects pitched by its creators and explore potential business opportunities with them.
Bitcoin Association created an avenue through the first ever Pitch Day for these ventures and commercial projects to get access to funding from investors, and improve their BSV-driven ideas and products further, and consequently, turn these projects into actual businesses.
The whole day Shark Tank-type event catered to 14 pre-screened, enthusiastic participants from different parts of the world, including China, South Korea, Japan, Italy, Mexico, and the United States. The “pitchers,” ranging from seasoned entrepreneurs to young developers, went through the same process: each was given maximum of 30 minutes to present their ideas and answer questions by the investors interested in the BSV ecosystem from across Asia, Europe and North America.
The investors had insightful questions, which shows they understand the space well, according to Mike Gamaroff from Wheedl, one of the commercial ventured that pitched.
“They’re not playing. They are here for business,” he told CoinGeek, adding, “You expect when you were asked questions, you’re going to have a quick answer. I learned quite a lot actually. I thought, ‘you’re right’ I’ve got to go back and do that.”
Developer Joonyeong Park, who has no experience running a business, made his debut speaking in front of an investor panels at this event. This showed that the organizers were open to anyone—old and new – as long as you have a promising business idea.
The investors responded positively to Park’s pitch by asking a series of questions, showing interest to his product. This made him excited after his presentation.
Among all the presenters, Park was the one who asked for the lowest funding—US$100,000—which made one of the investors share this tip with CoinGeek for future project holders.
Founding President of the Bitcoin Association Jimmy Nguyen thought the process challenged these young entrepreneurs to evaluate their business plan. He added, “think about things like how to generate revenue, what’s my operating expense going to be, how much money do I need to raise, who are my competitors, all those things that, as someone who has worked in the business world for a long time, I know you need to do for business planning.”
This Pitch Day is only one of the many initiatives that Bitcoin Association is doing to support the growth of the entire BSV ecosystem. Recently, Bitcoin Association has announced another initiative—sponsoring the Cambridge University Metanet Society to conduct events that educate and promote the powerful capabilities of the BSV protocol, blockchain, and cryptocurrency.
In 2020, the organization plans to organize the second Pitch Day in London, the same week the CoinGeek Conference will be held in the city.
Cryptocurrency, as the name implies, was originally designed by Satoshi Nakamoto to be an alternative to fiat. More than just a different type of currency, though, it was an improvement over what is currently available because it puts control of money back in the hands of all consumers. Many crypto projects have lost sight of that fundamental reason for the existence of digital currency, but Bitcoin SV (BSV) and its supporters haven’t. During the recent CoinGeek Conference Seoul gathering, Steve Shadders took a few minutes to discuss what is going on to restore Bitcoin to its original purpose and what this means to the Bitcoin ecosystem, as well as the future of finance.
Shadders is the Chief Technology Officer of nChain, one of the main entities behind BSV development. He met up with CoinGeek’s Stephanie Tower to offer some brief comments on what’s happening and to explain how the Road To Genesis is going to change digital currency. He explained that the transformation is all about removing limitations and restrictions on Bitcoin, adding, “Our goal is to bring the protocol back as close as possible to the original protocol that was designed by Satoshi, implemented by Satoshi ten years ago.”
Genesis will allow Bitcoin to go to the next level. It will incorporate new scripts, new opcodes, multiple transactions into a single unit and other enhancements that make it more robust. One of the biggest changes is the removal of block size limitations, which allows for unlimited scaling and growth. It also further enables people to build even more powerful applications on the BSV blockchain.
There has been a lot of confusion regarding what the real purpose of digital currency is—some believe it’s simply a way to invest and, hopefully, see incredible returns. Others, like those helping to build BSV, understand that this isn’t the true reason Bitcoin exists. Genesis is going to create an entirely new level of development as it completely stabilizes the protocol. Shadders points out that the protocol has been warped, just like the definition of Bitcoin, and that there was “never meant to be any protocol work in the first place. The only reason there is work is because we [have] to put it back to the way it was.”
Genesis is the name for the next big upgrade coming to the BSV blockchain, currently scheduled for February 2020. Once that upgrade is in place, Bitcoin growth is going to be exponentially higher than the levels currently seen. It’s all about building the next economy.
Eli Afram is launching Amleh, tokenized gold powered by bitcoin SV.
The project is being pioneered by Afram’s Layer2, a holding company he co-founded alongside chairman Josh Sleiman and COO Bill Hotait, with the mission of bringing the “utmost utility and value to the BSV blockchain.”
The company operates four subsidiaries. First, there’s MetaNet Labs, the education arm of the business. The company’s mission is to help in training, awareness, and increasing the visibility of BSV across the firm’s core markets of Australia and Southeast Asia.
MetaNet Solutions, the development arm, is working on developing various ecosystem applications internally as well as external client developments on BSV.
Small World Mining is the company’s crypto mining operation, currently in development, which will use hydro and biomass power to support the bitcoin network.
But arguably most significant is Amleh, the first project of its kind to tokenize gold on BSV.
The Amleh token offers a digitized, on-chain gold token, emulating gold certificates that have existed off-chain for decades. While the principle is nothing new, the technology is revolutionary in its impact, thanks to the scalability of the BSV blockchain and the flexibility of the Tokenized protocol.
Scalability allows for gold to be tokenized down to the milligram, or pennies of value. With the network’s capacity for instant, secure transactions and mass scale, the token is envisaged as a possible currency—flexible and low-cost enough to be used to buy a packet of gum.
The initial issue is set for an amount of 10kg of gold. Audit reports will be uploaded and stamped immutably to the blockchain, with transparency and legitimacy both key tenets of the model.
According to Afram and the developers behind the project, Amleh is an attempt to move away from the “hysteria” of crypto labels. The initial issuance is not an ICO—rather, it is a digital representation of a real-world asset, as frequently described as a prime use-case by Dr. Craig Wright.
Powered by bitcoin SV on the award-winning Tokenized protocol, Amleh is backed by physical gold reserves held in a vault on a 1:1 basis.
Because BSV seeks to remain stable, it is perfectly suited to enterprise building. It’s also scalable, but not subject to surprise changes in technology or direction. The Tokenized protocol works within the real world, within the realm of regulatory frameworks and within the confines of law.
The firm is planning the development of a wallet as well as POS technology for Amleh, which could ultimately facilitate its use as a gold-backed cryptocurrency, should any government decide to use it in future.
The development is just one of a number of exciting projects discussed at the CoinGeek Seoul Conference earlier this month, at a time of rapid innovation and development on BSV.
For Centbee, venturing from a simple BSV wallet into the fastest and most affordable remittance company in Africa was necessitated by the prevailing conditions in the continent. The company is based in South Africa, Africa’s economic giant. With the country having more opportunities than its peers, it receives millions of job seekers every year. These people need to send money back home, but the available options are either slow or quite expensive, usually both. Gamaroff explained:
It’s well-known that in Africa, it has the most expensive cross border remittance corridors. But not only that, there are all sorts of barriers, from the high costs, the complexity around actually moving that money – filling in the forms, and we have a lot of undocumented people living around there.
While there are fintech firms that have tried to solve the challenges, they run into the same challenges sooner or later as they depend on the same banks they try to replace.
Only Bitcoin can solve this challenge, and with this realization, Centbee has been on a quest to transform the remittance sector in Africa. But first, the company had to solve the foremost challenge: making the acquiring of Bitcoin SV easy and accessible across South Africa. This it achieved through the use of the voucher system, an onboarding method that has received praise for its effectiveness across the crypto community.
Gamaroff remarked, “If you go to the Centbee wallet and you go to South Africa in the map, you’re going to see that there isn’t a single stretch of the country that we haven’t covered. Even the smallest towns across the country have multiple locations where you can go into the store, hand over cash and receive Bitcoin instantly, not even hours or days later but instantly on your Centbee wallet. So, this is now our gateway, and now we can start creating this ability to move that money, and this is what we’ve done.”
The first corridor that the company decided to disrupt was Nigeria-South Africa. Nigeria is the other African economic giant and with over 200 million people, it was the best market to start with.
While many people focus on selling the potential of Bitcoin to those who are yet to try it, Centbee has used a different approach. As Gamaroff explained, the company uses Bitcoin as the rail, with the customer not even having to get into all the technical details involved.
To use Centbee’s remittance platform, the user just indicates the amount they wish to transfer on the Centbee Remit app. The user also has to indicate the name and the account number of the recipient. Centbee has to validate the details because, “there is a regulatory requirement about that.” The app then generates the bar code which the user can then use to pay at a retail store through the voucher system.
The company then sends the BSV to a local partner in the country where the recipient resides. With BSV being the fastest blockchain project, this only takes a few seconds. The partner in the other country then converts it into fiat and deposits into the recipient’s bank account.
How fast is the transaction, you ask? Gamaroff illustrated, “You could still be in the line at the cashier’s when you go and create that transaction. Before you’ve even left the store, the money is actually in the bank account on the other side.”
Centbee’s remittance solution has brought down the costs associated with this type of transaction drastically. In Africa, the cost of international remittance averages at 15%, an abnormally high percentage that hinders free trade between the African nations and beyond. But it’s not just the costs that it has brought down as Gamaroff explained:
But not only that, it’s the whole convenience of it. You know, it’s not just about the price usually. It’s the convenience. How easy is it for me to be able to go the store and without having to fill in a whole lot of complex information, be able to make that transaction.
It’s not been all rosy for the company. One of the challenges that it has faced is the regulatory environment. However, Gamaroff and his team have designed Centbee to be compliant. Already, the company requires important information from its users as required by the financial laws.
Away from Centbee, Gamaroff is excited about the developments taking place in the BSV ecosystem. Speaking to CoinGeek’s Jasmine Solana, he stated, “What we’re finding is that everybody is talking about the amazing products that can be built, the ways in which we can disrupt the existing industries. It’s really fascinating.”
Wang Fuqiang, the co-founder and CEO of BitMesh, took the stage to talk about some of the exciting projects his company is working on. Among these are applications that are directly tied to Metanet, the future of the Internet, which is going to revolutionize how the world views digital data in ways never thought possible with conventional solutions.
For example, BitMesh has developed a way to use the BSV wallet to help create more secure and legitimate data delivery channels. From building a webpage to communicating through email, all forms of digital communication can be protected, as well as, in virtually all cases, monetized. With BitMesh, email spam and hacking become things of the past, allowing nothing more than clean conversations, the way email was originally intended.
BitMesh is also helping to change how applications can be developed for use on Metanet. MetaGlue was recently introduced to facilitate development on BSV that allows solutions to be introduced in days, not weeks or months, and which provide a mechanism for applications based on different computer language structures to interact with one another. There isn’t any other blockchain that can offer something even remotely similar.
Cityonchain.com was in Seoul for the conference, as well, with the company’s chief marketing officer, Ivy Dang, discussing how the platform is evolving. It just introduced version 2.0 and now has 9,000 cities listed, all with the ability to integrate solutions offered by the Money Button, WeatherSV and others.
With conventional Internet applications, such as websites that require credentials to enter, that login action is typically stored in a separate area or controlled by a third party, depending on the website. However, BSV is making it possible for websites to authorize access directly on the blockchain, providing a more secure, efficient solution. This also facilitates secure solutions for RateSV, a company that is developing a platform to allow for the monetization of all Internet data. As the company’s co-founder, He Qiming, said during his CoinGeek Seoul presentation, the lack of a standard payment system is the downfall of the current Internet and RateSV is going to make it possible to monetize all data, prove data ownership and provide a mechanism that can authorize, or restrict, access to destinations on the web. This wouldn’t be possible if not for the power of the BSV blockchain.
There are many more projects coming and, as Lise Li of the Bitcoin Association indicated, some of these are “secret” for now until they’re ready to be released. Chinese developers are helping to shape the future of blockchain use because of a great amount of interest and the majority, as has been the case elsewhere, have turned to BSV as the most practical development platform.
The first day of CoinGeek Seoul was dedicated to Bitcoin’s technical power, and there was a lot of talk about how Bitcoin is coming more powerful on its road to Genesis. Several developers from nChain, led by Technical Director Steve Shadders, took the stage to explain exactly what they’re doing to bring Bitcoin SV (BSV) back into alignment with Satoshi’s original vision, and allow it to scale the blockchain to an unlimited degree.
Shadders began the discussion by giving a bit of a history on Bitcoin, describing how it was held back needlessly by Bitcoin Core developers. But now that it’s following its original vision once again as BSV and being allowed to scale, it’s showing very healthy growth, with constantly increasing transaction counts, block sizes, and usage, all positive indicators that its going in the right direction.
He then teased a few big changes coming when BSV returns to its genesis. OP_RETURN, which was limited for so long, will soon have the ability to have multiple OP_RETURNs in the same transaction. Big numbers is coming to BSV, allowing it to have cryptography in script for the first time. It will also expand beyond the current three scripting options to have many more.
One point he explained at length was the deprecation of Pay-to-script-hash (P2SH), which is being done for both technical and philosophical reasons. It’s being made up for by the introducing of accumulator multisig, and dove deep into the code of how that will work.
The goal of all this is to increase the security of zero confirmation transactions, or zero conf. Building confidence in zero conf is important to scaling, Shadders explained, because it builds confidence that bigger things can be done without a potential lack of security or funds.
Shadders then introduced Daniel Connolly, Lead Developer of the Bitcoin SV node project, to explain to the crowd what Terranode is. “Terranode is bitcoin server software that has been rebuilt from the ground up for enterprise and scale,” he explained simply.
What it hopes to accomplish is 50,000 transactions per second, with big blocks and big transactions. It will do this with better messaging, allowing for large data and streaming data support. It will also have more efficient data stores, keeping only what’s necessary to keep the blockchain going.
Terranode already exists in an experimental stage, working on both the Mainnet and Scaling Test Network (STN). He also noted that a P2P system is currently in development.
Next, John Murphy was welcomed to the stage. He is the Lead Developer of the Nakasendo SDK team.
What is Nakasendo? If you’ve been following Dr. Craig Wright’s writings, you’ll already be familiar with the concept. It allows for public shared secrets or functions, without individual members giving up any privacy involuntarily. “You don’t have a single private key, the private key has been split into multiple shares and these can be distributed across multiple parties or players,” he said.
Murphy conducted a live demonstration of working Nakasendo code for the audience, demonstrating that the tools to allow board members to make decisions for their enterprises on the blockchain is already within reach.
Finally, Dr. Alex Mackay, a researcher at nChain, took the stage in the afternoon to talk about how simplified payment verification (SPV) can be introduced in a low bandwidth process to increase merchant adoption.
To spread crypto adoption, Mackay noted, crypto payments have to get closer to how fiat payments work, and specifically, how we traditionally pay for items at a check-out counter. The customer needs to be able to spend BSV without being online, putting the burden on the merchant to broadcast the transaction.
To do this, a low bandwidth SPV system is the solution. Customers will have wallets which can be offline the majority of the time, with only the ability to pay for transactions with contained block headers UTXOs, Input Txs and Merkle paths. Merchants, on the other hand, will have systems which can be branched throughout a location with a central hub, receiving those payments and broadcasting them to the blockchain.
It’s a system that may not be too far away from reality, as it’s been built to work with BIP270.
The folks at nChain hope that these new pieces of infrastructure will help BSV towards its goal of scaling, and every single element discussed by the team at CoinGeek Seoul does that in one way or another. Faster transactions, bigger blocks, and more possibilities are being promised to the users and enterprises who chose BSV.
As the blockchain industry continues to develop and become better understood, more and more entities are beginning to realize its true benefits. This is leading to the creation of new solutions for businesses and consumers that are challenging the status quo and helping the industry evolve even quicker. Nowhere is this more obvious than with Bitcoin SV (BSV), which is developing solutions at a faster pace than any other blockchain project. During the recent CoinGeek Seoul conference, Bitcoin Association Founding President Jimmy Nguyen sat down with some investors to discuss what they’re providing funding for and what they see coming down the pipe as the technology is embraced more on a global level.
The panel included well-known names in the investment and BSV sectors, including Sam Chi of Landmark Asia Holdings, 2 Hop Ventures General Partner Jan Smit, Ausvic Capital founding partner Ping Chen, angel investor and co-chairman of the Hong Kong Blockchain Association Tony Tong, and Block Crafters partner Joony Koo. The sentiment shared by all is that the BSV community is deserving of more attention because of the amount of resource development currently seen. They all point to the scalability and versatility of the BSV blockchain as driving forces behind the growth and are happy to help support it with their investment capabilities.
Smit helped launch 2 Hop in September, and specifically invests in BSV projects because of the blockchain’s strengths. The company accepts fiat investments into its fund that are then used to support key projects and the endeavor has already started to produce solid results. All other panelists that participated in the discussion shared their stories, as well, indicating that there is a lot of opportunity for investment as blockchain technology continues to become more widely accepted.
What has helped set BSV apart, according to the discussion, is its ability to scale. This not only allows for more financial transactions, but it also allows for more application development. In ways never before possible, the blockchain is ushering in an entirely new way to think about business and BSV is one of the main catalysts. For example, Koo points to BSV’s low transaction costs that are helping to pave the way for non-fungible tokens in video games, which are giving gamers the ability to monetize their own game assets in order to earn revenue. Additionally, new tools and even new hardware are coming that are making BSV development even easier, which is going to lead to substantially higher adoption.
For companies or individuals who want to seek funding for their BSV solutions, all of the panelists concurred on the best way to go about soliciting the investments. The pitch has to be confident and the developers sure of their solution, finding a niche that will fill a void and not be something that tries to take on an entrenched solution, such as an alternative to Google’s search engine, and which can benefit by being offered on a blockchain as opposed to conventional channels. The developers have to be able to show why their product is better and who they will cater to, as well as have a firm grasp on the “product-market combination,” as Smit explained.
There are a lot of interesting developments coming down the pipe and everyone who participated in the panel discussion showed their enthusiasm for being involved as some of the earliest investors in a real blockchain solution. Four or five years from now, when they look back to see everything that has been built, they will be able to firmly state that they helped make it happen.
At the Le Meridien in Seoul, South Korea, CoinGeek hosted giants of the blockchain and tech industry. Among them was CEO Jay Lee of ONE Store—the most popular app store in South Korea—beating out both the Google Play Store and Apple Store. It’s on Day 2 of the CoinGeek Conference, where he announced the upcoming launch of Buskon, a music platform with the concept of busking online. Admittedly, Lee isn’t a musician and doesn’t know how to play an instrument.
“I don’t have any personal experience with music but when we see a busking musician, they have a place where you can toss in coins. Why not do it online?” he later said after his announcement.
On the morning of October 2, the very polite and soft-spoken Lee took the stage and everyone in the audience was dead silent in anticipation of his upcoming announcement. No one knows yet what platform his company has built, however, everyone knows it’s destined to disrupt any industry it is in.
Lee is fluent in Korean and English, but for this announcement, he chose to drop his big news in Korean to better express himself. Everyone made a beeline towards the translations desk to grab a device.
“Middlemen take advantage of the music market,” Lee said during his announcement. As a music creator, there’s no way to find out how much a musician profits from their creation. Lee makes a resonating statement that musicians should be paid by how much listeners are touched by their music.
Buskon is a music platform made for musicians but it will also play an integral role in Bitcoin SV’s ecosystem of earning and using. Musicians will earn from BSV donated to them by viewers who appreciate their work and, in return, will use the BSV they’ve earned on other platforms to purchase goods and services.
“Any musician can upload their video and the viewers can listen and watch without paying anything. If the user really likes the musician, they make a donation to the creator. If they don’t like it, they can move on to the next creator. That’s the whole concept. It’s more of supporting the musician,” Lee added during our interview.
After scouring for the best technology to build Buskon on and after testing out several blockchains, including Ethereum, it fell short of what they were looking for. Lee admitted that “Bitcoin SV wasn’t our first choice.”
Ethereum was the hottest blockchain at the time so they tested Buskon on it with all the features laid out. However, according to Lee, “scaling could not catch-up.” With BSV’s big blocks and low fees, it has the capability to efficiently scale.
Another reason why Lee chose BSV is its very, very low fees. It’s cheap to send secure transactions to musicians. Lee added that Etheruem’s Gas execution fees are too expensive for safe, instant transactions. He was impressed with the BSV blockchain’s split key technique and thought the idea was “genius.” Building on BSV was not only logical but also reliable because data is set in stone and immutable.
Lee added that they will embrace the post-Internet era, which is Metanet and declared that, “We want to become important partners of BSV.”
When asked about his impression of the CoinGeek Seoul Conference, he said, “I came here this morning and it was fun and very energetic. We’ve gone through many steps to research and understand, and compared (BSV) with many other blockchain projects and technology.”
Craig Wright fireside chat at CoinGeek Seoul reveals more of Satoshi’s chronicles
The sequel to the Fireside chat aptly titled The Satoshi Chronicles: Part II, with Bitcoin Association Founding President Jimmy Nguyen and Dr. Craig S. Wright at the CoinGeek Seoul Conference, revealed a more emotional side of the man behind Satoshi Nakamoto. The chat reiterated Dr. Wright’s original vision for Bitcoin and what ultimately led him to a lengthy hiatus from the Bitcoin community.
Nguyen wasted no time and continued a conversation that started from the CoinGeek Toronto Conference. He started by asking Dr. Wright, “Why did you choose a Japanese name?” Dr. Wright responded, “When I grew up in the 90s, Japan was the big new thing. Everyone thought that Japan was going to overtake the U.S.”
He added more reasons why he chose the pseudonym Satoshi Nakamoto. His main inspiration was the philosopher Tamasu Nakamoto, who had a lot of ideas about immutability and how to capture truth in a way that wouldn’t change. He used Satoshi because it meant “intelligent history” and when put together, Satoshi Nakamoto was a way of saying Satoshi solving Nakamoto’s problem.
Moving on, Nguyen and Dr. Wright examined early Satoshi writings that have been scrutinized over and over again—emails, posts and archives online. In a post dated January 3, 2009, Dr. Wright posted a headline titled, “Chancellor on brink of second bailout for banks,” on Bitcoin’s Genesis block. Nguyen asked Dr. Wright if he was trying to send a message about Bitcoin at the time, to which he responded, “I want business to work and file on its own. Banks shouldn’t be bailed out. They shouldn’t get special privileges when they fail.”
He also talks about the whitepaper and the most common things people misunderstand and ignore, starting with digital signatures. Dr. Wright expressed that it was important for him to define Bitcoin as a chain of digital signatures because, in common law, it is also allowed to act as a way to transfer goods and services and to bind contracts. “We have all these rules that legalize Bitcoin and act within the law,” Dr. Wright added.
Dr. Wright continued to discuss documents dated years ago about the fundamental pillars of Bitcoin, such as a stable protocol, scalability, simplified payment verification, and micropayments.
In a post dated December 5, 2010, Satoshi appealed to not allow Wikileaks to use the Bitcoin blockchain. Dr. Wright believes, Julian Assange, founder of Wikileaks, dumped information that put people at risk. “There’s disclosure and then there’s responsible disclosure,” added Dr. Wright.
Dr. Wright created Bitcoin as an “honor system.” Not for facilitating drugs, and other “evil things” such as pedophilia, arms trafficking, and illegal activities. Since the early days of Bitcoin, Dr. Wright has always wanted everyone to build applications that would positively impact people, instead, he admits, the very first commercial application that was built by someone on Bitcoin was, unfortunately, a heroin store, which eventually led to the creation of the Silk Road, an online black market.
To help combat this, Dr. Wright helped build software that tracked criminal organizations, however, he still felt his whole life’s work was being put to waste. So, Dr. Wright, the man behind Satoshi Nakamoto, went on hiatus because he was “incredibly disillusioned.”
Dr. Wright felt responsible and very remorseful for the casualties caused by the products sold on the Silk Road, to which Nguyen, comfortingly said, “I’m going to tell you, my friend, it’s not your fault.” Nguyen pivoted and asked Dr. Wright, “What do you want people, developers, and businesses to build with Bitcoin?”
“Fraud, one of the worst things that divide and suck away society, can be minimized.” Dr. Wright wants to see big banks and consultants to not tell you what you did wrong, but tell you what to do right. He asks the audience to imagine a world where fraud and crime are minimized and the positive effects that would have on society. “We’re in a world of 2% growth, imagine if suddenly 15% magically appears. What the hell would that be like? I’d like to think that would be good,” Dr. Wright added.
Dr. Wright concluded his fireside chat by emotionally thanking CoinGeek founder Calvin Ayre for “putting up” with him. “Calvin’s been a mentor. I haven’t always been the best leader or boss or anything like that and I’ll tell my staff and everyone who works with me, thank you for helping develop me,” he said.
After Dr. Wright’s fireside chat, David Case, Chief Architect of Kronoverse, thought Dr. Wright was “insightful and very honest.” He said, “It was refreshing to hear his views in a historical context.”
Hayato Kameta, Zweispace Founder and CEO, added that he gained a deeper understanding from Dr. Wright’s “explanation about what happened in 2010.”