One of the most respected personalities in the cryptographic community Adam Back– Blockstream CEO and the inventor of hashcash– the proof of work system (POW) the most important element in the Bitcoin mining algorithm, pointed out “Bitcoin’s mounting growth is faster than that of Internet dotcom epoch” while speaking at a panel discussion held in San Francisco, Bitcoin 2019 conference, June 26th.
Adam Back has invented Hashcash in 1997, and he is considered as one of the founding fathers along with Scott Stornetta– Chief Scientist of Yugen Partners for constructing few Bitcoin’s key building blocks. While speaking at the conference with You Tuber Naomi Brockwell towards “how Bitcoin is directing towards the future and cryptocurrencies in general” Back says that-
Bitcoin has emerged out to be a strong player in the market considering a time frame of 10 years and the new decentralised money established itself much faster than people expected. He further says that “it is moving even faster than Internet boom” reasoning out that there are many new advancements and innovations already came into this space and more improvements are increasing with a great pace instantaneously. According to him, it’s quite challenging sometimes to keep up with the pace of new and advanced implementations which are being developed or developing at a rapid pace. Back states that there are many new revolutionary areas that are yet to be achieved with Bitcoin. Also, he believes that it’s not required to have too many cryptocurrency networks.
Back’s viewpoint towards Bitcoin is that- in terms of coins its like TCP/IP (the Transmission Control Protocol/Internet Protocol- a group of communication protocols used to interconnect network devices on the internet)-a one interoperable standard and it’s more like a franca lingua for exchanging value. If people want to innovate anything than adopting Bitcoin and its data structure is crucial, its UTXO is ultimately important to set in a new data structure.
Back reminded the cypherpunk crowd sitting as an audience in the conference by mentioning that how blockchain and electronic money like early DigiCash are the amazing sort of building block, an electronic store of monetary value and how the smart contract has the knocking effects over it.
“Basically, it’s sort of like picking up a new programming language with a new paradigm, and it takes a while for people to natively understand it and reach the conclusion of what kinds of things you could build with it.”
Back says that it’s challenging both for the common people and the technical developer to understand and keep up with the pace of new innovations and then to implement in the crypto space.
Moreover, Back also spoke about the second layer solution- the Lightning networkthat enables fast transactions between participating nodes and has been hyped as a solution to the Bitcoin scalability problem along with Statechains that possibly maintain the pace for enabling new functionality on top of the base Bitcoin network.
However, if we take a look at the market sentiments of Bitcoin price- it’s tumbling down with a rapid speed. At present, Bitcoin (BTC) is trading at $10,320.29 with a total circulating supply of 17,791,800 BTC. The downturn is simultaneously affecting the rest of the altcoins as well,all are reflecting in red, as per the data showed on CoinMarketCap.
Tags: Blockstream, Bitcoin, Bitcoin network, Altcoins, Hashcash, Internet Dotcom, Adam Back, Scott Stornetta, Statechains, Lightning NetworK, DigiCash.