Blockstream CEO Adam Back has claimed that “Bitcoin time” is running at a faster pace than “internet time”, the name given to the early dotcom period that saw internet based companies and tech proliferate across the globe.
Back, who is credited with the invention of the hashcash proof of work (PoW) system now used in Bitcoin mining algorithm, made this comments during a San Francisco Bitcoin 2019 conference panel discussion last week.
It all started with a dialogue around the inception of hashcash and other electronic money predecessors of Bitcoin, such as digicash. The breakthrough, according to Back, was Bitcoin, because of the decentralized vision introduced by Satoshi Nakamoto and his presentation of the asset’s supply curve as a solution to counter hyperinflation:
“Bitcoin has come much further and much faster than people expected. There was a saying in the early dotcom era about “internet time,” and […] bitcoin time […] seems to be moving even faster.”
The Blockstream CEO noted that keeping pace with new ideas and implementations was especially difficult in the crypto scene, even among those with sound technical abilities, and that there were still plenty of new ground to be broken in innovation:
“Because blockchain and bearer electronic cash is a whole new building block and it has implications with smart contracts. 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.”
Back then picked out his choice of new development that was taking a lot of investment in terms of energy and time, such as smart contracts and second layer solutions like Lightning Network. He singled out state chains as a new way to give insight and benefit by enabling “less implied trust in the operators of a federated chain of some kind”.
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