The capability of the Bitcoin SV blockchain to power a new internet will be realised when consumers see just how efficient the technology is, according to Jack Davies, Senior Researcher at nChain.
Jack believes that mainstream adoption of complex, blockchain-based technologies, like Web3 and the metaverse, will ultimately be driven by a killer application or implementation that will make using the internet easier for ordinary people.
“At the end of the day, the nuts and bolts of the problem will come down to how do you get this in the hands of everyday people and users, how do you get them to see the value that we’re talking about.”
As he tells Charles Miller on this week’s episode of CoinGeek Conversations, this is a subject he understands deeply, thanks to his work on the Metanet, a protocol developed by nChain’s Chief Scientist, Dr. Craig Wright.
Jack sees the Metanet as a perfect example of how to build interoperable websites and systems using the BSV blockchain. He says that while the idea of putting data on the blockchain might seem commonplace now, when he first joined the company in 2018, it was “quite niche.”
One of the features of Bitcoin SV that Jack thinks is most valuable is its capacity to conduct peer-to-peer transactions. This creates an internet of value – a network where assets and money can be transferred over the internet between peers without the need for trusted intermediaries.
This combined with Bitcoin SV’s scaling ability will allow for the easy application of micropayments, which Jack believes will be game changing in allowing people to monetise content on the internet.
He says that allowing customers to pay tiny amounts online to read articles or watch videos they’re interested in is more efficient and appealing than traditional advertising or subscription-based models.
Jack says that this incarnation of the internet, where users can communicate and transact directly with a native monetary system is what’s so appealing about concepts like Web3 and the metaverse and all stems back to the Bitcoin White Paper, which first appeared in 2008.
He is a big believer in a regulated digital asset industry and points out that another advantage for retail customers is that Bitcoin SV is much more pro-regulation than other digital currencies, especially BTC.
“It’s a good thing that people will see through some narratives. Like the idea of BTC as digital gold has clearly not played out particularly well in the last year. I think it’s down by some very large percentage right, again, not good for retail consumers.”
Indeed, BTC prices have been highly volatile this month following the collapse of FTX, one of the largest digital currency exchanges, and it has seen a nearly 70% drop in value since its all-time high last November.
This is disastrous for any retail customers who have put their faith in BTC and demonstrates exactly why Jack is right to say that stricter regulation is necessary to build a strong and reliable BSV ecosystem.