CoinGeek’s Chief Bitcoin Historian Kurt Wuckert Jr. recently guested on The Early Stage Investor, a show that aims to publicize market opportunities that others are ignoring.
In this episode of The Early Stage Investor, Kurt talks about where he thinks blockchain and digital currency will be in five years and where Bitcoin SV (BSV) falls into the mix of things in that regard.
“Five years out, we’ll have gone through an entire bear market in all likelihood, maybe the great reset, the collapse of the dollar, the collapse of global real estate markets, and everything else,” Kurt said. “By that point, I’m hoping that the world runs on Bitcoin SV as a backbone to everything really.”
Kurt also talked about scaling solutions on blockchains like Ethereum, proof-of-work vs. proof-of-stake, and why layer two solutions just don’t stack up to on-chain solutions.
When asked, “Could you just go back to Polygon and why being built on layer 2 isn’t as preferably as being base-chain?” Kurt answered:
“Just like anything else, if you were to put really good tires on something and say, ‘Hey this is going to make my car faster.’ It’s like, yes that’s true. You might be able to get better track times if you put nicer tires on a Toyota Camry, and that’s great, but you would do much better if you put them on a Subaru WRX, it’s just a better base to tack on extra stuff.”
“So something that Polygon—and I’m not an expert on them specifically, but I understand how these typical scaling solutions work, in theory, they use things like ZK rollups and second layer plasma technology. They are creating a side-chain or a sub-chain off-chain that processes with their own rules.”
“And with that, maybe you can hit a million transactions per second, but it’s like a tab you opened up at a bar, and the settlement is still the credit card swipe at the end of the night. Now you can order 50 drinks and you don’t swipe your card 50 times, you just keep ordering and ordering and ordering, and that’s roughly, how I understand, how something like Polygon works—unless they are completely different than everyone else and I am wrong.”
“But I imagine they work like a lot of these other scaling solutions over the years that we have seen on Ethereum because it’s fundamentally how they want to work, they don’t believe everything should be and can be on-chain and so they come up with a side pot where they can break whatever rules they want and then they settle the whole pot together at one time.”
“And it’s not a bad solution, I fundamentally think it’s a good solution, but why would you not want to be able to settle more things at the end of the pot too? it doesn’t change the fact that Ethereum has a very, very, very deeply inefficient and fundamentally broken base layer that just can’t compete. So anything that Polygon creates, if it’s a fantastic idea, it can be ported to Bitcoin SV and it will work 3,000 times better on Bitcoin SV than it does on Ethereum.”
Another topic that came up during the episode is whether or not Dr. Craig Wright is Satoshi Nakamoto, Dr. Wright’s copyright claim on the Bitcoin whitepaper and the subsequent legal action that unfolded because of it, some of the most popular projects built on Bitcoin, and more.
If you have not watched “How Bitcoin SV Crushes Competing Tokens and the TRUE Identity of Satoshi Nakamoto,” the episode of The Early Stage Investor that features Kurt Wuckert Jr, then you can find the full episode on The Early Stage Investor YouTube channel.
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