Abstract : Dr. Craig S. Wright, the leader of BSV and chief scientist of nChain, attended the conference. He believes that if an economic system operates in an anonymous form, corruption and crime will surely grow, so Bitcoin is private but not anonymous.
BSV leader, Dr. Craig S. Wright, chief scientist of nChain, attended the conference. He believes that if an economic system operates in an anonymous form, corruption and crime will surely grow, so Bitcoin is private but not anonymous.
According to the report by ChainDD, on December 8, 2019, 2019 T-EDGE New Finance Summit and CHAINSIGHTS FinTech and Blockchain China Summit was held in Xingguang Shijie Center in Daxing, Beijing.
Craig Wright believes that the blockchain network is actually a data structure. It is another network structure, which is actually a network with coverage. This system allows us to build a complete ecosystem.
The following is a record of Craig Wright's speech, edited by ChainDD:
I am very honored to be here with you. I will discuss some questions about Bitcoin and my vision for Bitcoin. I think Bitcoin is not just something that everyone can use or mine, but rather it is a global system.
The internet is not free
When the Internet just started two decades ago, the market only mentioned the benefits of data, but did not propose that the data could be used for marketing advertising. After recognizing the importance of data, Internet companies began to integrate data, sell data, and even control, manage, and even provide data security services.
In fact, many large companies today are making money by selling user data, such as Google or Facebook.
Facebook promised to protect users' privacy, but it failed to do so. It has been recording users' private activities: there are apps to track users' daily steps, and Facebook will also adopt user's cooking privately, so Facebook has been selling users' private data. When Google was born, they promised not only to protect private data, but also to not do bad things, but they failed.
This is the first point I want to say. The Internet is not free, although it is not expensive.
In my opinion, the future of the Internet requires a very secure exchange of information, and we do not want people who do not know the Internet to be responsible for this. We want information to be privately owned, people to control their data, have choices, and be able to build market-based systems. We want everyone to have data in distributed systems around the world. Why distribute data? Because such data is more secure, and this is what Bitcoin means. The original intention of Bitcoin was not digital gold, but decentralization, which refers to the electronicization of paper records. We turn these into electronic tokens that people can trade online.
Bitcoin is a system, and our updates are like posting information in a newspaper. Relying on the public's auditing capabilities we can ensure that it is sufficiently secure.
There is a saying that data is oil in the new century, but I think it is more valuable than oil. The cost of oil is very high. Although bitcoin also has costs associated with it, because it requires mining, information is more valuable.
Bitcoin is private but not anonymous
Maybe you have heard some lies about bitcoin, but in fact we do not have an address. In private, every transaction I receive will have a new key. Not only that, each single transaction can be divided into many layers and many keys, so that it can be divided into many time periods, which all remain private.
Bitcoin does not focus on anonymity. As long as an offline transaction occurs, or the two parties to the transaction know who the other party is, then anonymity is meaningless. If an economic system operates anonymously, corruption and crime are bound to flourish. So Bitcoin is private but not anonymous. We know that there are many money launderers and criminals in our system. Every digital currency has been unable to solve this problem in the past, because they do not include tracking functions.
Now that we can see that the so-called microtransactions actually exist, how do we control the data? In fact, micro-payment can get a return from it. If you can provide high levels of quality and content, you can pay. You pay for all content. Paying for content can make the account we create pay for itself.
We find that the current situation is not very good. We can see that many systems are very bad, and that this is true in all parts of the world. For example, on social platforms such as Twitter, we can see that there are many bad situations. The promise of the Internet has been made, but in fact it has not produced good results, and we need to make those who have deceived us pay the price. We need to consider value, not just business goals. So, now we should consider how each of us can earn rewards, and all should be rewarded for the things that they create.
For example, in the system we see in this picture, everyone plays his own role, has his own responsibility, and obtains corresponding returns according to the high-quality products they provide.
The blockchain network is actually our data structure
Our system is not based on global cooperation, but we can see that everyone is creating, selling, and not everyone is working under such a commitment. You don't need to say that I believe in freedom and hate the government. We must believe in a free government. A government does not necessarily have to be corrupt. A government can allow people to own their property without requiring others to bribe them. The government should accept this responsibility.
So we can now see that if you are going to pay a bribe, you have to pay a heavy price, no matter where you are. If it is widely known that bribery is very expensive, we will see less and less corruption. The Internet has laid the foundation for this.
The blockchain network is actually our data structure. We think it is another network structure. This structure is actually a network with coverage. This system allows us to build a complete ecosystem. This system enables each of us, whether it is in the areas of browsers, social media, games, etc., to be active in the middle, where we can control our own lives. We certainly hope to keep the promise that we have made. Thank you all!