Kurt Wuckert Jr. At Unbounded Capital Summit

Kurt Wuckert Jr. At Unbounded Capital Summit: Blockchain History and Current Landscape

width=”562″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”>

At the recent Unbounded Capital Summit in New York City, Kurt Wuckert Jr. A keynote address on the history and current landscape of blockchain.

Bitcoin explained

Wuckert introduces himself as the CEO of Gorillabola Bitcoin historian, and someone intent on correcting mistakes in Bitcoin.

He begins by explaining that Bitcoin could only be invented by someone with multiple interests, a multicultural and a Renaissance man. Describes how Satoshi Nakamoto solved a file Double spending problemshows how the contract seeks to reconcile the ledger using proof of work.

Wuckert explains to the public the first section of the white paper, how Bitcoin is designed to facilitate small, informal payments. It’s the under $5 payments in particular that Bitcoin is designed to solve.

By delving into the history of Bitcoin a little bit, Wuckert explains how people initially misused it to commit crimes on the Internet. However, that is not what Bitcoin was designed for. Satoshi Nakamoto expressed his displeasure with this culture of crime, and it eventually disappeared from the project.

After that, the developers of BTC Core took over, fundamentally changing the original protocol. These changes made Bitcoin slow and only able to process medium to large volume transactions. In the early days, Satoshi Nakamoto said that Bitcoin was able to beat Visa, but the changes made by this team destroyed that ability.

Investment capital appears

In or so 2014 the venture capital debuted, Walkert told the public. It shows a slide detailing how Mastercard funds the Digital Currency Group, Blockstream, and more. Wuckert previously wrote about the Mastercard Bitcoin plot and explains it here.

Wuckert explains how these companies built an economy around a sluggish Bitcoin and a financial asset. For example, they set up third-party railways, which they took control of and therefore charged for it.

“The technology to make Visa and Mastercard and some of these other companies obsolete has been around for 14 years, and you wouldn’t know it, no one ever told you,” he says.

They don’t want to run Visa and Mastercard on Bitcoin. They want to make Bitcoin on Visa and Mastercard. Kurt Walkert Jr.

Divisions and sizing

Wuckert then enters the 2017 period when BTC and Bitcoin Cash (BCH) split. It tells the public more about Bitcoin’s original capabilities, including micropayments, smart contracts, and even non-fungible tokens (NFTs).

Wuckert explains how, in 2018, Bitcoin SV They broke off from the BCH, with the goal of finding out how big blocks could actually get. He explains how many naysayers said 128MB of blocks was impossible, but BSV easily did.

It also shows how it is now set in stone and how maximum block sizes are determined by the policies of the node operators themselves. Likewise, node operators can decide all other things, like what types of scripts and codes they will accept.

As a result, BTC can perform seven transactions per second, Ethereum can perform 15 transactions per second, and BSV can perform 100,000 transactions per second under ideal conditions.

Wuckert briefly explains the potential of Bitcoin and what it will do in the future. This includes sending data and payments globally with encryption that is stronger than military-grade encryption.

questions and answers

Then the audience at the Unbounded Capital Summit asked Wuckert some questions in an open forum.

Q: Can you compare smart contracts on BSV and Ethereum?

Ethereum uses the language of solidity and is a global blockchain. This means that it is similar to a personal computer but is distributed over a network. He explains that the problem is that all nodes have to cross all thresholds together, so there is no competition between nodes. Therefore, the network can be as fast as the worst computer on the network. This has a huge impact on fees, as it pushes them through the roof when there is a lot of demand.

Q: Why aren’t VCs investing heavily in BSV?

In the end, Walkert explains, there is an information gap. There is a lot of funding rooted in business models based on the idea that Bitcoin is slow and not doing smart contracts. Likewise, incentives keep rewarding people who do nothing by giving you the opportunity to double your money for buying and selling coins.

Q: What are the pros and cons of Proof of Work vs Proof of Stake?

Wuckert says that Proof of Stake is actually the same as HODL. You get rich because you do nothing but keep coins. Conversely, in Proof of Work, a node must earn blocks. You cannot forge proof of work. The way to win at Proof of Work is to be very competitive.

Q: What do you envision the market value of BSV going to be in the future?

Walkert says other blockchains aren’t even competitive. He wants to disrupt money transfer, record keeping, notaries, government offices, and other things related to communication technology and money.

Watch: Highlights of the Unbounded Capital 2022 Summit

width=”562″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”>

New to Bitcoin? Check out CoinGeek’s Bitcoin for beginners the ultimate resource guide to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and the blockchain.

#Kurt #Wuckert #Unbounded #Capital #Summit #Blockchain #History #Current #Landscape

Leave a Comment

Your email address will not be published. Required fields are marked *