In an interview with HiveEx, Craig Wright, the self-proclaimed Bitcoin creator, the entrepreneur behind nChain and the primary driving force behind Bitcoin Satoshi Vision (SV) gave his two cents on the future of the flagship cryptocurrency, mining rewards, and why he believes nChain’s Metanet will be one of the most essential parts of the crypto ecosystem.
The controversial Australian computer scientists acknowledged the long-term potential of Bitcoin. He noted that the entry of institutional investors like hedge funds, banks, insurance companies and mutual funds into the crypto space will be one of the first steps to realize a “Bitcoin-Economy.” He stated:
“We’re going to have to go through, as I said, the use of a commodity ledger. We’re going to have to get commodity value. We’re going to have tokenized money. So, with some of the platforms that are available now, in Bitcoin Cash, it enables us to have, well basically, a US dollar that is approved by banks. Not like Tether, but a real bank.
The only way you have a true stablecoin is where you have a federal bank in the US or the Bank of England – or something like that – issue something. That will be one of the early stepping stones.”
nChain recently revealed that it is working on Metanet that would power and integrate the internet through the Bitcoin blockchain. The company will develop the Metanet exclusively on Bitcoin SV, which positions itself as the real Bitcoin that fulfills Satoshi’s vision.
Craig Wright’s idea of Metanet – which can be traced back to as early as the 1990s – is aimed at building a network that does not have central hubs, cannot be interrupted, and replaces the present internet infrastructure.
Banks are not the enemy
Regarding financial institutions, Wright said they have an important role to play. And contrary to popular opinion in the crypto community, the nChain founder said banks aren’t the enemy.
“Banks aren’t the enemy that everybody seems to think they are. Banks have a role. The problem is where banks are honest or corrupt, or whether they’re debasing money – that sort of thing. So the big difference in what we have in something like Bitcoin is going back to an earlier standard of banking where people actually don’t get to help terrorists move money or money launderers move money because they get higher fees. Where everything is then auditable, where there’s no hiding things. We’ve seen some of the world’s largest banks involved in terrorist funding or money laundering or any of these things. And they get a fine and a slap on the wrist, and that’s it.
But imagine a world where there’s enough transparency so that anyone can drop someone in and it can be traced back provably, where all those funds for people selling blood diamonds can be stopped. Where people engaged in the illicit sex trade no longer have a means of funding any of their activities. That’s what we change banking to be – something where it’s actually about the honest distribution of money, where people can get a home loan, start a business, etc.”