Of course, Bitcoin will soon be leading an internet-based economy
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Of course, Bitcoin will soon be leading an internet-based economy |
A bitcoin-based internet-based economy (BTC) is on the move, and within the next 20 to 30 years there is no doubt a "BTC-based economy" will emerge, according to one industry expert.
The allegations were made by Knox founder Thibaud Marechal, former head of Portfolio Services at Real Ventures, in an opinion piece for the media company Bitcoin Magazine.
Marechal claimed that "local Bitcoin companies are creating the tremendous economic potential for a new money class on the Internet" and would work with BTC on "building an economic system" for the next two to three decades.
He estimated that a layer already built on top of the Bitcoin network, the Lightning Network Protocol (LNP), would be combined with the original Bitcoin Protocol (BP) to play an essential role in the development of the blockchain - his new one Incarnation as the currency of use of the Internet.
Maréchal wrote:
“Bitcoin is becoming the native silver layer of the Internet. Bitcoin works as a series of public network protocols known as LNP / BP and it undoubtedly has meager units of value. It is a network of storable, mobile, and quantifiable value. "He went on to say that LNP / BP protocols could become part of the new Internet economy as the dynamic of the Transmission Control Protocol / Internet Protocol (TCP / IP) has become on the Internet itself.
Together, these two protocols comprise four layers, each with its own fixed protocol. Technologically speaking, TCP / IP is the lifeblood of the Internet itself, like browsers, email applications, and more use TCP / IP to communicate with servers, which is how Internet traffic is generated.
Maréchal justified his argument with:
“LNP / BP is one of the other open network protocols that are similar to TCP / IP. BP has low-value mobile units that can circulate within its network, e.g. B. the IP. LNP acts as a second layer that builds on BP and enables an almost instantaneous, inexpensive, and anonymous exchange of data packets in BP, similar to how TCP does with IP. ""The consequences, he said, would be considerable and put BTC at the forefront of a new economic revolution that would eventually dwarf the traditional banking sector.
He wrote,
“Bitcoin frees up the exchange of capital and creates open, fair, and social markets in which everyone can participate. Startups based solely on the base layer of Bitcoin and / or Lightning make it safer and easier for rulers to step out of the legacy of the banking system. ... native Bitcoin companies enable the flow of capital from the old banking system to Bitcoin. "Thibaud Marechal is one of the many entrepreneurs who are convinced of the transformative effects of Bitcoin. Last year, Twitter and Square CEO Jack Dorsey admitted that he believed Bitcoin could become "the internet's native currency," while billionaire businessman Elon Musk said so. The structure of Bitcoin is pretty brilliant "and that cryptocurrencies are a much better method. Value transfer.