Ryan's last presentation is revealing where BSV is heading to: a reputation based centralized payment system
So I listened to the 55 Minute long presentation that Ryan X Charles held this week because I was curious what he is up to now and if there is anything in his speech that reveals where BSV is heading, since I still haven't seen any official road map.
The speech is an interesting piece because it seems to reveal the road map of BSV, I can recommend watching at least the parts I'm pointing out below.
There is a lot of non technical argumentation against Bitcoin Cash, not at all similar to the way he discussed with all of us before the fork. If you want to be spared that part, skip the first 30min of his presentation.
CTOR and DSV are completely irrelevant in his opinion now which is interesting because these points were his main arguments for choosing BSV over BCH before the fork.
The interesting part starts around half an hour into the speech :
Minute 34: He explains the intents to introduce a trust based system to evaluate the trustworthiness of new users.
Minute 36: He proposes entities (companies) that should take over control of transaction validation from users, and do it in exchange for money. So you want to transact BSV, you pay that entity.
Minute 38: Ryan describes "peer-to-peer electronic cash" as 2 users trusting each other without validating their own transactions by themselves. They trust each other because the previously described entity has validated that they are trustworthy. He says that this is what peer-to-peer transaction means.
Then he starts to talk about taking Bitcoin to space and continuing the blockchain on other planets. All this can basically be skipped as well as its pure speculation.
On various occasions during his speech he compares BSV to the lightning Network, prognosing that BSV will become what LN wants to be.
There is more eye brow raising claims about scaling BSV for World adoption. About how every possible thing will be done using the blockchain. Basically he is describing an utopia in which BSV is present everywhere in our daily life.
Miners will mine BSV just because they can basically. They will basically be busy making new hardware and concentrate just on doing that.
At minute 54 he warns that mining hardware will appear one day that will be able to mine all coins and that moment will be the doom of the entire market and only BSV will survive that. I was really surprised about that statement because this mining hardware already exists of course in form of CPUs.
If Ryan's explanations align with the plans of nchain which im assuming since he is close to CSW and had a lot of insight into nchains plans before the fork, this means that:
-
BSV will introduce a "validator" that will get paid to validate your transactions. Users won't validate their transactions by themselves anymore.
-
new users will have limited rights to use BSV. There will be a reputation system that will validate if you are trustworthy or not.
-
miners will be stripped of their right to vote and validate transactions. They will create blocks with transactions, but won't decide if transactions are even valid or not. Miners will become pure service providers, not anymore be the backbone of the network and safety of the chain.
BSV will not be a trustless, decentralised peer-to-peer electronic cash system anymore, if Ryan's explanations of what is to come are actually true.
From what he is explaining, it doesn't even make much sense to use a PoW system anymore. Why use Bitcoin, a decentralised trustless system, as a base at all?
What do you think?
[link] [comments]
source https://www.reddit.com/r/btc/comments/a8bbg2/ryans_last_presentation_is_revealing_where_bsv_is/
Comments
Post a Comment