Altcoin News: Adam Beck: Bitcoin Time Moves Faster Than Dot-Com Internet Time

July 1, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Blockstream’s CEO Adam Beck believes that “Bitcoin time” is moving faster than “Internet time” in the dot-com era. He stated this at the Bitcoin 2019 conference held in San Francisco.

According to Beck, who developed the Hashcash PoW algorithm used in Bitcoin, Satoshi’s original creation is no longer limited to ideas of decentralization and counteracting inflation.

“Bitcoin time” appears to move even faster than “internet time,” which is a reference to the fast pace at which new advancements and innovations are made in the space. “It’s pretty challenging to even keep up with the pace of new things that are being developed — new ideas and implementations of them,” said Beck.

At the same time, Beck recognizes that even technical specialists find it difficult to follow the rapid development of ideas and implementations in the cryptocurrency space:

“Blockchain and bearer electronic cash is a whole new sort of building block, and it has implications with smart contracts. Basically, it’s sort of like picking up a new programming language with a new paradigm, and it takes a while for people to natively understand it and reach the conclusion of what kinds of things you could build with it.”

In addition to smart contracts, he draws attention to second-level solutions, such as the Lightning Network, as an area of ​​rapid development in the crypto-space. At the same time, Beck recognizes that in cryptocurrency systems there are problems of privacy and security, adding that the search for solutions is already underway, for example in the form of Schnorr signatures.

“It strikes me that there are still major discoveries about the implications of the tech being found, so we’re still early stages for what can be built. So, I think it does provide a sort of programming model for electronic cash, and it’s surprising the number of things you can build on layers above it that retain interesting properties of what’s beneath,” explained Back.

Last month, Beck spoke at one of the events during the G-20 meeting, where he spoke about the advantages of the blockchain and digital assets.

Author: Marko Vidrih