CoinGeek Zurich 2021 sponsor spotlight: Boquan’s Lin Zheming on how to use Bitcoin as a Service
DotWallet, a wallet designed to help users easily and securely manage their digital assets, has been the most used BSV wallet worldwide, while mining pool Mempool is a BSV transaction processor. These two are part of Boquan, whose CEO Lin Zheming recently spoke to CoinGeek about using Bitcoin as a Service, the future of mining, and more. They are a sponsor of the CoinGeek Zurich Conference, slated to be held on June 8-10.
Can you give us a brief overview of what your company does as well as the problem it aims to solve or the service it looks to provide?
Lin Zheming: We are a technology innovation company focusing on the blockchain field, and our core products include DotWallet, the Bitcoin SV only wallet, and Mempool, the Bitcoin SV only mining pool service provider. We are committed to building close-group businesses by setting up the underlying blockchain ecosystem. In addition, we provide developers and enterprises with a single, secure, and stable Bitcoin as a Service (BaaS) solution.
The concept “Bitcoin as a Service” sounds fascinating. Can you elaborate more on that?
Lin Zheming: When people talk about Bitcoin, the first thing that comes to their mind is that it is a cryptocurrency or a commodity. But, if we have to force our consumers to get a BSV before using an application, that is not right. We can find a way that will enable us to use techniques to make BSV adoption easier. This way, we can provide the entrepreneurs with an opportunity to earn customers with no need to educate them about the BSV or blockchain. They can use it just as a service.
How can the companies convince consumers about using Bitcoin as a service without investing in it?
Lin Zheming: For instance, when you use a fiat currency bill, you don’t dive into the entire process of how it was printed. Similarly, consumers should be able to use the ledger and trust the system and people who understand its technical aspects. They don’t need to know every detail; for instance, developers who use the blockchain don’t know the entire system; they learn parts of it and keep building.
People feel comfortable using BSV only when they have a lot of it. So how can we change the perspective?
Lin Zheming: Some people invest in gold to be able to purchase more gold. And then there are jewelers, who buy gold to sell it to customers. There is no need to push people out of investing, but we need to find other ways for people to learn about the utilization of Bitcoin SV. They can still use fiat currency to pay for services but can gain almost every benefit of the BSV ledger and can use their private key to control the signature. If we remove BSV from the hands of amateurs, it will become easier and better to introduce it from a utility standpoint.
It was announced in a press release recently that DotWallet was the first wallet to support sCrypt fully. What does it mean for developers and end users?
Lin Zheming: The end users will not be able to take advantage of the feature soon, but we would like to open our infrastructure to invite more developers to explore more. When developing an application, they need users, and they could not do it without a wallet. So, we aim to fill the gap and help developers build the apps using sCrypt to explore using the original BSV script to make something more interesting.
Can you tell us more about your new holding company, Boquan, and how it ties into Mempool and DotWallet?
Lin Zheming: At Boquan, we develop the underlying technology supporting both DotWallet and Mempool. There are two parts: node operator mining pool, which controls how we write to the ledger, then used on a pool of work as a signal to attract more connectivity from other node operators. We can then get much more information and provide unique services for wallet application developers.
The other one is the BSV wallet. The critical thing to note here is that we were considered a wallet for users to keep or manage their assets. But also as a way to manage their identity, private keys, security, and much more. In the future, when we can finally get the BSV token out of the wallet, consumers can use the blockchain without a need to hold any BSV token. So, we will combine the service to provide a solution to attract more users and help them to benefit from using the BSV blockchain.
Recently, there is a dilemma appearing in the mining community regarding the dust limit. What are your thoughts about it as a miner yourself?
Lin: We couldn’t remove the limits altogether in one day, but ultimately, we need to find a way to help miners earn more. We need to do more testing, so we cannot commit to our customers, but we will try it soon. It depends on factors such as the orphan rate, we will suffer an extremely high rate if we adjusted the limit right now. An increase in demand for transactions and ledgers will help us mitigate that risk.
Is anything regarding Bitcoin you’re excited about right now?
Lin Zheming: With more limitations removed, we are excited to use the BSV protocol in total capacity. I look forward to businesses interested in offering services like Merchant API (mAPI) and SPV. The future lies in peer-to-peer transactions because each device now is SPV, and they should thoroughly verify and store their transactions.
What are you looking forward to the most about the conference being in Switzerland?
Lin Zheming: Switzerland is very open to new technology, and CoinGeek Zurich is one example that BSV technology has rightfully gained attention.
I look forward to what other entrepreneurs are using the BSV ledger for and how they thought it had solved their problems across different sectors like supply chain, micropayments, and healthcare, to name a few.
Why did Boquan decide to sponsor CG Zurich?
Lin Zheming: The conference provides global blockchain fans, developers, and enterprises to communicate and collaborate. It is meaningful to sponsor the event because we hope to connect with more developers and enterprises as a blockchain infrastructure provider company.
What is the core value of conferences for businesses and individuals?
Lin Zheming: Platforms like the CoinGeek conference are crucial for the BSV ecosystem because innovators and investors meet and share their vision about various topics and eventually make the world a better place.
If there was one takeaway that you want the audience to know after seeing you and your team at CoinGeek Zurich, what would it be?
Lin Zheming: I want the audience to have a clear understanding of our product and technology code, innovations, and breakthroughs in the blockchain field, in addition to the proof of work. Developers always go to miners and wallet providers like us, and we want them to know that we are open to all discussions.
How far do you think we are to see people use Bitcoin as a service instead of investment?
Lin Zheming: It should happen right now or shortly; eventually, when people understand the value of Bitcoin as a Service, many developers will use this ledger to help users solve real-life problems and not have to worry about convincing them to learn about it. You don’t have to take permission from others, you don’t have to ally, but you can use the cryptographic proof that your ledger is immutable.
Lin Zheming is joining two panels at the CoinGeek Conference in Zurich: BSV Blockchain & China on Day 3 at 10:30 CEST, and Blockchain as a Service (BaaS): Easy Infrastructure for Enterprise-Grade BSV Applications at 14:00 CEST. Register today to attend CoinGeek Zurich.
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