Tim O’Reilly: Why it’s too early to get excited about Web3
This post originally appeared on the ZeMing M. Gao’s website, and we republished with permission from the author. Read the full piece here.
This is one of the very rare articles written on Web3 that are truly insightful and honest without being blinded by digital currency market frenzy and misleading narratives.
“In that regard, what I’d be looking for is evidence of capital allocation via cryptocurrencies toward productive investment in the operating economy rather than capital allocation toward imaginary assets.” – Tim O’Reilly
Mr. O’Reilly, I believe you should take a look at the Bitcoin SV space. And you should speak with Dr. Craig S. Wright, the inventor of Bitcoin (Satoshi Nakamoto), because he’s almost certainly going to agree with almost everything you wrote in the article.
Bitcoin SV is the only blockchain that is based on Satoshi Nakamoto’s original design of Bitcoin, according to the white paper.
Be prepared for irony though: The only blockchain that focuses on productivity and utility happens to be the one that is most hated and most ignored.
Sure it is still small and burgeoning measured by the actual development of applications and adoption, but it is painfully focused on productivity and utility. The total number of transactions per day is only about 10 times that of BTC, and 2 times that of Ethereum. But over 95% of these transactions are NOT trading of the tokens themselves but rather actual user applications, in contrast to the reverse percentage on other chains. And those numbers will increase another 10-fold within a year based on the current trajectory. The Bitcoin SV infrastructure already has the scalability to handle a thousand times the current numbers and can be horizontally scaled to handle essentially unlimited number of transactions at a cost lower than one hundredths of a cent.
But equally important, the developers in BSV are focused on actual utility. It is a fact. And it is not only because they are a group of people who philosophically value utility, but also because they don’t suffer the curse of the distraction of getting rich quick or having got rich quick without Proof-of-Work.
To learn more about Bitcoin SV, please start with these articles:
- Why BTC is a value absorbing system, while the real Bitcoin BSV is a value creating system
- BTC and BSV, what is the real difference?
Please also read Dr. Craig S. Wright himself.
This article was lightly edited for clarity purposes.
Watch: Coingeek New York presentation, BSV Blockchain: It’s About Time
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