Craig Wright, the Australian entrepreneur who may be the creator of the Bitcoin, addressed ESILV students on the occasion of an exclusive conference on campus. At the heart of the talk, Bitcoin and its “future potential”.
Now Chief Scientist of nChain, a company whose objective is to foster a new paradigm around the Bitcoin blockchain, making it widely used and more valuable, Dr.Craig Wright explained ESILV financial engineering students how Bitcoin could lead to a better world.
“The bitcoin network provides the framework and system to create a brave new world”.
Wright’s conference followed the introduction given by nChain’s IP, Communications and Legal Officer Jimmy Nguyen about the company’s orientation. Wright’s approach of the bitcoin is based on the possibility of a “greater future” made possible by the blockchain. He wants people to consider the Bitcoin as a mean for an equity-based society, not just as a cryptocurrency.
Where it all started
Of course, ESILV students following the financial engineering major are familiar with blockchain and Bitcoin, however nChain’s Chief Scientist reminded the audience with the basics. 2008: blockchain technology was first introduced in a white paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System” signed by Satoshi Nakamoto. The principles were – and still are – the following: no reliance on trust, digital signatures, peer-to-peer network, proof-of-work, public history of transaction and signatures, independent nodes control majority of computing power by mining, nodes vote with computing power, rules and incentives enforced through consensus mechanism.
Life-changing emerging technologies
Dr. Wright explains how emerging digital technologies will change the way we work, the way we live and the way we communicate. According to him, the development of new technologies is limitless, as there is always a way to overcome what was thought as an unconquerable boundary -for instance the size of transistors. For a long time, it was acknowledged that they couldn’t be smaller than 5 nanometers: at the time of Craig Wright’s conference at ESILV, the smallest transistor was just 1.5 nanometer. For the Australian, this is an example of how technologies are constantly evolving. What’s at stake for nChain is to use them in such a way that it will profit people.
A dream of a greater future
Like Jimmy Nguyen did, Craig Wright insists on the fact that he wants to extend the use of Bitcoin and the profits it can create to everyone willing to get involved.
“We have an interconnected network that we want to take further. My business plan is: we own bitcoin, we make things that make bitcoin worth more, and we get profit. That’s very simple! We’re trying to get everyone to make profit”.
Watch the conference to understand what specific Bitcoin applications could change our lives according to nChain’s team and how the economy could gradually become equity-based, creating opportunities for everyone, even the third world populations.