Craig Wright, the Australian computer programmer that claims to be Satoshi Nakamoto, believes that his new internet-like system could change the world.
Pay for internet searches with Bitcoin Satoshi Vision
The ‘Metanet’, which was first announced on the 30th of November, is a network in which all data is transferred via Bitcoin Satoshi Vision micro-transactions. Bitcoin Cash-advocating research centre nChain said that the system will “…allow companies to earn instant micro-payments for clicks, content, and data.”
Discover iFX EXPO, Your Gateway to Asian Markets!
For example, internet searches would be paid for by the person performing them, instead of the current model in which searches are free but covered in advertisements. With the Metanet, access to a social media profile would need to be authorised with a private key.
“The Internet becomes a sidechain to the Bitcoin blockchain,” said Wright.
“I want to see miners earning … maybe $40,000 per block, for commodity use.”
In a one and a half interview with Crypto Finder, Wright speaks at length about how this will work. Here are some interesting points from the interview:
Wright said that he intends to enlist financial institutions: “We’ll actually be approaching some banks, and even go up to the evil credit card companies and try to get them to do this because at scale, we’ll be able to have transactions more secure, faster, better settlement than Visa can do, so once we get that I’d like to go up to Visa and say ‘hey, how about you move over to Bitcoin [SV]…we’ll save you money, we’ll get rid of your fraud department.’ ”
Asked when the Metanet might surpass the internet, he replied: “I don’t know, because they’ll be in parallel for quite some time. But what I will see happening is people starting to embed invoice, purchase orders, rich contract information within transactions, compressed in a format which is secure, enabling them to have all their info stored…”
Asked to predict the price of Bitcoin next year, he said that he doesn’t know and doesn’t care: “All I care about is use. I’m going to get it so in the next two years, miners are going to be able to earn thousands of dollars per block. By the time I finish in two years I want to see miners earning at least $20,000, maybe $40,000 per block, for commodity use.”
Asked about what stepping stones stand between the present and the ‘Bitcoin economy’, he said: “We’re going to have to go through, as I said, the use of a commodity ledger, we’re going to have to get commodity value we’re going to have tokenised money. So, with some of the platforms that are available now, in bitcoin cash, it enables us to have, well basically, a US dollars that is approved by banks. Not like Tether, but a real bank. The only way you have a true stable coin is where you have a federal bank in the US or the Bank of England – or something like that – issue something. That will be one of the early stepping stones.”
So he appears to be in favour of central banks getting involved in Bitcoin. The Bitcoin genesis block famously contained the encrypted message: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”.
“I AM Satoshi”
Bitcoin Satoshi Vision is a cryptocurrency whose creation Wright spearheaded. It was created by splitting Bitcoin Cash into two cryptocurrencies, an action which split the user community and wiped out most of coin’s market value. Interestingly, Bitcoin Cash has very a similar origin story itself, splitting from Bitcoin back in August 2017.
Wright was asked if he has seen any other cryptocurrency (apart from Bitcoin SV) that he thinks is doing a good job: “I haven’t seen one yet,” he replied. “Half the problem is, everyone’s looked at what Bitcoin Core did and has missed the entire idea of what Bitcoin is really is… the thought that you have to have a node network where everyone runs a full node, which is exactly the opposite of what Bitcoin should be…Bitcoin was destined to end up in data centres…nodes will specialise. Over time, business and corporations will fight to get your money and compete, and then individuals will form the peer network.”
The media has been having great fun writing about the Bitcoin Cash dispute over the last few months because the parties involved take it all so personally – we’re talking hate-mail, threats of sabotage, and lawsuits.
Craig Wright is notorious for claiming to be Satoshi Nakamoto, the pseudonym used by the person(s) that created Bitcoin. The evidence that he offered was not convincing.