How Bitcoin’s three pillars are about to fix money — StarkWare CEO

Bitcoin wasn’t expected to conscionable beryllium still.

When Satoshi Nakamoto released the achromatic insubstantial successful 2008, it wasn’t a blueprint for integer gold; it was a peer-to-peer currency system. But fast-forward to today, and Bitcoin’s biggest critics and supporters alike often hold connected 1 thing: It doesn’t truly enactment similar money, astatine slightest not yet.

In the latest occurrence of The Clear Crypto Podcast, hosts Nathan Jeffay and Gareth Jenkinson talk with Eli Ben-Sasson, the co-founder of StarkWare and 1 of the starring minds successful cryptographic scaling. His message? That mightiness beryllium astir to change.

Bitcoin’s 3 pillars

Ben-Sasson lays retired a compelling model for however Bitcoin tin germinate — not by abandoning its principles, but by scaling them. He describes 3 halfway pillars that request to align successful bid for Bitcoin to fulfill its promise. 

Broadness, integrity and verifiability, according to Ben-Sasson, are concrete, method targets for Bitcoin’s wide adoption and useability. Not lone that, but the tools to deed these targets already exist. 

The reintroduction of a long-dormant opcode, OP_CAT, could beryllium the archetypal domino. “Nine lines of code,” helium said, “that would marque Bitcoin programmable again.”

Store of worth oregon economical backbone

Right now, Bitcoin is often described arsenic integer gold, a pristine, untouchable store of value. But Ben-Sasson wants to spot it relation much similar a integer economy: permissionless, inclusive and usable successful mundane transactions. That means rethinking what Bitcoin is for and upgrading however it works.

“If we don’t marque Bitcoin much useful, we hazard making it irrelevant.”

The speech touches connected everything from the authorities of Bitcoin governance to the relation of zero-knowledge proofs and layer-2s successful gathering scalable, decentralized systems.

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It besides explores what it would instrumentality to physique wealth that works for everyone, not conscionable the technically elite oregon financially privileged.

“We are not successful a concern wherever Bitcoin is simply a strategy that contiguous tin let immoderate 2 parties to transact without immoderate trusted intermediary. We're simply not there. To me, that's the start, mediate and extremity of of the crushed wherefore things request to change.”

To perceive the afloat speech connected The Clear Crypto Podcast,  perceive to the afloat occurrence connected Cointelegraph’s Podcasts page, Apple Podcasts oregon Spotify. And don’t hide to cheque retired Cointelegraph’s afloat lineup of different shows! 

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