Blockstream CEO: Internet Time Was Much Slower Than Bitcoin Time In Comparison To Dot-Com Era
Blockchain is one of the biggest emerging Industries on the planet and when it is discussed, parallels are often drawn to the dot com bubble of the early 2000s and this is because, at the time, the internet was also an emerging concept that was taking the world by storm.
While comparisons between the two are certainly valid Adam Back, the CEO of Blockstream and the inventor of Hashcash PoW protocol, has stated that bitcoin time is moving faster than internet time. This statement was made during a panel at the Bitcoin 2019 conference on June 26, 2019. During the panel, a discussion was done on Hashcash’s Inception as well as various inventions that aid the transaction of money electronically such Digicash. According to Back, bitcoin has broken through Satoshi's decentralized vision as well as his solution to hyperinflation through the fixing of the coin’s supply.
“Bitcoin has come much further and much faster than people expected,” he said. “There was a saying in the early dotcom era about “internet time,” and […] bitcoin time […] seems to be moving even faster,” he said.
He also stated that it is somewhat challenging to keep up, even for someone technologically advanced, with the many ideas springing forth in the crypto industry. This is true as new innovations are introduced to the blockchain and crypto industry on a near- daily basis and some of the most innovative concepts are believed to not yet have been introduced.
“Because blockchain and bearer electronic cash is a whole new building block and it has implications with smart contracts. It’s sort of like picking up a new programming language with a new paradigm, and it takes a while for people to natively understand it,” Back said.
He also gave credits to the lightning network alongside smart contracts for the progress they have helped create within the crypto industry. This is relevant as the lightning network has really gained attention in the last year and is helping to popularize the use of the network for the sending of funds. He also made reference to state chains which he says has insight and benefits by allowing left implied trust in the operators of a federal chain and that while innovations are not perfect, a lot of progress is being made.
“It strikes me that there are still major discoveries about the implications of the tech being found […] we’re still at early stages for what can be built […] and it’s surprising the number of things you can build on layers above it that retain interesting properties of what’s beneath,” he said, likening the crypto space to “TCIP/IP — so that there’s one interoperable standard and it’s a lingua franca for exchanging value.”
Back’s comments have merit in that the crypto industry has certainly expanded in the last few years and seems to be expanding at a very rapid pace even into the future. Some of the reasons for this is because first there is greater use of crypto even among the masses and as such, the demand for expansion is high. Also, it must be noted that institutional funds are coming into cryptocurrency very quickly and as such it is bound to expand even more to keep up with this demand.