Craig Wright Believes Bitcoin Could Replace Patreon with Smart Contract Implementation
According to Craig Wright, the chief scientist of nChain, Bitcoin could replace Patreon in the future. He said that during a conversation by the YouTuber Philosophie Workout. He said that the popular virtual currency could be used to make automated payments for subscription services.
He explained that using pre-signed transactions on Bitcoin it is possible to automate payments in many different paid services. This would allow content creators to benefit from their work. However, there are individuals that believe that this is something impossible.
On the matter, he commented:
“It can’t be done, people say. Well, of course, it can. You just need to have a different template. I need to have one where it is signed to you so I pay 0.1 BTC every month. Or I can have a tokenized amount of US dollars that get paid to you every month or Bitcoin. All these things are possible. But someone just needs to start thinking that they are possible and allowable.”
Craig Wright has been working with Bitcoin Satoshi Vision (BSV). The project split from the Bitcoin Cash (BCH) network a few weeks ago after a hash war that could have had a negative influence on the crypto market. Just a few hours before the network upgrade on Bitcoin Cash, the market plummetted to new lows in 2018.
Bitcoin SV proposes increasing block sizes, something that Bitcoin (BTC) supporters do not like. Indeed, Bitcoin developers have been working in order to create the so-called Lightning Network (LN). The Lightning Network is a scaling solution for Bitcoin that would allow it to process millions of transactions per second at very low cost.
Wright has always criticized this proposal claiming that it has several weaknesses and that those will be known in 2019. He explained that developers are ignoring the ‘routing problem’ which is related to a low success rate for transactions when these get larger.
According to a recent report published by Diar, sending a transaction of just a few dollars has a probability of success of 70%. However, if the payment is larger the probability of success falls down to 1%.