Craig Wright Supports Tokenization on the Bitcoin Cash Blockchain
During the London Blockchain Summit, Craig Wright spoke to CoinGeek about his expectations on the future and the tokenization on the Bitcoin Cash network. Craig, who is the chief scientist at nChain, is enthused by the prospect of introducing tokens on the BCH chain. Typically, tokenization is linked to the Ethereum DApp ecosystems, although the Ethereum blockchain has ben adversely affected by the lack of dependable scalability infrastructure. Wright attributed the limitations to the design of the Ethereum smart contracts, saying that such inhibitions are inevitable.
Among the solutions that have been deployed on the BCH network to curb the scaling issue include increasing block sizes. Craig supports this method, and is even to open to additional increments in the future. However, Craig detest the concept of sharding, which usually involves the distribution of process among several nodes in a blockchain network with an aim of reducing the workload on the main chain. According to Wright, sharding is a misconception of the working mechanism of peer-to-peer networks. To him, this system favors large-scale institutions since they have enormous processing power, meaning that they complete tasks faster than smaller nodes. Furthermore, sharding increases the vulnerability of blockchain networks because it slits security among multiple parties, making it harder to identify and control possible breaches.
Additionally, Craig revealed that nChain intends to expand the use of tokens across the entirety of its services. In this regard, Wright said that nChain ware developing a solution that will transcend the archetypal uses of ER20 and ERC721 tokens. Their tokens will cover utility, stocks, bonds, and so on. Moreover, the token platform will be integrated onto the Bitcoin Cash network, and will thereby compatible with the Internet of Things and other nascent technologies.
Craig Wright firmly believes that the tokenization on the Bitcoin Cash blockchain will create endless opportunities. For instance, he envisages a scenario where gamers can leverage access chains built on the BCH blockchain that can process billions of transactions in short periods at affordable costs. When that time comes, according to Craig, nothing will be impossible.
Individuals who are interested in promoting the adoption of BCH by merchants are encouraged to join the bComm Association, an organization that comprises of merchants, developers, exchange platforms, miners, and members of the BCH community. Members of the bComm Association will be privy to several favors, including discounted ticket prices for the upcoming CoinGeek Week Conference.