Dr. Craig Wright was one of the keynote speakers at the IEEE UAE Blockchain Symposium. The core of his presentation was on IPv6 and how it can be combined with Bitcoin SV, which scales unbounded at a tiny fraction of the cost and can change the future of the Internet. He caught up with CoinGeek Backstage on the sidelines of the event to talk about his vision for Bitcoin in the era of IPv6.
Dr. Wright said that people have been getting the concept of Bitcoin’s peer-to-peer nature wrong, telling CoinGeek’s Sarah Higgs: “When I released Bitcoin, the concept of peer-to-peer wasn’t referring to a network like Napster. Rather it was designed to talk to end-to-end communications.”
“I discussed IP-to-IP in the early days of Bitcoin, and that means person A talking to person B directly, not ‘I send to the blockchain and it sends around for a little while and then you find something on it.’ Rather, it should be very simple, I communicate to you, I give you my transaction and then you send it to the blockchain to be processed,” he explained.
Dr. Wright has been hammering this point for some time now. In his presentation at the IEEE UAE Blockchain Symposium, he pointed out that Bitcoin isn’t meant to work like BitTorrent or Napster in its end-to-end model, despite many people believing this is how it works. In his interview on The Bitcoin Bridge, he also doubled down on Bitcoin being end-to-end.
“It’s not meant to be Alice sends to the miners who send to another miner who sends eventually to Bob. It’s meant Alice sends to Bob, and Bob and Alice can communicate and set up any information that they need,” Satoshi explained to host Jon Southurst.
As Dr. Wright revealed to Jon, he initially built IPv6 into Bitcoin, which is incredible given how long it took before shifting the Internet to IPv6 even became a topic of discussion. However, Satoshi listened to detractors who claimed it couldn’t work on Bitcoin and stripped it from Bitcoin.
“I implemented to have the IP-to-IP model, but I didn’t realize at the time that a lot of the people coming on as developers didn’t actually want the model that I had for Bitcoin,” he said.
The time for IPv6 to integrate with Bitcoin has now come, he believes, and it’s only Bitcoin SV that has the scale to integrate a world of hundreds of billions of interconnected devices on IPv6.
“BSV scales, and that’s always the argument. My goal this year is to have over a million transactions a second, and by the end of the decade to have over ten billion transactions a second and maintain the cost at a fraction of a fraction of a cent. That’s it,” Satoshi told CoinGeek Backstage.
“You can take any other ‘crypto’ project and they won’t come to 1% of the scaling ability of Bitcoin,” he said.
For Dr. Wright, Bitcoin SV has already achieved the only two things that should matter—scaling unboundedly and being extremely cheap. Any other blockchain project must be put to the same test—can it scale, and is it cheap enough, Satoshi told CoinGeek Backstage.
Bitcoin SV’s unbounded scaling has already been proven, with 2022 shaping up to be the network’s best year yet. As CoinGeek reported recently, BSV hit 10 million transactions a day this month, the most of any other blockchain network by a country mile. In fact, this represented over 75% of all blockchain transactions globally, about eight times higher than Ethereum and XRP.
Still, in April, BSV recorded a record-breaking number of transactions in a single block at 2,512,670. Bitcoin miner GorillaPool, which was the transaction processor of the 3.82 GB block, the largest at the time, earned 9.757 BSV in transaction fees in addition to the 6.25 block subsidy.
Watch: IEEE UAE Blockchain Symposium Craig Wright keynote: Creating secure internet with Bitcoin & IPv6
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