Bitcoin will always be ‘one of the fastest-transacting tokens,’ according to a former Google developer
The recent DCentral Miami conference brought together some of the sharpest minds in the cryptocurrency sector to share ideas.
At the event, former Google engineer and current contributor at Serum JHL covered the usefulness of Bitcoin, as well as the best crypto assets for investment.
When asked what might possibly substitute Bitcoin as a store of value, JHL said that there are a plethora of different tokens and initiatives that provide more usefulness than the flagship digital asset. Which led to the debate over whether Bitcoin has any inherent value at all since it serves no use; others argue that because it serves no purpose, it should be valued at nothing.
JHL responded as follows: “That is a fascinating question. I believe you are aware that there are items that before Bitcoin that may be in a comparable situation, such as gold, and those items are clearly rather valuable presently. Thus, I believe that does not imply that the Bitcoin price should be zero.”
The future blockchain will serve as a link to Bitcoin.
Since for transaction speeds and prices, the contributor highlighted that Bitcoin “will always remain one of the quickest and cheapest to transact” regardless of whatever blockchain or set of blockchains wins the race, as those blockchains will almost certainly have some method of connecting to Bitcoin.
He continued: “You cannot assert the same thing about any other token. It’s simply because Bitcoin is now so large and widely used that I believe any new blockchain would almost certainly have a large bridge from Bitcoin to that blockchain.”
As an engineer, JHL was asked what features distinguish a project and suggest that it has development potential for investors.
“We obviously seek for long-term viability in the protocol, ensuring that it can earn revenues on its own and hence justify its own pricing.” The two most promising protocols in this respect are Uniswap and SushiSwap,” he said.
The former Google programmer said that although fees are linked with Uniswap, they are only sent to the Liquidity Provider, and therefore the Uni token does not generate fees for its holders; rather, the Uni token is utilised as a governance token.
On the other side, the Sushi token, as he said, creates fees that are dispersed to Sushi token holders through the X Sushi staking scheme.