Bitcoin Pioneer Says New Coin to Work on Many Blockchains
From Bloomberg
Jeff Garzik, one of a handful of key developers who helped build the underlying software for bitcoin that is known as blockchain, has seen its shortcomings firsthand. So he decided to create a better digital currency.Read more: https://www.bloomberg.com/news/articles/2017-10-24/bitcoin-pioneer-says-new-coin-to-work-on-multiple-blockchainsHe’s calling it Metronome and says it will be the first that can jump between different blockchains. For example, coins that are used for applications on the Ethereum blockchain will be able to move to Ethereum Classic before jumping onto Qtum or Rootstock, which connects with the bitcoin blockchain, said Garzik.
The mobility means that if one blockchain dies out as the result of infighting among developers or slackened use, metronome owners can move their holdings elsewhere. That should help the coins retain value, and ensure their longevity, Garzik, co-founder of startup Bloq that created metronome, said in a phone interview. It will be unveiled Tuesday at the Money 20/20 conference in Las Vegas.
"Institutional investors should be very excited to see something like this," Matthew Roszak, the other co-founder of Bloq and chairman of industry advocate Chamber of Digital Commerce, said in a phone interview. "We’ve built a thousand-year cryptocurrency, something that’s built to last."
That’s a concern for many digital currencies. Infighting among developers and various supporters, and the slow pace of enhancements on the bitcoin blockchain have helped to limit use. Both bitcoin and its main rival, ethereum, have split into several versions.
More splits could be coming -- partly, thanks to Garzik, who is a proponent of and a developer for an upgrade to the bitcoin network called SegWit2x, which offers one way to speed up transactions. That split could happen in November.
So the recent Bitcoin Gold fork drove the price to an all time high will Bitcoin Segwit2X do the same? It seems like a lot of people are hoarding their bitcoins at the moment looking to score these new coins.
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This is great news for crypto. One aspect of this technology that gets difficult to explain to new investors is the longevity and security of value. A cross-platform between the many coins will help in giving ease explaining that they will not be dependent upon a single technology.
This is great news for crypto. One aspect of this technology that gets difficult to explain to new investors is the longevity and security of value. A cross-platform between the many coins will help in giving ease explaining that they will not be dependent upon a single technology.