Neha Narula. Source: a video screenshot, Youtube/Telstra Business.
Bitcoin (BTC) mainstream adoption is more about people using the underlying Bitcoin network instead of a lot of rich financiers and organizations coming in to hold the underlying asset, according to MIT Digital Currency Effort Director Neha Narula.
Narula and Lightning Labs CEO Elizabeth Stark were going over Bitcoin and the Lightning Network throughout Messari‘s Mainnet online conference on Monday.
“We forget mainstream adoption doesn’t mean institutional adoption. It doesn’t mean a bunch of really wealthy people holding Bitcoin as an asset to protect their wealth. That’s not what mainstream adoption means,” Narula stated, discussing that, to her, it has to do with daily people that are really using thisnetwork
“Whether that’s holding because it’s part of their savings, or whether that’s using the Lightning Network to make payments, or whether it’s building things that are on top of Bitcoin,” she added.
Stark pointed out that lots of people on Bitcoin Twitter were disturbed about a discussion by a division of financial investment banking giant Goldman Sachs last week. “Cryptocurrencies consisting of bitcoin are not an asset class,” it stated.
Stark and Narula concurred that this is not something Bitcoin users should appreciate.
“If Goldman Sachs likes [Bitcoin], I believe that suggests we’re doing something wrong,” stated Narula.
“They should not like Bitcoin. We don’t want Jamie Dimon saying Bitcoin is great. I understand people want number to go up, but you got to be in this for the long term. You have to think about what this really is and what kind of value it really has. And it’s not just about pumping an asset.”
Bitcoin’s 4 key locations of development focus
As this was an update on what’s going on with Bitcoin protocol development, Narula also covered the 4 key locations of focus she sees in the Bitcoin development procedure.
- Much better personal privacy, that makes it more difficult to censor deals
- Much Better performance, that makes it easier to run a full node and for that reason makes the network more decentralized
- Much better toughness, making it more difficult to attack the Bitcoin network in general
- Extra performance, not just for performance’s sake however in terms of what the business building on Bitcoin truly need
Bitcoin development financing
Another subject covered by Narula throughout her discussion with Stark was the financing of Bitcoin developers who are working on the underlyingprotocol Stark pointed out that, while altcoins frequently have premines or preliminary coin offerings (ICOs) where funds can be scheduled for protocol development, this element of the network works in a much more ad-hoc way in Bitcoin.
” I do not see this as a disaster of the commons due to the fact that I believe the truly advanced hodlers understand that they need to give back to the network to safeguard their assets,” stated Narula. “And I believe the truly advanced organizations see this also … It’s like the Linux open-source kernel, it’s like Red Hat, it’s like IBM If you’re building on open-source technology, you need to contribute back to making sure that open-source technology is robust.”
Narula also pointed out that the fact Bitcoin Core factors are needing to discover new financing for their development work on a year- to-year basis is a truly scary circumstance when you think about how much money is at stake on the Bitcoin network.
“There was no token sale,” stated Narula. “There is no foundation. There is no, sort of, central body with hundreds of millions of dollars that is supporting Bitcoin.”
MIT’s Digital Currency Effort, Square Crypto, Chaincode Labs, Blockstream, Digital Garage, BitMEX, Xapo, and Coinbase were pointed out as particular business who have actually offered financing for open-source Bitcoin development.
“Like I said, I think the sophisticated companies realize that this is really important to their success,” stated Narula.
Learn more: More New Bitcoin Dev Funds Needed, Key Financing Players Exposed – Research Study