Xapo CEO Wences Casares speaks onstage during day one of TechCrunch Disrupt SF 2015. (Steve Jennings/Getty Images for TechCrunch) In a recent interview with PayPal President and CEO Dan Schulman, PayPal Board Member and Xapo CEO Wences Casares shared his vision of a world where bitcoin becomes a global, apolitical standard of value.
Casares is known as “patient zero” in terms of Silicon Valley’s interest in Bitcoin and blockchain technology, but he thinks the road to success for Satoshi Nakamoto’s original creation may be much more boring than most of the people in Silicon Valley and on Wall Street would like to think. In the recent interview, Casares was also asked to compare Bitcoin with the distributed ledger technology (DLT) being worked on by major banks and the alternative public blockchains that compete with Bitcoin more directly.
Bitcoin vs Blockchain Technology Although it became somewhat fashionable for people to say that they’re interested in blockchain rather than bitcoin a couple of years ago, Casares believes this is an ignorant viewpoint to hold. “That shows quite a lot of ignorance about how the system works because that would be the equivalent of saying, ‘I like the web, but I don’t like the Internet,’” Casares told Schulman.
“Well, the web doesn’t work without the Internet. The blockchain doesn’t exist without bitcoin.” Casares went on to explain that, in his view, the key, world-changing attribute of the Bitcoin blockchain is that it is no longer necessary to trust anyone else to verify the data held in a particular database.
Instead, the level of trust in the data found in the blockchain exists on a spectrum related to the amount of work that has been expended on the verification of that data. In other words, a transaction gains more trust as it receives more confirmations from miners on the network. Read more from forbes.com…
thumbnail courtesy of forbes.com