[KBW 2019-D.FINE] “Bitcoin with a 90% or more market share should evolve beyond value storage.“

David Chaum, founder of Elixxir & Praxxis, Adam Back, CEO of Blockstream and inventor of the Proof-of-Work(PoW) algorithm and Nick Szabo, an American computer scientist who founded Smart Contract participated in panel discussion at D.FINE, the main conference of the Korea Blockchain Week 2019 at Grand Intercontinental Seoul Parnas in Seoul on Oct. 1./Picture=D.FINE Conference Offer

Blockchain industry experts, who are said to have created the current blockchain technology, said, “The evolution of bitcoin is necessary. Bitcoin, already the most reliable cryptocurrency in the world, needs to evolve into a financial instrument and a form that allows transactions without intermediaries, rather than simply a means of storing value.”

David Chaum stressed that bitcoin is essential for privacy protection. he said “Bitcoin can give back control of the individuals that it’s been holding. If we can freely exchange money without giving it to a bank or a broker, we can create a new online world.”

Nick Szabo said “Other cryptocurrency transactions take only a few seconds, but they often change governance structures for that speed and give up some security. Unless they have the trust, which is the first value, they can’t go beyond bitcoin.“

Adam Back expressed a similar opinion. “It is now impossible to compete with Bitcoin by creating new cryptocurrency, and if bitcoin fails to become popular, all other cryptocurrency will fail. We need to focus on improving bitcoin so that bitcoin can be used more.“

Adam Back introduced that Blockstream is developing sidechain to evolve bitcoin. It means that through a sidechain called the Liquid Network, it is strengthening security and making the pace of signing deals faster.

He added “Blockstream is also developing Smart Contacts, which can develop blockchain applications like Ethereum, and Simple City, its own development language.