The Chief Scientist at nChain and the man behind the latest developments at Bitcoin SV [BSV] has suggested that top-cryptocurrencies like Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH] are heading for a troubled future.
In a series of tweets, Wright spoke about the safety of the commercial nodes of the aforementioned cryptocurrencies and the legal connotations that surround them and their networks.
His tweet in full read:
“Sorry, BTC, BCH, ETH etc are heading for trouble. All have illegal data and are not run commercially.
Bye bye home user meme”
Craig Wright mentioned that this legal research was conducted by him before Bitcoin was born in 2008, when he completed his Masters of Law research and that his first public presentation mentioning Bitcoin was only in March 2009.
He highlighted the aspect of commercial nodes in contrast to home nodes in the tweets that led to the above conclusion, stating that commercial nodes are covered under the safe harbor provisions, so as long as the organizations engage responsibly.
Wright further highlighted that users who hold or push through any sort of illegal content on the network and is not commercial are the ones in trouble. He mentioned this as it was alleged that an illegal picture depicting child abuse found its way to the Bitcoin SV blockchain. Wright replied to the Hard Fork article that exclusively focused on Bitcoin SV network drawbacks that allowed the image to surface, stating that the same can be true for other blockchains like Bitcoin and Ethereum.
Craig Wright stated:
“The ability to verify transactions using SPV does not require a node.
Users who hold illicit data and are not commercial are the ones in trouble.”
On top of the above developments, Craig Wright has also been pushing for increased application-based usage of Bitcoin SV. Last month, the nChain chief scientist formulated the use of the BSV wallet as a smart card system authenticator. Based on nChain’s patented technology, this application will allow for biometric access while complying with the necessary KYC/AML laws.
He also formulated how Bitcoin SV can be used to enhance peer-to-peer online payments. Whilst keeping privacy at the core of the operations, Wright highlighted how BSV can be accepted by web servers and how fiat currencies and other tokens can be exchanged through this application thereby allowing for a more organized system to Bitcoin SV transfer.