The 2023 London Blockchain Conference (May 29 – June 2 2023) featured an open Q&A session, where audience members had the opportunity to ask a panel of experts any questions they had on anything surrounding the BSV Blockchain and the London Blockchain Conference.
The panel consisted of:
- Patrick Prinz, CFA of Fairway Family Office;
- Ray Sharma, Founder & Partner of Extreme Venture Partners;
- Osmin Callis, Founder & CEO of Mode8 Venture Studio
CBDCs – A threat to civil society?
The first question concerned the potential restrictions on individual freedom associated with Central Bank Digital Currencies (CBDCs), citing China’s digital yuan and its connection to the social credit score system. The audience member questioned whether individuals would have full autonomy over their money if CBDCs were implemented.
Prinz acknowledged the privacy concerns related to CBDCs but expressed that BSV blockchain as a peer-to-peer electronic cash system is both suited to be used as cash itself and also to serve as a fundament for a CBDC-based cash system emulating the private and secure nature of the current cash system.
Concerning his Canadian background, Sharma points to difficulties that can arise in connection with governments. He points out that the design of CBDCs is ultimately in the hands of state institutions and that the responsibility for an ethical CBDC system is therefore a task for democratic society.
Not your keys, not your coins
The second question concerned the ‘not your keys, not your coins’ mantra in the context of potential financial crimes in the crypto-asset space. Prinz dismissed the mantra, arguing that someone can be the rightful owner of certain coins despite not having the keys for any eventual reason. He emphasised the need for mechanisms to reclaim lost keys, including in cases of illegal activities, and mentioned a mechanism created by the BSV blockchain to allow authorities to enforce court orders through miners.
Sharma pointed out that criminals have played a role in driving innovation in the crypto space, likening them to innovators in other industries like gaming and porn on the internet. Callis added that existing laws and infrastructure are robust enough to handle such situations, highlighting the effectiveness of the current legal institutions.
Challenge and future development of interoperability between blockchains
Another audience member expressed concern about interoperability in the blockchain ecosystem, especially in the context of the metaverse. The question asked for potential challenges and solutions, including the use of AI.
Callis highlighted the analogy of the metaverse and the need for bridges between blockchains. The difficulty arises when blockchains operate on different consensus mechanisms. Callis discussed using the BSV blockchain as an internet protocol layer for interoperability but noted the lack of agreement in the industry.
Sharma emphasised the importance of reaching a consensus on a standard, drawing parallels to the evolution of the internet. In his opinion, the application layer will decide which blockchains or consensus protocols become the most relevant as opposed to the user layer, which cares less about protocols and standards working in the background.
He also pointed out that a successful app could become successful in a very short time frame pointing out how the time for the most successful apps to reach a critical mass of 100 million users has shortened for apps when comparing for example Instagram, TikTok or ChatGPT.
How blockchain technology can benefit developing countries
The final audience member, representing Honduras, sought insights on how developing nations can benefit from blockchain and avoid falling behind in technology.
Prinz recounted his experience from having personally engaged in the East African market, drawing parallels to the situation in Honduras. He described it as a fallacy to assume that regions that are currently less developed than industrialised regions are automatically falling further behind with the rise of new technologies. He described how developing countries leapfrog in development e.g. in the payment industry as widely available mobile phones fill out gaps that could not be filled because of a lack of infrastructure and capital.
Osmin Callis emphasised the importance of addressing real problems in communities and nations using blockchain technology, combining network theory, computer science, and economics. She supported Patrick’s points and encouraged individuals to leverage the technology to create better, faster, or cheaper solutions.
