Steve Wozniak, co-founder of Apple, is stoked about Bitcoin.
Recently, he reiterated his hopes at the Money 20/20 Europe 2018 conference (June 4-6) in Amsterdam that Bitcoin will become the Internet’s “native currency.”
“I buy into what Jack Dorsey says, not that I necessarily believe it’s going to happen, but because I want it to be that way, that is so pure thinking,”
What attracts Wozniak to Bitcoin is its decentralized nature; despite not having any formal or central entity running the protocol, Bitcoin continues to grow “in a way that is natural.” In order for Bitcoin to take on widespread adoption, however, there must be some form of centralization to incentivize business owners to create valuable solutions. “For example, being totally decentralized and having no central control… is the first one they have to give up to have a business model.”
What technical efforts are being made by the community to put Bitcoin into the hands of people all over the world?
The Internet as we know it currently operates on top of layers of the TCP/IP protocol. Similar to that principle, the team behind the Lightning Network aims to develop a network that sits on top of the bitcoin blockchain. The main case made by Thaddeous Dryja and Joseph Poon, (the authors of the Lightning Network white paper), is that even more payments can be executed between parties at a much faster and secure rate by operating outside of the main Bitcoin protocol.
Rootstock, according to Cryptocompare, is another sidechain project that enables users of the Bitcoin protocol to deploy smart contracts. Adding a layer/sidechain to enable the deployment of smart contracts could potentially result in greater adoption. The system, as of late May, is still being tested.
Enabled by SegWit, MAST also aims to deploy smart contracts on the Bitcoin blockchain. What differentiates MAST from Rootstock, is that only parts of the smart contract are put on the actual blockchain; all of the metadata will be recorded on the Bitcoin blockchain after conditions of the smart contract will be met. MAST also improves scalability by recording scripts actually used (therefore reducing the amount of data transmitted), as well as privacy, by keeping unused scripts hidden.