Distributed Ledgers are the True Heirs to Satoshi’s Vision

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October 24, 2018 by
Distributed Ledgers are the True Heirs to Satoshi’s Vision

 

The co-founder and CTO at Symbiont.io, Inc. a Fintech company, Adam Krellenstein focus on the coupling traditional financial markets and blockchain technology. He is also known as the author of some of the earliest attempts to use the bitcoin blockchain for some more experimental uses.

After ten years of the publication of their bitcoin white paper which is significantly known as one of their technical achievements in recent history that community which it creates has rallied around its vision in a crisis.

He further said that after worked for scale and ambition, we are struggling to answer fundamental questions about the nature of the technology and its role that have a great impact on the society. We struggle to understand the relationship between the public blockchain and the permission ones. Thus, there is one camp that watches the blockchain technology as being the most suited thing to create the digital currencies such as Bitcoin itself.

In fact, there is one more fight is going on about the value of different types of blockchain networks whether blockchain should be public or permission. In the public network, everyone can join the network but in the permissioned network, the membership of the network is less or more fixed. These two arguments are tightly linked to each other where it turned out that token systems are more useful than smart contacts when it is layered on the public blockchain consensus protocol.

Token and more tokens                                                   

Today, when looking at the bitcoin white paper, it is striking that Satoshi was right about the use of public blockchain a payment system or a digital currency.

Counterplay is termed as a public blockchain smart contracts platform where one can keep their focus on the token trading and insurance. on the other hand, the Symbiont is referred to as a fintech company that develops and licenses its permissioned blockchain based in smart contract system to enhance the infrastructure of traditional financial markets.

In the case of Counterparty, our vision was to create a trustless network for the decentralized finance with no middlemen. We create a platform to implement smart contracts for different kinds of token balances to make the world’s first decentralized and trustless asset exchange.

Nevertheless, the adoption of the Counterparty has centered around its token insurance and for the functionality of trading rather than advanced and exciting applications that sit enable.

Similarly, it has been three years since the Ethereum launched and it is pretty much the only thing which everyone uses for easy management by colored coins. Ethereum has received a lot of attention and produced great excitement for the theoretically limitless capabilities.

The part of the reason is that adoption of Ethereum has been lackluster that it is quite hard to build the real applications with complete safety with the help of smart contract languages. Still, it is surprising that different advanced Ethereum smart contract with the adoption is themed trading game which is not dissimilar to Spells of Genesis which were launched on Counterparty for long.

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