Opinion | Bitcoin is not only digital gold, but also the "source of truth"

Cameron Winklevoss is the co-founder of Winklevoss Capital, the Gemini cryptocurrency exchange. He said that the development potential of Bitcoin (BTC) surpassed digital gold.

Cameron Winklevoss and Tyler Winklevoss graduated from Harvard University. The two brothers accused and sued their former alumnus, Facebook CEO Mark Zuckerberg, who claimed that they had stolen their ideas and created Facebook.

Ring-1692713_1280

Image source:

In a tweet posted on October 23, Cameron pointed out:

"Because Bitcoin is open source software, its possibilities are limitless. I often compare the gold market value to the target market value of Bitcoin, but this is actually just the beginning. Bitcoin is digital gold, the real source, and so on… …"

A shared "source of truth"

Cameron’s point of view goes beyond the analogy of comparing bitcoin to gold. Some bitcoin supporters compare the scarcity of precious metals with the limited supply of bitcoin to emphasize the role of cryptocurrency as a value-based digital store.

In accepting this view, Cameron believes that Bitcoin, a cryptocurrency, has revolutionary potential for open source software, which establishes a decentralized, immutable, secure and anonymous transaction digital public record: sharing , a single source of truth.

In an information system, the source of truth (SOT) is a term used to represent a trusted data source that provides a complete image of the entire data object.

Cameron believes that this robust and trust-free model ensures data integrity between the vast network of participants and is the foundation for asset-unique commitment.

Cryptographic commentators have previously secretly combined these two perspectives – scarcity and integrity – especially for the counterfeit crisis that plagued the gold industry this summer.

In August of this year, about 1,000 counterfeit gold bars were found in the vaults of major banks such as JPMorgan Chase – and there may even be more counterfeit gold bars in circulation.

As a cryptocurrency proponent said:

“Do you accept people you don’t trust using gold as a payment method, and don’t verify the weight and purity of gold before shipping the product? Treat a complete Bitcoin node as a “bitcoin true and false detector” Just need a 'A Raspberry Pi' to verify the "purity" of Bitcoin."

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

From Caroline Ellison to Gary Wang The Fate of Bankman-Fried Hangs by a Thread, According to Bloomberg

Three ex-close friends and colleagues of FTX co-founder Sam Bankman-Fried have testified against him, possibly result...

Market

The ultimate way out of cryptocurrency exchanges: decentralization (below)

The full text is brief: Alicoin|Exclusive view With the endless stream of asset security cases such as hacking and se...

Blockchain

Blockchain investment: which "platform coin" has more investment value?

In the last lecture, I analyzed the "privacy currency" field in the blockchain industry. In this lecture, I...

Market

Encryption exchange "moving tide": US SEC "strongly pushed away", Middle East and Hong Kong "welcoming with a smile"

Due to the recent pressure from the SEC, several major exchanges around the world are preparing to flee, with the UAE...

Blockchain

On the line in March, the daily trading volume broke through 100 million, and the FTX exchange that turned out to be so hot is so hot?

The huge potential of the derivatives market is beyond doubt. Mark Lamb, CEO of CoinFLEX, recently predicted that by ...

Blockchain

New rules for persuading withdrawals or selling shells for revenue? OSL reportedly withdraws from the Hong Kong Web3 "gold rush".

Author: Blocking, Climber On July 5th, Tencent News' "Qianwang" reported that OSL, a compliant virtual asset trading ...