"digital asset exchange" entries
Tim Swanson on the blockchain's potential and what the future of crypto-coins might bring.
Researcher and author Tim Swanson originally built bitcoin mining equipment in China a couple of years ago, but as he explained in a recent interview, he’s moved beyond the trading aspects of bitcoin and now focuses on research and use cases. Swanson, who also works in business development at Melotic, a digital asset exchange, expressed some skepticism about the future of bitcoin as a currency and noted that the greatest potential in the technology lies in the blockchain:
“I’m fairly skeptical that what [bitcoin] can and will do is probably either overstated or overhyped. I think most of the actual use cases, especially with blockchains in general, will be very mundane and will be related to proof of existence, so things like notary services.
“If anyone’s looking for a particular use case, I’d probably talk about one called CAT, Consolidated Audit Trail. It’s related to the SEC requiring traders to put together a way to find out when trades take place. On any given day, there’s about 48 billion trades that take place under their purview, and putting together a system for this, they want to make it centralized. Maybe you can use blockchains in some kind of decentralized fashion for this, but the idea — it’s not a very sexy, headline-getting use case — but it’s something that’s particularly needed to ensure their transparency within the trading aspect of these different financial instruments globally.”
Swanson will host a free webcast — The Continued Existence of Bitcoin, Altcoins, Appcoins, and Commodity Coins — on Tuesday, December 2, to talk about the various coins being created and the legal and technical challenges facing the developer community. Read more…