Blockstream CEO Adam Back believes that “bitcoin time” is moving faster than “internet time” of the early dotcom era. The inventor of the Hashcash, the proof-of-work (PoW) system used by Bitcoin, marked it during a panel at the Bitcoin 2019 conference in San Francisco on June 26.
“Bitcoin has come much further and much faster than people expected,” he said. “There was a saying in the early dotcom era about “internet time,” and bitcoin time seems to be moving even faster.”
Back highlighted that it is challenging to keep up with the pace of new ideas in the crypto space:
“Because blockchain and bearer electronic cash is a whole new building block and it has implications with smart contracts. It’s sort of like picking up a new programming language with a new paradigm, and it takes a while for people to natively understand it.”
Back also likened the space of proliferating crypto assets to “TCIP/IP — so that there’s one interoperable standard and it’s a lingua franca for exchanging value.”