![]() The bank also reportedly tested so-called ‘BK Coins’ as incentives for the company’s corporate recognition program as a reward for creating select software services. The bank’s CIO, Suresh Kumar, told the Wall Street Journal the bank was researching ways to make transactions more efficient. BNY Mellon senior developer, Arun Battu, built an application using open source code from to run on BNY Mellon’s internal network. In order to illustrate where Bitcoin excels, Garzik cites BNY Mellon, a global financial services company that has experimented with Bitcoin. “Most people are looking at either Tendermint or Hyperledger on the private blockchain side for more smart contracts, supply chain, and provenance-type use cases.” “If I want to build a completely decentralized ETF that manages 20 assets like an S&P 500 style index, Bitcoin is just not going to do that.”Įnterprise Bitcoin experiments have not gone very far, said Garzik. ![]() But, he admits, Bitcoin is not flexible enough to achieve certain goals, especially on the enterprise side of things. The first cryptocurrency works for payments and moving assets, said Garzik, who calls Atlanta, Georgia home. Bitcoin makes it more secure, easier to analyze, and easier to build secure software.” And so, if I'm pragmatically, rationally building a project, I want to build on the strongest chain. “Bitcoin is the root of the internet of chains. “And then the economic side is it’s the strongest chain,” he said. That's the social and philosophical side of Bitcoin. The Lightning protocol refers to a scaling solution built on top of the Bitcoin blockchain. Once you're onboarded to Bitcoin, you find out about this whole universe of blockchains, DeFi, and the Lightning protocol,” said Garzik. "That becomes your knowledge explosion and your intro to the cryptocurrency industry as a whole. “Bitcoin is like taking the red pill in the Matrix,” said Garzik. He also seems to believe it could lead to personal epiphanies. Garzik, a Linux Foundation board member, says Bitcoin is still relevant today because its simpler and easier to secure than other blockchains. In the early days, Bitcoin still plays a crucial role He says the industry is a couple layers away from making blockchain products safe for the average user.
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