Bitcoin is the largest cryptocurrency in terms of market capitalization, and it may also be the most widely used, but it’s not the most useful when it comes utility, according to JHL, a contributor to Project Serum.
JHL was a machine-learning engineer at Google before joining Project Serum. He then worked at Alameda Research as an engineer.
JHL spoke to David Lin, Kitco News anchor at the DCentral Miami conference. JHL stated that Bitcoin’s technological limitations don’t necessarily mean there is no intrinsic value, as some crypto critics might argue.
JHL stated that he believes there were other things before Bitcoin, such as gold. Those things are clearly very valuable, so it doesn’t necessarily follow that the Bitcoin price should go to zero. “One thing that is interesting about Bitcoin is that, regardless of which blockchain wins, Bitcoin will always be the fastest to transact and the cheapest. No matter which blockchain or set of Blockchains wins, they will likely have a way to bridge Bitcoin to those blockchains. This is true for any token.
Bitcoin fell more than 6% Tuesday.
JHL pointed out that Solana is a blockchain with superior transactional properties.
“Solana” is a layer 1 blockchain. He said that the blockchain is highly scalable, inexpensive, and fast to transact. It also has many interesting scaling features. It’s highly parallelized. Transactions can be made on the Solana Blockchain in parallel. This is one of my favorite features. It scales with hardware in real life.
Solana is cheaper than Ethereum.
“Solana is much cheaper and much faster. Many people agree that Ethereum is more decentralized. He said that he believes that right now, and Solana has made a lot of improvements…and that it can reach that level in the future.