Bitcoin Foundation Italia President What is Blockchain and why it is so important? Blockchain is the name given to the database that is on the bitcoin network, and the bitcoin network is a peer-to-peer network. Peer-to-peer networks are known, generally, as those networks where you exchange files like music, games, text and others, like Emule or Bittorrent. The Bitcoin, instead, is a peer-to-peer network, but the only thing that can be exchanged is a database, it could be called a register, and it is divided into blocks chained together and so in English it is called Block – chain. Currently the Blockchain is treated differently by institutions, banks and others. As, at some point, the newspapers started talking badly about the bitcoin, and to write news on all its negative aspects. The word bitcoin gained a negative value, So if a business, or someone looking for investors, or someone who has to offer products, talks about the bitcoin, it is a bad thing. It’s better to say blockchain, it is a “cleaner” word. If you search the word blockchain on google you will not find all the negative news as with the bitcoin. Then this word exploded and became a buzzword. So people, who not even know what they were talking about, use it in order to receive investments and promote their services. However, the Blockchain is simply the name of the database spread through the peer-to-peer network of bitcoin. The blockchain system is maintained by inspectors. These controllers were named “Miners” for how they are rewarded, they have to check and thanks to this checking activity, they receive a prize. This is the incentive, which pushes them to work and to make sure the chain functions, the transactions are correct and that the network is preserved. If you remove the incentive system, the inspectors disappear and so does the blockchain. Then a blockchain without the incentive is only theory. The incentive must be bitcoin or a similar one. There are now so many concurrent cryptocurrencies and each of these, more or less, works following the same path: if there is an incentive for the controllers, they verify the blockchain, of those coins, works and exists. Creating a blockchain without the internal incentive is practically only theoretical. For now, it doesn’t exist and in general, who promotes it, or is someone who seeks easy money, or is a cheat or a naive who is not prepared on this topic. What does the future hold for the blockchain? The future of blockchain is more about the future of cryptocurrencies, especially bitcoin, but now there are many other competitors. As far as my belief is concerned, the bitcoin will prevail among all its competitors, this is my opinion. But, it is better to talk about this: what is the future of cryptocurrencies. They, as I have explained today, were born to provide an alternative to the global monetary system, the euro or the dollar systems. An alternative, so people could choose. Before they could not choose another coin different from the one they commonly used. There wasn’t such a choice because new currencies had to respect the rules imposed by institutions, otherwise they would have been banned, whether right or wrong it was. On the other hand, the bitcoin was born as something that was regulated, meaning that the internal rules were transparent. So, it could become an alternative that people could be free to choose it or not. The future I see for cryptocurrencies is that, slowly, this market evolves and soon they will replace current traditional currencies. Someone may say that this is impossible, but it will happen in several years, maybe 10, 20 or 30 years, I do not know. The purpose of this technology, though, is to be an alternative and cover every part of the market, the other currencies like the euro, the dollar, or any other don’t. “Fiat” currency, the coins held by a state or a bank, are so called because fiat means “so be it” from the Latin, “so be it”. Therefore it is an imposition of value. Instead, the cryptocurrencies are voluntary: if someone does not want it does not like it, they simply do not use it. The advantage is that the people use it because they like it. They like the cryptocurrencies for what they offer, whether right or wrong, a person says: “I like this system, because of how it works!”. So, the developers of these technologies are trying to make them more useful, easy and appreciated by the market and the common people and the goal of all of them, competing among themselves… when somebody asks: “Will the euro be fine? Will it go wrong? Or the dollar?” All these developers do not care about it any more, the competition is no longer against the euro or the dollar, that are already count out, but it is among them. There are 800 cryptocurrencies that are competing among themselves and I see this future: the competition of these currencies and the disappearance of the euro, the dollar and all imposed coins. I see this futere as main development, then, we talk about what the blockchain technology another distribution, other decentralization can generate in other areas They are definitely nice things. We can reach them in one way or another but the fact that people have the total financial freedom of their work and results this will be the most disruptive thing that we will see in the future What is bitcoin foundation? I’m following the bitcoin since 2010, and at a certain point our community, which is a community that existed only on a forum, on chat, or on facebook decided to create a non-profit association called Bitcoin Foundation Italy. Our goal is to be like a point of reference for all those people who need it. In reality, there isn’t the need of our association because of the bitcoin. The Bitcoin existed before us and will exist after us. If tomorrow the association disappears, the bitcoin would not cease to exist. We are just promoters of this technology. We think we have enough expertises and we also make a selection of people who can be the representatives of the association to talk with institution or to spread information about this technology. So, we don’t promote products or services we are not a company, we simply promote the bitcoin for its technology. For an example, it is like if they were internet promoters. Now there is no need for an internet promoter it is a widespread thing. We are the promoters of this technology, the bitcoin. Interview filmed during the
1st Bitcoin Venezia Meetup