Bitcoin AMA Recap: Factom, Electrum & Pantera Capital

The biggest Bitcoin AMA in history is still going on to this very day, and the list of participants has been growing nicely. Over the course of recent weeks, some of the most prominent members of the Bitcoin community have been part of this AMA session and answered your questions. The time has come to recap what Paul Snow, Dan Morehead, and Thomas Voegtlin had to say regarding Bitcoin, their projects, and the future of digital currency.

Also read: ‘Companies Will Not Bring FinTech To The Third World’ – Andreas Antonopoulos

Paul Snow: ‘Bitcoin Can’t Act As A Settlement Layer Without Proper Meta Protocols’ AMAFactom is one of those projects that looks to improve upon what Bitcoin was designed to do. Using the same blockchain to provide a scalable solution in the form of meta protocols and private chains, Factom has become a major name in the blockchain technology sector. Many people are wondering about the future plans for Factom, and Paul Snow had the following to say:

“Milestone 2 will have a couple of major components. First will be the deployment of a Entry Credit store, where users can buy Entry Credits (basically access to the protocol) without touching any sort of tradable token. The second will be the release of the consensus algorithm, the software supporting distributed processing of the Factom protocol. We are working to have the first release candidate of the consensus algorithm by the end of the year. We fully expect to release a few release candidates prior to going into production with the consensus algorithm early in 2016.”

There are certain misconceptions regarding what Factom is and does. One community member heard how Factom was “selling checksums”, which was never planned for the project to begin with. At its core, Factom was built to support applications using the blockchain to document processes executed over time. In the end, the project will act as an autonomous layer securing sequences of data with a small and fixed overhead on Bitcoin.

As you would come to expect, the financial status of Factom was questioned by several community members. Considering the project raised over US$1m, there is a keen interest in finding out how the money is being used, and how much of the funds remains to this very date. Paul Snow explained Factom’s financing as follows:

“To be clear Factom, Inc. still has the majority of the funds raised in the seed round still in the bank for our 2016 budget period. This of course is augmented by contracts that are beginning to come on line. Our burn rate varies, but is significantly below 200K per month.”

Make sure to check out the entire Paul Snow AMA thread here.

Thomas Voegtlin: ‘I Now Work Full-time On Electrum’ AMAElectrum was originally created to prevent online Bitcoin wallets from stealing people’s funds. At the same time, this project became one of the first easy and secure wallet solutions that did not act as a third party holding user’s bitcoins. Throughout the years, Electrum has become one of the go-to solutions for many Bitcoin users around the world.

For those Electrum users who are looking for certain privacy-enhancing features, there are currently no plans to integrate such options. The reason for this is simple, as Thomas Voegtlin stated how such features can be labelled as “money laundering tools” in certain jurisdictions. which would in turn jeopardize the entire Electrum project.

When asked about the “geekiness” required to properly use Electrum, Voegtlin had the following to say:

“Well, developing user interfaces is difficult. The Electrum GUI that most users are familiar with is the Qt GUI. As mentioned above, we are now developing another GUI, the Kivy GUI, for mobile devices. I hope that it will be much less geeky; the constraints of mobile devices force us to make it simple.”

More information regarding the current status and future of Electrum can be found in the forum AMA thread.

Dan Morehead: ‘My True Passion Is Investing in Disruptive Ideas’ AMAIt was only a matter of time until someone asked Morehead about his opinion on Bitcoin and altcoins. To most people, altcoins hold very little to no value whatsoever, although others might argue how these alternative options develop new features that might make it to Bitcoin someday. Dan Morehead stated his opinion as follows:

“Some altcoins have genuinely useful features that are improvements on Bitcoin for specific use cases. There is value in these features, but bootstrapping an ecosystem/market/network even half of Bitcoin’s size is unlikely at this point. Since security is crucial for the viability of these technologies and security depends on the size of the ecosystem, the value those features provide cannot be utilized without great risk. However, we think that sidechains and other blockchain extension technology which allow piggybacking off of Bitcoin’s network security are a way these alternative blockchains with different but useful features will flourish. For example, Pantera has invested in the seed rounds of Ripple, which I assume you’re familiar with, and Zerocoin, which is a forthcoming anonymous digital cash. Both boast different, useful features relative to Bitcoin and specific use cases, but I believe ultimately these technologies will make their way back to the Blockchain.”

Bitcoin can make a major impact in various sectors around the world. Morehead mentioned how cross-border payments is one of the major sectors prone to disruption. But there is also the luxury authentication industry, as counterfeiting is a major plague that needs to come to an end sooner rather than later. Last but not least, mobile money will be an interesting area to keep an eye on over the next few years.

When asked about the biggest hurdle for Bitcoin to become a mainstream “thing,” Dan Morehead stated the following:

“Acquiring users could do some work – work which we’ve been seeing done the past year in terms of the ecosystem’s branding. “Blockchains, not bitcoins”, as dreadful as it was to hear, was a step in the right direction, but Bitcoin and the Blockchain need to be less focus/more backend. Nobody cares what they’re using if it works and they aren’t exposed to risk. You can see this with Align Commerce and Abra, which let service delivery do the talking instead of the old norm of trying to bank on controversial but trendy buzzwords. The cost-benefit of mentioning Bitcoin or the Blockchain in marketing is quite poor relative to not mentioning them at all.”

The full Dan Morehead AMA topic can be found here.

What are your thoughts on these three AMA topics? Let us know in the comments below!

Source: Forum

Images courtesy of Dan Morehead, Thomas Voegtlin, Paul Snow,