Earlier this week the blockchain technology-based research and development organization, Nchain, announced a strategic partnership with ‘SBI Bits,’ a subsidiary of SBI Holding’s core fintech strategy branch. In addition to this news, Nchain recently appointed Jimmy Nguyen as its Chief Executive Officer in order to tackle the ‘next chapter’ of the firm’s roadmap. News.Bitcoin.com decided to discuss the company’s recent developments this week with Mr. Nguyen, who tells us 2018 is going to be a “big year” for Nchain.
Supporting the Usage and Growth of Bitcoin Cash
Jimmy Nguyen has recently taken the position of CEO at Nchain after serving multiple roles with the firm. Nguyen tells us that Nchain’s mission is to enable massive growth of the bitcoin cash network, and his new position will bolster the vision. The company has four separate business units he oversees which includes a focus on blockchain development and research, an IP company, a cryptocurrency wallet and exchange based out of Canada, and its new investment arm called ‘Nchain Reaction.’
“Three of the business entities were already pre-existing,” Nguyen explains to news.Bitcoin.com. “The new business that is being added to the mix is our new investment entity which is called Nchain Reaction. The reason we started [Nchain Reaction] is because since we merged publicly earlier this year we’ve been approached by lots of companies and startups in the bitcoin and blockchain space, and we were supporting them somehow, and doing business deals with them.”
So we decided to start our own investment vehicle. One that could support companies with great products and applications that all are for the usage and growth of bitcoin cash in particular.
Making Cryptocurrency Solutions More Usable
Nguyen explains that at the moment bitcoin core (BTC) is having growth problems and is being used as a speculative asset rather than a currency.
“I’m sure you see one of the issues with the growth of bitcoin right now is people are buying it as an investment, and it’s not being used on a daily basis — It’s not being used in e-commerce or as we call ‘bit-commerce,’” the CEO of Nchain emphasizes.
Part of that I think is that there needs to be better applications and products out there to make cryptocurrencies more usable for consumers and merchants. So with that company, we are focused on making bitcoin cash more usable.
Bitcoin’s True Usage Is Electronic Cash — The Only Viable Alternative for That Right Now Is Bitcoin Cash
Further Nguyen and Nchain believe bitcoin cash is the ‘true bitcoin’ and is the only network that genuinely reflects the bitcoin white paper written by Satoshi Nakamoto published in 2008. Nguyen tells us that both currencies will co-exist for a while, but he can’t predict what will happen in the future.
“We [Nchain] believe that bitcoin cash is the ‘true bitcoin’ and that it is closer to the vision of what bitcoin was supposed to be — a peer-to-peer electronic cash system. This is in contrast to the way the legacy chain is moving and how it’s trying to become more of a ‘store of value,’” he explained. Nguyen responds to a question about bitcoin core (BTC) and bitcoin cash (BCH) co-existing:
I never wish any other teams cryptocurrencies ‘ill will,’ and there may be a world where they can co-exist. However, we believe bitcoin’s true usage is electronic cash, and the only viable alternative for that right now is bitcoin cash.
A Big Year Ahead for Nchain in 2018
Nguyen says that this coming new year will be a new chapter for Nchain, and with his new role he aims to let the world know what his company is about and what it does.
“Now that I’m taking over the reigns at Nchain I recognize a lot of people have questions about who we are and what we do. I think it’s my mission as we enter this next chapter to have people understand that we are an ‘enabling company,’ one that will enable the growth of bitcoin cash and all blockchain technologies,” Nguyen explains. “We’re going to do that through our research and investments but also work with other people and organizations. What I aim to do most during the next chapter is make that clear to people.”
We’ve got many plans for things in the future, which we will start rolling out in a few months and the year to come. So, look for a big year in 2018 for Nchain.
What do you think about Nchain and its commitment to bitcoin cash? Let us know what you think about Jimmy Nguyen’s statements in the comments below.
Images via Shutterstock, Nchain Global, and Jimmy Nguyen.