CoinGeek Backstage with Xiaohui Liu: Bitcoin is a well-oiled machine, no other network can match

It’s been 13 years since Satoshi Nakamoto launched Bitcoin, and since then thousands of projects have emerged that promise to be better, more efficient, faster and cheaper than Bitcoin. None have kept their promise, and as Xiaohui Liu told CoinGeek Backstage, none of them will ever be better than Bitcoin.

Speaking to CoinGeek’s Jon Southurst on the sidelines of the BSV Global Blockchain Convention, Liu noted, “The original Bitcoin design was pretty good … it’s like a very well-oiled machine. You can change some screws and add some rings and make it look fancy, and I feel like that’s what a lot of blockchains are doing. But the core engine is still Bitcoin.”

Liu, CEO of sCrypt, was a big hit at the Dubai event, with his presentation on the smart contract transpiler earning him a well-deserved standing ovation. With the transpiler, Solidity developers can easily port their applications to Bitcoin SV to take advantage of its infinite scaling and very low fees.

Liu believes that the transpiler is the first critical step in winning over Ethereum users, but he is under no illusion that they will all jump ship immediately. Some have spent years developing their projects on Ethereum, and migration will take quite a long time. But with others who have switched from Ethereum to BSV, such as CryptoFights, showing how great this is, it’s only a matter of time.

With the transpiler, Liu wanted to make it as easy as possible for developers to use. He worked with partners such as Vaionex, nChain and the BSV Blockchain Association on the project, which they developed for several months.

With sCrypt, Liu has been at the forefront of proving that Bitcoin is Turing complete. Just a few years ago, whenever Dr. Craig Wright made this claim, BTC maximalists like Nick Szabo would laugh at him as he justified the need for Layer 2s or alternative Layer 1s like Ethereum.

But since then, Dr. Wright has been vindicated, and as Liu told CoinGeek Backstage, today, even the biggest anti-Bitcoin developers can agree that Satoshi built Bitcoin to support smart contracts.

See: The presentation of the BSV Global Blockchain Convention, Smart Contracts and Computation on BSV

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