Craig Wright on Bitcoin Masterclasses: I’m trying to become aware of how much can be done on Bitcoin

While Bitcoin has been around for nearly a decade and a half, it remains an enigma to many. Even those with good understanding have yet to uncover the possibilities that Bitcoin offers. Dr. Craig Wright gives the world a better insight into what Bitcoin is and what it can do through The Bitcoin Masterclasses. And he tells CoinGeek Backstage that we’ve barely scratched the surface of Bitcoin possibilities.

“I’m trying to bring awareness to how much can be done on Bitcoin and the surrounding technology,” Dr. Wright told CoinGeek Backstage host Becky Liggero on the sidelines of the Masterclasses in London.

Dr. Wright, better known as Satoshi Nakamoto, has gone over many aspects of Bitcoin “that have been overlooked.”

As CoinGeek has reported, he has delved into privacy and anonymity, identity, P2P economies, confidentiality, IP-to-IP, IPv6, cloud services and more.

“It’s not a deep dive, but understanding how they can be integrated [the different features of Bitcoin] and why they should.”

Dr. Wright spoke about the various real-world applications of Bitcoin that could revolutionize today’s technology industry. This includes a Bitcoin-powered alternative to Airbnb, where users own their data and have peer distribution groups and a decentralized music streaming service.

“Right now the streaming companies are making a lot of money and the artists don’t realize it.”

A key benefit of integrating Bitcoin into any existing technology is the added layer of trust. Online reviews, for example, are a sector that has been marred by fake reviews. By integrating Bitcoin, reviews can be linked to real purchases where you can only write a review that is linked to the paid invoice. This will eliminate fake reviews from both the customers and the retailer.

“Challenging the Silicon Valley Model: Building for the World”

Multicast has featured prominently in Bitcoin Masterclasses. This ability for one address to send data packets to multiple others has been seen as a viable scaling model for the Internet for decades. However, it is still a dream today, but Dr. Wright believes it is time for Bitcoin to move to multicasting.

The challenge, he says, is the Silicon Valley business model that focuses on creating magnificent gardens where the users are the product. Every technology company now wants to silo its data to prevent competitors from running on users.

Dr. Wright envisions a future where people will own their data and will have the luxury of choosing which platform to use, be it for social media, video and music streaming, web browsing and more.

“The way I see it, the future will be different. People want to have different applications but access the same data.”

Satoshi encouraged developers to think differently when building future applications. While the dominant model in Silicon Valley relies on data collection and giant silos, he believes it is time to change and move towards data ownership.

This model may not prove popular in Silicon Valley and with the big VCs in the US. However, it will attract interest, investment and users from around the world in an age when other countries outside the US do not want their citizens’ data to be owned by US companies.

“Create an application that will make the rest of the world happy.”

You can watch Bitcoin Masterclasses by Dr. Wright on the CoinGeek YouTube channel.

Here, the applications are made possible by blockchain

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New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – originally envisioned by Satoshi Nakamoto – and blockchain.