Differences in opinion about what Bitcoin should be have not stopped Bitcoin.com CEO, Roger Ver, from considering himself a Bitcoin maximalist. Ver says that he prefers Bitcoin to have larger blocks and smaller fees. These features will push the leading cryptocurrency towards it being electronic cash.
— Roger Ver (@rogerkver) June 18, 2019
Ver Joins Crypto Project Contrary To The Views He Claims To Have
Although Ver sees himself as a Bitcoin maximalist, his recent move has left people in the crypto industry questioning whether he truly is a maximalist. Bitcoin.com joined a consortium that seeks to help cryptocurrency wallets to communicate with each other among other functions. The most important thing to note about the Foundation for Interwallet Operability (FIO) Protocol is that it is “blockchain-agnostic” and it is aimed at benefiting as many cryptocurrencies as possible.
It seems that even maximalists like Ver believe that even if they dream of having a single blockchain, there is no cryptocurrency in existence that could fulfill that purpose. The cryptocurrency would have to achieve an almost impossible level of friendliness.
The project being developed through the protocol can benefit all cryptocurrencies including Bitcoin and Bitcoin Cash. The FIO protocol promises to deliver a payment request system that will generate requests and create human-readable addresses among other functions that the protocol can serve.
One common challenge for cryptocurrencies, across the board, is usability. Being difficult to use has slowed down the progress of cryptocurrency into mainstream adoption. Speaking on usability, Bitcoin.com’s Global Head of Business Development, Stefan Rust, said that crypto usability is one of the biggest challenges the industry has to solve and their new relationship with FIO is solely about finding a solution to this challenge plaguing the industry.
The Usability Issues of All Blockchains
Technically, Bitcoin Cash is not Bitcoin and some Bitcoin enthusiasts have expressed that they view Ver’s move as a threat to the leading cryptocurrency. The view is that he might be seeking to push the cause of Bitcoin Cash rather than the cause of all cryptocurrencies and purported. He might be looking at the options that encourage more people to buy Bitcoin Cash.
The usability challenges that plague blockchains today come from the need for one to enter all their details manually in their wallet before a payment can be processed. An FIO powered wallet will receive a request directly from a merchant and sign off the particular required amount. This method is similar to what credit cards issued by banks do.
FIO Protocol will not ask for much from the blockchains involved directly. The protocol creates a second layer which is what will be used to generate payment requests between the wallets involved. One can create a person address such as “yourname.fio” and the protocol will automatically handle the actual blockchain addresses. What this does is that it creates a more useful merchant-user experience.
Usability has affected cryptocurrencies in their bid for mainstream adoption. Finding a solution that will allow digital assets to become user friendly will be beneficial for the crypto industry as a whole. If they become more usable, online crypto trading can become more popular and more people will find cryptocurrencies more appealing.