While Bitcoin may be the largest cryptocurrency by market capitalization and the most ubiquitous, it is by no means the most versatile when it comes to utility, said JHL, contributor at Project Serum.
Prior to joining Project Serum, JHL worked as a machine learning engineer at Google, and then as a quant trader at Alameda Research.
Speaking to David Lin, anchor for Kitco News at the DCentral Miami conference, JHL said that Bitcoin’s technological shortcomings don’t mean that there is no intrinsic value at all, as some crypto critics may argue.
“I think there are things that came before Bitcoin that might be in a similar position, some say gold, and those things are obviously very valuable now, so that doesn’t necessarily mean that the Bitcoin price should be zero,” JHL said. “One interesting thing about Bitcoin is that…no matter which blockchain ends up winning, Bitcoin will always be one of the fastest tokens to transact and one of the cheapest. Whatever blockchain, or set of blockchains that win, those will likely have some way of bridging Bitcoin to those blockchains, and you can’t say the same thing about any other token.”
Bitcoin slid more than 6% on Tuesday.
JHL noted that Solana is one such blockchain that offers superior transactional properties.
“Solana is a layer one blockchain. It’s highly scalable, cheap, fast to transact and has a bunch of interesting scalability features that it implements,” he said. “It’s highly parallelized. Transactions on the Solana blockchain can occur in parallel. That’s one of the key features I’m super excited about. Another thing is that it scales with the scaling of hardware in the real world.”
Compared to Ethereum, Solana has several cost benefits.
“Solana is a lot cheaper and a lot faster. One thing that a lot of people do say is that Ethereum is a lot more decentralized. I think right now that is true, and Solana is making a lot of improvements…and I think in the far future it can reach that level of decentralization,” he said.
For more information on Solana and Project Serum, watch the video above.
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