Teranode & the Web3 world with edge-to-edge electronic value system

Siggi Oskarsson is the Teranode Director at the BSV Association. He joined CoinGeek Backstage's Kurt Wuckert Jr. to talk about Teranode, scaling Bitcoin

Siggi Oskarsson, the Teranode Director at the BSV Association, joined CoinGeek Backstage’s Kurt Wuckert Jr. to discuss the possibilities that will open up once Bitcoin is scaled to handle global commerce and data processing.

Oskarsson shared the stage with big players from Aerospike, AWS, and more at the recent London Blockchain Conference. Wuckert asked him what it was like talking to these people about the potential of blockchain.

“It was great. I mean, we’re not working against these guys. We’re actually developing technology that could enhance what they do,” said Oskarsson.

Wuckert then asked him what it means for people running home nodes if blockchain becomes a serious infrastructure for global commerce and data processing.

“I mean, let’s be honest, the future of finance cannot run on a Raspberry Pi home node. It’s just ridiculous. I mean, at the miner layer, Teranode with 20 or 30 miners is decentralized enough at that layer. It’s the layer above with the users interacting that is truly peer-to-peer and decentralized. So yeah, I mean, it opens up a world of possibilities,” Oskarsson explained.

“I was surprised by that, actually. I thought you guys were gonna downplay the whole home node thing, but you went all in on it,” said Wuckert.

“Yeah, I mean, it’s just ridiculous. It’s funny, actually. I mean, Raspberry Pi nodes for the future of finance. Come on,” Oskarsson laughed.

Wuckert noted that Bitcoin hasn’t disrupted anything of significance yet, and it has been through several iterations. He asked Oskarsson if this is just another stab at finding a problem to solve.

“It is solving a real problem. I mean, generally, blockchain is a tool that makes processes more efficient, streamlined. It has real business value. I mean, at its core, it’s a timestamp server, and scaling it will mean it can solve problems on a global level,” Oskarsson replied.

“Now that Teranode is entering the MVP stage or thereabouts, any concerns about another team just ripping it off on another blockchain?” asked Wuckert.

“Well, there’s not much you can do to protect code, but you can’t steal expertise and execute it the same way. I mean, we’re not overly concerned. We’re just trying to get it out there and get people using it,” Oskarsson answered.

“From cool tool to real business use, how do we get there?” asked Wuckert.

“It’s difficult. I mean, a lot of people are trying to build real businesses that use blockchain, but it’s no easy task to build a successful business of any kind. I think AI could play a role, but ultimately, I see BSV as the base-layer blockchain with overlay networks competing above it,” Oskarsson explained.

One possible inroad to becoming a tool that real businesses use is to just show them what they’re doing. For example, the Teranode team asked AWS for some tech support, and this piqued their interest. Could they offer timestamping as a service? Time will tell.

Wuckert wrapped up by asking Oskarsson what viewers need to know about Teranode and the general purpose of a scalable blockchain.

“Well, I envision a world where we can exchange value globally without friction. However, for that to be possible, we have to scale. That dream was taken from us in 2017, but if my team has any say in the matter, it will be a reality soon. I’m excited about the possibilities that will open up once we can finally scale Bitcoin to handle global commerce and data processing,” Oskarsson concluded.

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