Bitcoin’s consumer appeal and the technical promise of distributed ledgers were hotly debated topics during yesterday’s FutureMoney event, held in Canary Wharf, London.
The Blockchain and Beyond panel, moderated by Richard Brown, executive architect for banking industry innovation at IBM, consisted of Jon Matonis, founding member of The Bitcoin Foundation and prominent bitcoin advocate; Chris Gledhill, technologist at Lloyds Banking Group; Robert Sams, CEO of Clearmatics and Mark Smargon, founder of startup Colu.
Brown kicked off the discussion with an attempt to reach consensus on whether digital ledgers such as the blockchain were superior to bitcoin as a currency.
Matonis set out to defend bitcoin as a monetary unit, noting that the separation between the two was a “cliché”. The advocate was also quick to disregard its unstable price, adding that crude oil and silver were just as volatile.
The majority of necessary work will take place on the blockchain, he said, because that is where the computational power is:
“I am not saying that it is the only game in town, but I am being a realist and saying that the computational power, the resilience of the hashing is far and away the leader.”